Babylon Breaks Record, Staking Bitcoin Reaches New Milestone

Babylon broke the record, staking Bitcoin achieved a new milestone (Photo; Doc. Titovlogs)

JAKARTA - Babylon emerged as a pioneer with a bold vision. The Bitcoin staking project has successfully completed a funding round of 70 million US Dollars (around Rp1.13 trillion), marking significant financial support from several well-known investors.

This funding round, led by Paradigm with a huge contribution from Bullish Capital and Polychain Capital, not only marks significant financial support but also confidence in Babylon's potential to change the Bitcoin ecosystem.

Integrating Bitcoin Into Proof-of-Stake System

Babylon has ambitions to integrate Bitcoin into a proof-of-stake (PoS) system, a move that is expected to strengthen decentralized finance. By leveraging a large Bitcoin market cap, Babylon plans to make it a staking asset, providing a new approach over traditional liquid staking assets currently in use.

This approach is expected to reduce inflationary pressure on the PoS chain and increase the function of Bitcoin as an effective financial instrument.

Quoted from CoinGape, David Tse, one of the founders of Babylon, stated that this funding would accelerate their mission to make Bitcoin a security layer of the PoS system. This new funding is expected to help Bitcoin develop new use cases and improve blockchain ecosystem security.

Bitcoin's Future In Decentralized Security

With significant investment, Babylon is well positioned to continue its goal of expanding the use of Bitcoin in other blockchain solutions. The use of Bitcoin as a staking asset in the PoS system is expected to increase economic security and the use of basic networks.

Investors have high hopes that Babylon will revolutionize the PoS environment. Paradigm's Arjun Balaji commented on the investment, stating that untrusted staking is the basic building block of Bitcoin and its ecosystem.

Babylon has also launched the world's first untrusted Bitcoin staking testnet in February 2024, with more than 100,000 participants in the first 48 hours. This trial stage is important to prove the feasibility and security of protocols before the planned launch of the mainnet later this year.

The transition from successful testnets to the upcoming launch of the mainnet marks a critical phase in the Babylon development path. The project aims to transition from a controlled environment to a full operational system capable of supporting transactions and real interactions in the Bitcoin ecosystem.