Binance Lab invests in Bitcoin staking “Babylon” Testnet to be released soon

Testnet starts today

On the 27th, Binance Lab, the VC arm of Binance, a major crypto asset (virtual currency) exchange, announced that it has invested in the Bitcoin (BTC) staking protocol “Babylon.” The amount of investment was not disclosed.

Babylon embodies the concept of native Bitcoin staking, allowing users to stake BTC on another PoS blockchain and earn yield without using third-party custody, bridging solutions, or wrapping services. It's a platform that makes it possible. Innovative economic security enhancement to the PoS chain while ensuring efficient de-staking to increase liquidity for BTC holders.

Babylon is a blockchain built with the Cosmos SDK that provides Bitcoin timestamping services to other PoS chains and acts as a control network that synchronizes between the Bitcoin network and PoS chains. It will be responsible for facilitating BTC staking, participating in finality rounds, tracking validators' staking information, and ultimately acting as a channel between the Bitcoin PoW world and any PoS chain.

To put it simply, it can be said to be close to the Bitcoin version of the Ethereum restaking “Eigen layer'', which has been a hot topic recently.

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Babylon is currently in the testnet preparation stage and will begin public participation in the testnet tonight at 9pm Japan time.

Participating users will have 7 days to mint their Bitcoin Staking Pioneer Pass NFT. This NFT may provide access to Babylon's anticipated airdrop of its own tokens in the future.

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