Babylon to Launch Babylon Genesis Mainnet, Advancing to the Second Phase of Protocol Activation

Bitcoin Staking Protocol Babylon Announces Upcoming Launch of Babylon Genesis Mainnet

Bitcoin staking protocol Babylon announced that its Babylon Genesis mainnet is set to launch, marking the second phase of the protocol’s rollout. Babylon Genesis is the first “Bitcoin Secured Network” (BSN) of the protocol, which directly derives cryptoeconomic security from the Bitcoin network through the Babylon staking protocol.

According to the official article, the goal of the Babylon protocol is to enable Bitcoin holders to provide security and liquidity for the Bitcoin Secured Network (BSN) in exchange for the opportunity to earn validation rewards from these networks. BSN is committed to integrating the Babylon protocol, including both Layer 1 and Layer 2 networks, with Babylon Genesis being the first BSN. This L1 blockchain features advanced security capabilities and will serve as the control layer and liquidity hub for other BSNs, allowing them to integrate Bitcoin’s security and liquidity.

The launch of the Babylon protocol is divided into three phases, with the first phase having gone live last August, aimed at guiding the supply side of the Bitcoin security and liquidity market. Currently, over 57,000 BTC have been staked through the protocol. The second phase will initiate the first BSN, namely Babylon Genesis, while the third phase will launch additional BSNs to complete the demand side infrastructure.

The Babylon Foundation initiated the airdrop registration for its native token BABY in February of this year, which has now concluded. Eligible users will receive the airdrop upon the launch of Babylon Genesis, although the specific timing for the Token Generation Event (TGE) is yet to be announced by the official channels.