Bitcoins
Babylon Protocol has reached a major milestone by successfully completing its second staking round, signaling strong momentum in the Bitcoin staking ecosystem.
On October 8th, Babylon significantly boosted its staked Bitcoin holdings, increasing deposits from 1,000 BTC to 24,000 BTC—valued at approximately $1.6 billion. This remarkable growth highlights the platform’s expanding influence within the Bitcoin ecosystem.
The #Bitcoin protocol Babylon has successfully completed its second staking round.
Two weeks ago, on October 8th, Babylon significantly increased its staked Bitcoin holdings, growing deposits from 1,000 BTC to 24,000 $BTC, which is currently valued at about $1.6 billion. pic.twitter.com/7xsxbJQppy
— CryptoQuant.com (@cryptoquant_com) October 25, 2024
What sets Babylon apart is its unique staking approach. Developed by @babylonlabs_io, the protocol enables Bitcoin holders to stake BTC in a Proof of Stake (PoS) network without the need for bridging, making it a more secure and accessible option for users looking to participate in staking.
Babylon Protocol Hits a Milestone
????In just two weeks, #Babylon Protocol’s second staking round boosted its #Bitcoin holdings from 1,000 $BTC to an impressive 24,000 BTC.
????Valued at $1.6 billion, this milestone highlights Babylon’s growing strength and momentum.#CoinPedia… pic.twitter.com/bimEi0rqVH
— Coinpedia (@CoinpediaNews) October 26, 2024
Bitcoins Babylon Now Top Leading Projects On Bitcoin As Per TVL
With this latest achievement, Babylon now ranks as the leading project on Bitcoin in terms of total value locked (TVL), boasting $1.61 billion. It leads the TVL rankings by a significant margin, surpassing other notable projects such as Lombard, with a TVL of $695 million, and SolvBTC LSTs, holding $525 million.
The popular Lightning Network follows with $350 million in TVL, while other key projects such as Lorenzo ($127 million), AILayer Farm ($117 million), Thorchain ($53.3 million), AlloBTC ($35.5 million), BiFi ($24.7 million), and Chain Fusion ($20.5 million) round out the top 10.
As Babylon continues to gain traction, its innovative staking mechanism and rapid growth are establishing it as a dominant force in the Bitcoin landscape. This milestone not only demonstrates Babylon’s strength but also underscores the evolving landscape of Bitcoin-based staking solutions, where more projects are exploring ways to integrate Bitcoin into PoS networks, fueling growth across the ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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