CandleFocus Bitcoin Protocol Babylon Pulls in $1.5B of Staking Deposits as Cap Lifted
2024-10-08
Author: Content Editor
The Bitcoin protocol Babylon recently completed its second staking round, attracting approximately 24,000 BTC ($1.5 billion) in deposits. This "duration-based" round lasted for 10 Bitcoin blocks and indicates a growing demand for decentralized finance (DeFi) on the Bitcoin blockchain. Babylon aims to allow proof-of-stake chains to access capital from the reserves stored in Bitcoin, an initiative that is becoming more popular in the cryptocurrency space. The project received significant funding earlier this year and is part of a larger effort to introduce utility to Bitcoin.
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