Babylon Attracts $1.42B in BTC Across 10 Bitcoin Blocks
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Babylon Attracts $1.42B in BTC Across 10 Bitcoin Blocks

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Azeez Mustapha

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Babylon recently attracted over $1.42 billion worth of Bitcoin in a matter of two hours, highlighting the growing trend of Bitcoin staking. On October 8, the Bitcoin staking protocol reopened its deposits, allowing users to stake up to 500 BTC per transaction over 10 Bitcoin blocks. In this brief window, 12,570 users deposited a total of 22,891 BTC, significantly boosting the protocol’s total value locked (TVL). With each block taking about 10 minutes to process, the surge in deposits occurred in under two hours.

The protocol earned 1.56 BTC in fees from these deposits, amounting to nearly $97,000. In celebrating this achievement, the protocol stated, “Today, we reached an incredible milestone — almost 23,000 bitcoins staked in Cap-2! A big thank you to all of our stakers for being part of this journey.” Any BTC deposited beyond block height 864,800 was classified as overflow, prompting the protocol to urge users to withdraw any excess.

This latest round of deposits follows the mainnet launch on August 22, where the initial cap of 1,000 BTC was filled within just three and a half hours. Individual deposits were limited to 0.05 BTC per transaction during that first phase. Although the second round didn’t lead to as sharp a rise in Bitcoin fees as the first, the average fees still increased by 76%, climbing to $1.46 from $0.83 on October 7, according to Ycharts.

The Future of Bitcoin-Powered PoS

The protocol aims to create a Bitcoin-powered Proof of Stake (PoS) marketplace that will provide enhanced security to third-party protocols. In the first phase, users earn points in exchange for staking BTC, and after the latest deposit round, the point distribution increased to 10,000 points per Bitcoin block from the previous 3,125 points. The next step involves activating its consensus mechanism and launching the PoS chain, eventually evolving into a platform where users can stake Bitcoin to secure multiple PoS networks and earn rewards across various protocols.

Babylon Attracts $1.42B in BTC Across 10 Bitcoin Blocks

As part of its growing ecosystem, the protocol is also promoting the adoption of Bitcoin liquid staking (LST) protocols. Binance, ahead of the second deposit round, allowed users to pre-deposit BTC through LST protocols like Bedrock, Solv, Lorenzo, PumpBTC, pSTAKE Finance, and Chakra, with the campaign wrapping up on October 6.

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