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Babylon, a Bitcoin staking system, has started the first phase of its self-custodial mainnet. For Bitcoin (BTC), this evolution signals a turning point since it adds a new dimension to its use outside of its conventional functions as a medium of trade and a store of wealth.
Babylon Makes a Massive Move
Launched, Babylon users may now stake their Bitcoin via smart contractsâan invention that might completely change how BTC interacts with the larger crypto scene. Data from Babylonâs official website shows that the platform has already drawn a sizable user baseâ12,710 stakers actively involved in over 20,600 staking delegations. This degree of participation emphasizes Babylonâs staking solutionsâ growing interest and confidence.
Emphasizing the importance of this launch, the team of the protocol went to social media platform X saying, âThe Babylon Bitcoin Staking Mainnet launch leads to the third native use case for Bitcoin, the asset, alongside value storage and simple payments: staking to secure PoS networks and earn rewards.â This comment emphasizes Babylonâs goal to establish Bitcoin as a major participant in the proof-of-stake (PoS) ecosystem, therefore extending its value and usefulness in an ever more varied cryptocurrency environment.
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Fundraising Record
Strategic moves and significant interest from well-known crypto entrepreneurs define Babylonâs path to this point. The protocol first made hints about the August 21 self-custodial mainnet launch, therefore preparing the ground for what would be a gradual release. Babylonâs outstanding fundraising record and backing from powerful crypto-based investors helped to generate excitement about this event.
Babylon Got $18M in Series A
Babylon got $18 million in Series A money in December 2023; Polychain Capital and Hack VC made leading investments in Babylon. Establishing Babylonâs basis and placing it as a major participant in the Bitcoin staking scene depends on this first investment round, hence it is quite important. The enthusiasm kept growing when, two months later, Binance Labs made an unidentified donation to the initiative, confirming its potential.
Late May of this year saw Babylonâs most notable funding success as the protocol raised an astounding $70 million. Leading this round was Paradigm, a venture capital company well-known for its keen emphasis on creative crypto initiatives. A group of prominent investorsâBullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, and Hack VCâprovided more support. Along with supporting Babylonâs financial stability, this flood of money highlighted the growing conviction in the vision and long-term viability of the project.
