Babylon Hits Milestone with Total Collateral of 23891 BTC After Cap2 Valued at Nearly 15 Billion USD

Babylon Hits Milestone with Total Collateral of 23891 BTC After Cap2 Valued at Nearly 15 Billion USD

Babylon Hits Milestone with Total Collateral of 23891 BTC After Cap2 Valued at Nearly 15 Billion USD

Babylon’s Bitcoin pledging agreement initiated the second round of pledging “Cap-2” on Wednesday, adding 22,891 BTC to the total pledged amount, increasing it from 1000 BTC to 23,891 BTC, worth nearly $1.5 billion.

Babylon’s second round of pledging is time-based, lasting for 10 Bitcoin blocks, starting from Bitcoin block height 864790. During this period, all valid Bitcoin pledging transactions included in blocks 864790 to 864799 are accepted by the system, with no Total Value Locked (TVL) limit. This is different from the initial Cap-1 opening in August, which had a 1000 BTC initial total pledge limit and was filled within 1 hour and 14 minutes.

Babylon announced on the community platform X that Cap-2 has ended, with 12,960 pledging executions and 12,570 pledgers. Babylon reminded users that pledging from block 864800 is in an overflow state, and users need to unbind and withdraw their overflow pledging as soon as possible.

David Tse, co-founder of Babylon and engineering professor at Stanford University, stated in an email to the media outlet “CoinDesk” that the scale of incoming funds in this round “far exceeds our expectations.”