Blockchain developer Babylon has announced that its self-custodial bitcoin staking mainnet will go live in two days, marking a significant step in its phased rollout. This launch will leverage bitcoin’s economic properties to bolster the security of various proof-of-stake (PoS) blockchains. Users will be able to stake their bitcoin via a designated smart contract, enabling them to maintain full control over their assets without intermediaries.
The staking mechanism aims to apply bitcoin’s economic security to strengthen decentralized systems, including sovereign PoS chains, Layer 2 solutions, data availability platforms, and oracles. This self-custodial model ensures that users retain direct control over their staked assets, enhancing the security and autonomy of the blockchain networks involved.
Babylon’s rollout will also include the introduction of a BTC timestamping protocol, allowing users to timestamp any data sent to the platform using Bitcoin’s blockchain. This feature is particularly relevant for PoS blockchains, as it helps defend against long-range attacks by providing a reliable timestamp that enhances overall security.
According to Babylon’s documentation, the initial phase will involve Bitcoin holders initiating the staking process by submitting Bitcoin staking transactions directly to the Bitcoin network.
In May 2024, Babylon raised $70 million in a funding round led by Paradigm, following an $18 million Series A in December 2023 co-led by Polychain Capital and Hack VC. This reflects strong investor confidence in Babylon’s potential to enhance blockchain security through innovative Bitcoin applications.
