Summary:
Babylon Chain reaches over $3.6 billion in Bitcoin deposits.
Deposits surged by 51.4% in just one week.
$1.2 billion in Bitcoin deposited in 48 hours.
Successful staking round locks 23,000 BTC worth $1.4 billion.
Major exchanges like Binance and Bitrue support yield-generation.
Babylon Chain Achieves Major Milestone
Babylon Chain, the innovative middleware blockchain designed to secure Cosmos-based chains using Bitcoin, has reached a significant milestone with over $3.6 billion in total deposits. As of the latest reports, the platform has accumulated 36,100 BTC, valued at more than $3.63 billion, contributed by nearly 88,000 unique depositors.
In an impressive surge, $1.2 billion worth of Bitcoin was deposited in just 48 hours, with $350 million on December 11 and $834 million the day before. This rapid increase in deposits reflects a 51.4% rise in Bitcoin being staked on the platform, signaling a growing interest from the community.
Bitcoin Staking on Babylon Chain
The recent uptick in deposits coincides with the success of Babylon's staking protocol, where users locked up approximately 23,000 BTC during its second staking round, raising a total of about $1.4 billion. David Tse, co-founder of Babylon, noted that the latest round went smoothly without the significant transaction fees that plagued earlier attempts.
Babylon Chain connects users looking to stake their Bitcoin for rewards with proof-of-stake networks that require valuable assets for security. The protocol integrates Bitcoin's robust security features, enhancing the security of other blockchain ecosystems.
Exchange Support Fuels Growth
The surge in deposits can also be attributed to recent support from major exchanges like Binance, which began offering yield-generation through Babylon Chain on December 9. Similarly, Bitrue has integrated support for Babylon, aiming to enhance its platform's security and attract more users and institutional investors.
The Future of Bitcoin and Babylon Chain
As Babylon Chain continues to grow, it aims to transform Bitcoin from merely a store of value into an active participant in blockchain security. With its innovative approach, Babylon is paving the way for a more secure and decentralized future for various blockchain applications.
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