Babylon Bitcoin Staking Protocol Launches Staking Cap-3, Building on $2 Billion+ TVL Milestone

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Dec 10, 2024, 10:00 ET

As Bitcoin's largest staking protocol, the launch of Babylon staking Cap-3 expands capacity in a 1,000 BTC block staking window.

TORTOLA, British Virgin Islands, Dec. 10, 2024 /PRNewswire/ -- Babylon Labs, which develops native use-cases for Bitcoin including Bitcoin's largest staking protocol with over $2 billion in TVL, reported that the protocol will expand its staking capacity with the start of Cap-3 in its mainnet phase-1. The new cap opens a 1,000 BTC block staking window, building on the momentum of Cap-2, which attracted a TVL of 23,857 BTC ($2 billion at today's price) in 10 BTC blocks. Cap-3 allows the Babylon protocol to continue its position as the most impactful and largest staking solution in the Bitcoin ecosystem.

In this new staking window, institutional and retail participants can access Bitcoin staking through industry-leading platforms. Anchorage Digital, a leading digital asset platform known for its institutional-grade services, will support BTC staking access for Cap-3, broadening institutional involvement in Babylon's growing ecosystem. Sui, a first of its kind Layer-1 blockchain and smart contract platform, will also participate in Cap-3, inviting BTC holders to stake their BTC, unlocking Bitcoin's $1.8 trillion USD worth of liquidity on the Sui network. Additionally, prominent institutional wallet and custody providers have integrated with Babylon to further enhance institutional access to Bitcoin staking for Cap-3. Other participating platforms include Binance, the first centralised exchange to offer Babylon BTC Staking through Binance Earn as part of its On-Chain Yields service, the first Cosmos wallet to enable BTC staking Leap Wallet, Onekey hardware wallets (Pro), Unisat, and Gate web3.

The Babylon Bitcoin staking protocol operates as a security marketplace, bringing together Bitcoin holders providing staking assets with PoS chains and rollups seeking Bitcoin security. On the supply side, Bitcoin holders have contributed to Babylon bitcoin staking TVL, now exceeding $2 billion, while on the demand side, PoS chains and rollups are integrating with Babylon to address their security needs. As a result, PoS systems and rollups will be able to utilize Babylon's scalable staking features to unlock value from the idle, unencumbered $1+ trillion Bitcoin ecosystem.

Fisher Yu, CTO of Babylon Labs, said, "With Babylon, Bitcoin's largest staking protocol, bitcoin stakers and institutional providers are building on the $2 billion TVL milestone whilst expanding access for both institutional and retail participants. This latest phase strengthens Babylon's role in unlocking untapped value within Bitcoin's trillion-dollar ecosystem and driving forward our vision to build native use-cases of Bitcoin that extend Bitcoin's utility and impact."

Nathan McCauley, CEO and Co-Founder of Anchorage Digital, said, "Protocols like Babylon are unlocking new ways for institutions to participate in the Bitcoin ecosystem. By partnering with Babylon for their Cap-3 launch, Anchorage Digital is enabling institutional participation in Bitcoin staking with the safety and security they need. We are proud to work with crypto innovators like Babylon as part of our commitment to streamline institutional access to decentralized finance."

Jameel Khalfan, Global Head of Ecosystem at the Sui Foundation said, "Bitcoin is here to stay, and now its utility is accessible to participants on the Sui network. We are thrilled to work together with Babylon to bring new staking innovation across Bitcoin and Sui's powerful networks."

Jeff Li, VP of Product at Binance: "With the launch of Babylon BTC Staking, Binance is offering users a seamless and efficient gateway to on-chain Bitcoin staking. By integrating with Babylon Protocol, we are empowering our users to participate in Bitcoin staking without complexity, while also contributing to the growth of the Bitcoin staking ecosystem. This collaboration underscores our mission to simplify access to decentralized finance and sustainable yield solutions."

Jacob Phillips, Co-founder at Lombard said "As Babylon's largest liquid staking partner, we witness firsthand the increasing appetite from both retail and institutional participants to do more with their Bitcoin. Babylon's expanded capacity allows more Bitcoin to enter the ecosystem as a productive asset, creating opportunities for Bitcoin holders to access staking rewards, and participate in DeFi with LBTC, without compromising on security."

To track the progress of the Babylon Bitcoin Staking protocol's mainnet Phase-1 Cap-3, follow @babylonlabs_io on X. For more information about Babylon, visit our website.

About Babylon:

Babylon is a project that focuses on Bitcoin security sharing protocols with a vision of building a Bitcoin-secured decentralized world. Its latest development is the world's first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling them to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. Babylon combines the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility. Babylon was founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. Professor Tse is a member of the U.S. Academy of Engineering and is renowned as the inventor of the legendary proportional-fair scheduling algorithm for wireless communications. Babylon is led by a team of consensus protocol researchers and experienced layer 1 engineers from around the world.

For more information about Babylon Labs, a developer of the Babylon Bitcoin staking protocol, please visit: Website | Twitter | Discord | Linkedin

About Anchorage Digital
Anchorage Digital is a crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry's leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore, Porto by Anchorage Digital, and other offerings. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn.

About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, please visit https://sui.io

SOURCE Babylon