As a seasoned crypto investor with a knack for spotting promising projects, I find myself captivated by Babylon, the Bitcoin staking protocol co-founded by David Tse. Having witnessed the meteoric rise of several blockchain projects, I’ve learned to identify potential when I see it, and Babylon is no exception.
David Tse co-founded Babylon, a leading project in the growing field of adding practical uses to the oldest blockchain, Bitcoin, which is already common on other networks. Although Bitcoin itself doesn’t support staking (being a proof-of-work blockchain), Babylon’s protocol enables users to stake their Bitcoins to secure other chains, effectively extending the security of Bitcoin to the wider cryptocurrency market.
2024 proved to be a remarkable year for Babylon, as it successfully raised $70 million during a funding round in May and garnered impressive interest upon the launch of its mainnet in August. For safety reasons, the initial launch was limited to 1,000 Bitcoins, which was reached within an hour and a half. In October, the protocol welcomed additional contributions and gathered approximately 24,000 Bitcoins over roughly one hour and 40 minutes.
Speaking about this matter, Professor Tse from Stanford University expressed that the inflows exceeded their anticipated levels significantly. Given the persistent rise of Bitcoin’s dominance within the cryptocurrency market over the past 18 months, it is plausible to anticipate continuous growth in the sector up until 2025 and beyond. As a result, we can expect more insights from Professor Tse and his team at Babylon as the interest and advancements in Bitcoin staking continue to expand.
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2024-12-10 19:07