Babylon Labs Develops Bitcoin Bridge with Cosmos for Enhanced Interoperability
Babylon Labs is developing a trust-minimized Bitcoin bridge with the Cosmos network to improve interoperability for Bitcoin. Key points include:
- Collaboration with Fiamma, utilizing the BitVM2 computing paradigm for Ethereum-style smart contracts on Bitcoin.
- Zero-knowledge technology enables verification of information without revealing it, essential for bridging assets across blockchains.
- Goal to unlock BTC's value for financing other ecosystems and enhancing transaction speed and scalability.
- Babylon's staking protocol has a total value locked (TVL) of approximately $5.5 billion.
- BitVM2 aims to make Bitcoin more programmable, facilitating faster and cheaper transactions via rollups.
- Developers are creating projects to bridge Bitcoin with other networks; Citrea has launched a BitVM-based bridge on the testnet.