Babylon BTCFi Project Launches Mainnet and Unveils Airdrop of BABY Token

The staking protocol team of the first cryptocurrency, Babylon, has launched its main L1 network, Genesis, as part of the second phase of a three-stage rollout.

«The launch establishes the protocol as the foundational infrastructure level for Bitcoin and the most effective staking solution within the Web3 ecosystem,» the statement reads.

Genesis is designed to be the first Bitcoin Secured Network (BSN) that offers enhanced security features. It will serve as a governance level for the ecosystem and a liquidity hub for other BSNs expected to emerge in the third phase.

Since the implementation of the first deployment phase in August 2024, 57,000 BTC has been locked in the Babylon protocol. According to IntoTheBlock, the total amount of Bitcoin staked in DeFi services on EVM chains has reached 234,000 BTC, reflecting a 10% increase since the start of the year.

Reportedly, the integration of Babylon Genesis as a staking solution for Bitcoin is anticipated by custodians Bitgo and Anchorage, along with wallets from Binance, Bitget, and OKX.

The ecosystem features over 250 «finalization providers» such as Figment and Kiln. Infrastructure providers include SatLayer and Ankr.

Alongside the mainnet launch, the Babylon Foundation conducted an airdrop for the BABY token. According to the distribution terms, assets have been credited to users who will «soon» see them in their wallets.

Users can stake BABY for additional income and utilize it as a governance token for managing the ecosystem on Genesis. Babylon emphasized that there are no transaction limits on the tokens.

The airdrop aimed to distribute 600 million BABY from a total supply of 10 billion tokens.

It’s worth noting that the Babylon developers launched a testnet in February 2024. By December, the project’s total value locked (TVL) reached $3.63 billion.