Babylon Genesis Launches as First Bitcoin-Secured Layer-1 Blockchain
Babylon Labs has introduced Genesis, the first bitcoin-secured layer-1 blockchain. Key points include:
- Genesis utilizes Babylon's bitcoin staking technology, enhancing BTC's utility beyond a store-of-value asset.
- As of now, 57.5k BTC are staked in self-custodial contracts, ranking third by staking market cap.
- It allows BTC holders to secure proof-of-stake networks while maintaining control over their assets.
Genesis operates as:
- A bitcoin-secured L1 with dual-quorum staking and hourly Bitcoin timestamping for security.
- A control plane coordinating security and staking across Bitcoin Secured Networks (BSNs).
- A BTC liquidity hub featuring DEXs and restaking options, competing in the BTCFi space.
Babylon plans to develop a trust-minimized bridge between Bitcoin and Genesis, aiming to enhance liquidity without relying on trusted multisigs. The initiative is positioned to leverage Bitcoin's market dominance for potential DeFi expansion.
Bitcoin's market cap exceeds that of all other crypto assets combined, indicating significant growth opportunities for DeFi activities built on Bitcoin.