Babylon Introduces Layer-1 Genesis to Facilitate Staking

Bitcoin staking protocol Babylon is pitching the launch of its “Genesis” mainnet, marking the second stage in a three-part “phased” rollout. The first phase was rolled out in 2024. 

Following this announcement on Thursday, the project is ready to move on to the next stage of building its staking protocol, which has already generated over $4 billion in Total Value Locked (TVL). 

Genesis to Enhance BTC Security

Speaking about Genesis, Babylon co-founder Fisher Yu acknowledged BTC’s status as a benchmark for security. At the same time, he noted that the “security has been limited to the Bitcoin network itself.” 

Yu is confident there will be a narrative change in Babylon’s Genesis. With the platform, he says Bitcoin is evolving from an underutilized asset into a dynamic cornerstone of the broader digital economy.

Babylon’s Layer-1 Genesis platform is likely a strategy for channeling this fund into the broader crypto ecosystem. BABY will be the native token of the Genesis platform. According to the project, Genesis will be the network leveraging staking and timestamping to harness Bitcoin security.

More Functionalities of Babylon’s Genesis 

In addition, it would act as a control plane for coordinating other networks interested in staking Bitcoin while also serving as a hub that offers liquidity to Decentralized Applications (dApps). 

Stakers of BTC and BABY are expected to split the reward from the staking exercise 50/50. Notably, crypto exchanges like Binance have listed BABY on their platforms.

Per the details of the tokenomics earlier this month, BABY will have an initial total supply of 10 billion tokens. Of this, 6% will go toward early adopters.

Understanding the Babylon Genesis Protocol 

The Babylon protocol launched last August, and within this time, it has successfully accumulated more than 57,000 BTC, worth over $4 billion, in total value locked. 

Apparently, Bitcoin makes up more than 66% of the total crypto ecosystem. It amassed this holding by allowing BTC holders to earn a yield on their assets. These loaned assets provide security and liquidity for Proof-of-Stake (PoS) networks.

Significantly, Babylon gets its support from more than 250 “finality providers,” whose responsibilities include approving transactions to maintain the network’s activities. Some of these entities are Galaxy, P2P, Allnodes, and even Figment. Their roles are quite similar to those of validators in traditional PoS ecosystems.

The post Babylon Introduces Layer-1 Genesis to Facilitate Staking appeared first on TheCoinrise.com.