Babylon Launches Layer-1 Blockchain ‘Genesis’ with Over $4 Billion Locked
Babylon has launched its layer-1 blockchain "Genesis," advancing its staking protocol that has attracted over $4 billion in total-value locked (TVL).
- Babylon enables BTC holders to earn yield by using their assets to support proof-of-stake networks.
- Genesis functions as a BTC staking network, enhancing liquidity and security while coordinating other networks.
- Staking rewards will be divided equally between BTC stakers and stakers of Genesis' native token, BABY.
- Since launching in August 2022, more than 57,000 BTC ($4.6 billion) have been staked on Babylon.
- The protocol has the backing of over 250 finality providers, including Galaxy, Figment, and P2P.