Bitrue Launches Bitcoin Staking Program with Babylon Labs on December 9
Bitrue, a long-established trading platform, has partnered with Babylon Labs to provide a Bitcoin staking opportunity for users to earn on-chain rewards. According to an X update, this initiative is aimed at enhancing user engagement.
Unique Staking Opportunity for Bitcoin Holders
The nine-day staking opportunity will begin on Monday, December 9. Although Bitcoin operates on a Proof-of-Work mechanism and does not have native staking, Bitrue and Babylon Labs are enabling users to stake their Bitcoin and earn rewards.
Participants in the BTC dual rewards program will receive compensation through two channels: Babylon points and up to 2.3% Annual Percentage Rate (APR) on staked Bitcoin. Babylon points can be redeemed for rewards later.
The 2.3% APR on staked Bitcoin will be credited to participants' accounts daily, providing more frequent returns for those holding Bitcoin over an extended period. This method allows stakers to maximize their Bitcoin holdings.
Participants can join the Babylon Points program via the Bitrue platform by following prompts to stake their Bitcoin easily. Users without Bitcoin can trade for it using the BTC/USDT pair on the platform.
Babylon Labs: Bridging Bitcoin and DeFi
The dual reward system was developed by Babylon Labs, which has previously engaged in similar staking initiatives. Starting December 9, participants can earn 2.3% daily on their staked Bitcoin.
Babylon Labs has a history of such collaborations. In February, Binance Labs invested in Babylon, further validating its staking protocol that allows users to stake without needing native tokens, ensuring direct earnings without third-party custody.
Additionally, in collaboration with the Nomic DAO Foundation, Babylon offered Bitcoin liquid staking (stBTC), enabling users to leverage their Bitcoin holdings as collateral on other chains while earning alternative cryptocurrencies.