Babylon, a Bitcoin staking protocol beneath growth since 2022, has launched its testnet to the general public.
The testnet is constructed on BTC Signet, a take a look at community for Bitcoin, so no actual bitcoin is at stake, Babylon mentioned Wednesday.
That is Babylon’s first testnet of its staking protocol. “We may have a number of steps forward of mainnet,” Babylon co-founder David Tse instructed The Block. “A few of these steps will allow customers to lock actual bitcoin and get staking factors, together with throughout post-audit and incentivized testnet,” he mentioned.
The post-audit testnets are anticipated to launch between Could and June, with the mainnet slated for late 2024, Tse added.
Babylon testnet participation and rewards
To participate in Babylon’s testnet, customers might want to obtain browser extensions of OKX and Keplr wallets and procure Signet bitcoins by means of Signet Faucet and Babylon (BBN) testnet tokens by means of its Discord faucet channel, in response to information on Babylon’s web site.
Early stakers on Babylon’s testnet will probably be rewarded with a “bitcoin pioneer cross NFT.” The declare interval for the cross is open from Feb. 28 to March 5, and it has a restricted provide, per the web site. The cross may also grant entry to some “unique” unspecified options.
“This testnet launch supplies a sensible demonstration of how bitcoin might be staked to safe PoS [proof-of-stake] chains,” Jehan Tremback, from the Cosmos Hub staff at Casual Techniques, mentioned in a press release. “We’re following it with nice curiosity, and we will not wait to combine Babylon into the merchandise that we construct.”
Babylon is already within the technique of supporting the Cosmos Hub ecosystem, as The Block reported beforehand. The Babylon protocol will assist BTC change into a staking asset on PoS networks, utilizing its safety to make PoS chains safer. At the moment, PoS chains depend on their native tokens for safety, which might be costly, particularly for newer chains that usually want to supply excessive staking rewards to draw capital. With Babylon, customers will finally be capable of stake their actual bitcoins on PoS and earn rewards.
Babylon is backed by high-profile traders, together with Binance Labs, Polygon Ventures, OKX Ventures and Polychain Capital. The mission has raised over $26.8 million in whole funding so far.
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