Babylon and Axelar Bring Bitcoin Staking to Over 70 Chains
Babylon Labs additionally unveiled the Babylon Genesis mainnet, a layer one blockchain powered by its native token “child.”
Seventy Chains and Counting: Bitcoin Staking Expands With Mainnet Launch and New Integration
4-billion-dollar bitcoin staking protocol Babylon and blockchain interoperability platform Axelar introduced on Thursday, an integration that may present self-custodial bitcoin ( BTC) staking to greater than seventy chains.
Babylon additionally unveiled on the identical day, its Babylon Genesis blockchain, constructed utilizing Cosmos’ CometBTF Interchain stack, and powered by a local token dubbed “child.” What makes the Babylon protocol distinctive is its capability to allow holders of BTC to offer cryptographic safety to proof-of-stake (PoS) networks in a self-custodial method, with out the necessity for intermediaries or bridges.
And now, with the Axelar integration additionally in place, the infant token, which might be staked to safe the Genesis chain, might be made out there to Axelar’s community of greater than seventy blockchain platforms.
“With Axelar’s integration, the Babylon Genesis ecosystem is now accessible throughout greater than 70 blockchain ecosystems,” stated Clayton Menzel, head of enterprise growth at Babylon Labs, the agency behind the Babylon protocol.
The introduction of Genesis, based on Babylon Labs, provides a layer-one platform secured by the Bitcoin blockchain, what the agency calls a “Bitcoin Secured Community” (BSN), that includes staking and timestamping. Genesis can even act as a liquidity hub and a so-called “management aircraft” that helps set up different tasks in search of to change into BSNs.
(The three foremost sides of Babylon’s Genesis mainnet / Babylon Labs)
“Bitcoin’s standing as an institutionalized asset not solely reinforces its worth as a retailer of wealth but additionally allows it to play a vital position within the innovation taking place onchain,” stated Axelar co-founder Georgios Vlachos.
