’Tis the season to celebrate Babylon’s 2024 achievements and look ahead to 2025!
Cozy up next to a fire, grab your favorite beverage and celebrate with us as we reflect on a magical year and offer a sneak peak of what 2025 holds.
Babylon’s 2024 Milestones
Funding
In May 2024, the Babylon Project secured $70 million in funding, led by Paradigm, with significant contributions from Bullish Capital and Polychain Capital and other cutting-edge investment firms who believe in Bitcoin and its use cases.
Mainnet and Babylon staking progress
Babylon achieved significant progress with Bitcoin Staking Phase-1, allowing Bitcoin holders to lock their BTC directly on the Bitcoin network in a fully self-custodial manner. This milestone introduced a third native use case for Bitcoin—beyond its roles as a store of value and medium of exchange—and garnered substantial participation across three major caps:
Cap-1 (08/22/2024):
- BTC Staked: 1,000 BTC.
- BTC Stakers: 12,720
Cap-2 (10/08/2024):
- BTC Staked: 22,891 BTC
- BTC Stakers: 12,590
Cap-3 (12/10/2024 - 12/17/2024):
- BTC Staked: 33,399 BTC.
- BTC Stakers: 109,980
Phase-1 Total:
- BTC Staked: 57,290.61 BTC.
- BTC Stakers: 135,290.
Ecosystem expansion
The Babylon ecosystem grew significantly in 2024 thanks to many integrations that solidified its role as a leader in Bitcoin staking.
This expansion included 25 Bitcoin Secured Networks (BSNs), networks who aim to leverage Bitcoin’s security using the Babylon Bitcoin staking protocol, that committed to integrating with Babylon. Notable BSNs like Corn and BOB committed to becoming BSNs when Phase-2 launches (more on that below).
Finality Providers (FPs), who stake Bitcoin and receive delegated Bitcoin to stake on behalf of others, also contributed significantly. With over 250 FPs—including leading names like P2P, Galaxy Digital, and InfStones—the Babylon protocol demonstrated its scalability by attracting diverse stakeholders to the ecosystem.
Additional collaborations with 12 major Web3 wallets, including OKX and Binance, made BTC staking more accessible to a broader audience and helped drive user engagement and participation.
Institutional involvement also surged, with custodians like Anchorage Digital and Hex Trust enabling large-scale stakeholders to stake BTC and gain additional rewards on their idle BTC.
Further, 12 Liquid Staking Token (LST) protocols, like Lombard Finance, pumpBTC, Lorenzo, Allo and others allowed users to unlock liquidity while staking BTC. This not only allows participants to earn staking rewards but also provides the flexibility to use their LST in other BTCFi opportunities.
Additionally, platforms like Binance Earn are using the Babylon Bitcoin staking protocol to provide their users with access to BTC staking opportunities, increasing the reach of the Babylon Bitcoin staking protocol.
Event Recap: Babylon on the Global Stage
In 2024, Babylon had a presence at major global events and the launch of its own podcast.
Babylon hosted the Bitcoin Renaissance conference twice—first at ETH Denver (recap) and later at Korea Blockchain Week (recap)—to discuss the major innovations happening on Bitcoin. Babylon also hosted a hackerhouse at Devcon 2024 to provide developers opportunities to build on its protocol.
Babylon also participated in conferences globally, making an appearance at major conferences like Consensus 2024 in Austin, TX, Token2049 in Singapore, and Cosmoverse in Dubai.
Babylon also launched its podcast, , to further the discussion on Bitcoin as a major player in the decentralized ecosystem.
Babylon also launched its own podcast, BTC Renaissance by Babylon x-spaces, to explore Bitcoin's pivotal role in shaping the decentralized ecosystem and driving innovation in blockchain technology. This podcast serves as a platform for founders, developers, and enthusiasts to discuss key trends, challenges, and opportunities within Babylon’s Bitcoin ecosystem.
Follow Babylon on X and tune in to join the conversations shaping the future of decentralized finance.
You can also catch the latest Bitcoin Renaissance podcast here.
Looking ahead to 2025
2025 is gearing up to be an even more exciting year for Babylon, with two more phases for its mainnet launch, another Bitcoin Renaissance event, and more!
Multi-phased approach
Phase-1 kicked off the supply side in 2024, and Bitcoin holders could stake their BTC using a secure, self-custodial Bitcoin staking script directly on the Bitcoin network.
Phase-2 will see the launch of Babylon Chain as the first BSN to receive crypto-economic security from the bitcoin locked in Phase-1 along with the marketplace. Upon launch, the finality providers with adequate BTC delegations from Phase-1 will enhance the security of Babylon PoS chain’s consensus by determining the finality of its blocks.
Phase-3 will enable multi-staking and BSN integration. Bitcoin holders will be able to natively stake the same bitcoins across multiple BSNs simultaneously, allowing them to receive multiple staking rewards. The Babylon PoS chain will act as the control plane that enables Bitcoin staking for all PoS systems.
BTC Renaissance is coming back!
Join us in February at ETH Denver for a two-day event:
27th Feb 2025 - BTC Renaissance Main event
28th Feb 2025 - Babylon Ecosystem Day
Reserve Your Spot Today
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