- Babylon’s Bitcoin staking launch on August 22 drove transaction fees to $132-$137.
- Over 12,700 stakers shortly stuffed the “locking-only phase” of Babylon’s program.
- Babylon raised $70M in May 2024, following an $18M Series A in December 2023.
On August 22, Babylon, a pioneering Bitcoin staking system, marked a big milestone with the launch of the primary section of its self-custodial mainnet.
The self-custodial mainnet permits Bitcoin (BTC) to be staked by way of sensible contracts, extending its utility past its conventional roles as a medium of commerce and a retailer of wealth.
Bitcoin transaction fees rise from beneath $1 to $137
The debut of Babylon’s staking program led to a notable surge in Bitcoin transaction fees. Early on August 22, the common payment was beneath $1, nevertheless it skyrocketed to between $132 and $137 as the staking system went dwell.
This dramatic enhance was pushed by a rush of customers desirous to take part, leading to a payment bidding conflict and pushing transaction prices near $140, in response to CryptoQuant analyst J.A. Maartun.
Live chart 👇https://t.co/6uifYvuvvP
— Maartunn (@JA_Maartun) August 22, 2024
Babylon introducing Bitcoin right into a PoS ecosystem
Babylon’s initiative goals to introduce Bitcoin right into a proof-of-stake (PoS) ecosystem, providing customers the chance to earn yield by depositing their crypto immediately onto PoS networks.
The preliminary “locking-only phase” of Babylon’s staking system was shortly stuffed to capability, with over 12,700 stakers and 20,610 solo delegates already collaborating. This speedy uptake highlights rising curiosity and confidence within the platform’s potential.
The profitable launch of Babylon’s staking program underscores its ambition to redefine Bitcoin’s function within the broader crypto panorama, notably inside decentralized finance (DeFi). The transfer aligns with growing institutional curiosity in cryptocurrencies, as evidenced by current approvals of Bitcoin spot ETFs and important institutional funding.
Babylon’s funding journey has been equally spectacular. Following a $18 million Series A spherical in December 2023, the platform secured a further $70 million in funding in late May 2024, led by Paradigm and supported by different outstanding buyers. This monetary backing reinforces the venture’s potential and solidifies its place within the evolving Bitcoin ecosystem.
