Bitcoin Staking Protocol Babylon Announces Upcoming Launch of Babylon Genesis Mainnet
Babylon is moving towards the second phase of the protocol launch with the imminent introduction of its Babylon Genesis mainnet. 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), and in return, they can earn opportunities for validation rewards generated from these networks. The BSN is dedicated to integrating the Babylon protocol, encompassing Layer 1 and Layer 2 networks. Babylon Genesis is the first BSN, featuring advanced security capabilities, while also serving as a control layer and liquidity hub for other BSNs, enabling them to integrate Bitcoin’s security and liquidity.
The launch of the Babylon protocol is divided into three phases. The first phase went live last August, aiming to guide the supply side of the Bitcoin security and liquidity market, with over 57,000 BTC already staked through the protocol. The second phase involves the launch of the first BSN, Babylon Genesis; the third phase will initiate additional BSNs, completing the construction of the demand side.
The Babylon Foundation initiated the airdrop registration for its native token, BABY, in February this year, which has now closed. Eligible users will receive the airdrop upon the launch of Babylon Genesis, though the specific timing for the TGE is yet to be announced by the official sources.
