▫️Babypie (Babylon)
Last updated
Last updated
The Babylon staking protocol, constructed on Bitcoin, is designed to enhance security in the cryptocurrency realm. It introduces "staking" for Bitcoin, enabling users to leverage their BTC to secure and validate new PoS systems, while earning rewards for their participation. BTC holders can take advantage of Babylon's technology to "stake" their assets and generate rewards. By doing so, their BTC will aid in securing other applications, earning them incentives in return.
BTC, the native currency of the Bitcoin blockchain, is produced by miners who safeguard the network using the PoW mechanism at a rate of 3.125 BTC per block. Users will have the opportunity to deposit their BTC into the Babylon staking protocol, thereby contributing to cryptoeconomic security with their assets.
Babypie offers BTC holders the chance to enhance their participation rewards and flexibility through liquid staking. By depositing their BTC on Babypie, users receive mBTC in return and can validate new systems via Babylon.
mBTC is a cross-chain wrapped token pegged to BTC on a 1:1 basis and it does not accrue any underlying rewards. mBTC can be staked on Babypie as smBTC to earn yield from their participation in Babylon. As a liquid staked token (LST) developed by Babypie, smBTC represents a staked version of mBTC. smBTC allows users to access new yield opportunities in DeFi while their underlying assets validate PoS systems via the Babylon staking protocol, accruing value without any mandatory lock-up period. Additionally, smBTC is both tradable and transferable.
