Babylon’s Milestones: Bitcoin Staking Protocol & 31 Chains Integrated-July 2023 Update

Scaling Bitcoin to secure the decentralized world. 

Can you believe we’re halfway through 2023? It’s been a rollercoaster of a year so far, and we have so much more in store for you. Let’s take a look at some of our biggest accomplishments this June, from new integrations and our proud announcement of developing a groundbreaking Bitcoin Staking Protocol. 

Babylon’s pioneering Bitcoin Staking Protocol 

We’re thrilled to announce that Babylon is at the forefront of innovation, currently developing a groundbreaking Bitcoin Staking Protocol! 

This new protocol will unlock the immense $600B capital of Bitcoin to bolster the security of Proof-of-Stake chains and Decentralized Applications (DApps). It will create a two-sided market where Bitcoin holders can stake their Bitcoins to secure PoS chains and DApps and earn staking yields, while PoS chains and DApps can opt-in to Bitcoin-backed economic security and enjoy more capital-efficient tokenomics and higher adoptions. Remarkably, our BTC staking protocol achieves this in a completely trustless manner: the Bitcoins will not be bridged, pegged, or transferred to a third-party custodian. Also, it works with the existing bitcoin network without requiring any soft or hard forks. 

During a recent interview with Cointelegraph, our co-founder David Tse shed lights on the method Babylon employs to make this possible. Essentially, we're using advanced cryptography to translate the slashing conditions of a PoS chain into a transaction that can be spent on the Bitcoin blockchain. This transformation process allows the staked Bitcoin to interact with the PoS chain directly, eliminating the need for a bridge.