Babylon Bitcoin Staking Testnet-4 Launch

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May 27, 2024

We are excited to announce the launch of Babylon Bitcoin Staking Testnet-4 on Tuesday, May 28, 2024.

Key Dates and Times:

  • Staking Web dApp: The staking web dApp (btcstaking.testnet.babylonchain.io) will go live at 7 AM UTC on May 28, 2024. This is to allow users to get familiar with the dApp and connect wallet.

  • Protocol Activation: Staking will be enabled at Signet BTC block height 197,535, expected at about 9 AM to 10 AM UTC on the same day.

Testnet Focus: This testnet aims to focus on the security of staked Signet Bitcoin by testing user interactions with the Signet BTC test network. No PoS chain will be involved. Key participants, including Bitcoin holders, validator teams, wallet providers, custodians, and liquid (re)staking protocols, will have the opportunity to explore and evaluate Bitcoin staking.

Please note, Signet Bitcoin is a simulated currency for testing purposes only. It does not carry any monetary value, and it is not redeemable or tradable.

Staking Details:

  • On-demand unbonding: Stakers can unbond and withdraw their stake any time, with an unbonding period of 7 days.

  • Maximum staking period: There is a build-in maximum staking period of about 65 weeks. If a stake is not unbonded before the end of this period, it is automatically withdrawable by the staker any time afterwards.

  • No slashing: Slashing is turned off in this testnet.

  • No PoS staking test reward: No PoS chain is involved in this testnet. So there is no PoS staking test reward.

  • Staking Limits: This testnet will apply a sequence of staking caps, with 3 to 7 days of gaps in between successive caps. The initial staking cap is set to 5 signet bitcoins. The minimum stake per transaction is 0.0005 signet bitcoins, and the maximum is 0.05 signet bitcoins. These limits are set to manage flow control given the limited supply of signet bitcoins. Stakes after the cap is filled will be marked as “overflow“ and will be requested to be unbonded and withdrawn.

Please use this testnet as a playground to explore Bitcoin staking. We encourage you to try out all the features (stake, unbond, and withdraw). In addition,

  1. Stakers can participate in our Bitcoin Staking Chronicles campaign on Galxe: Bitcoin Staking Chronicles by Babylon | Galxe

  2. Security researchers and engineers are welcomed to participate in our Cantina security campaign (Competitions | Cantina ).

Useful Links

  1. Introductory readings: Bitcoin staking 101 series BabylonChain - What is Bitcoin Staking?

  2. Discord Signet Bitcoin faucet: Join the Babylon🔶🔒 Discord Server! (Get verified & gain access to our │faucet-signet-btc channel)

  3. Finality provider guide: networks/bbn-test-4/finality-providers at main · babylonchain/networks

  4. Open-sourced code of the staking web dApp for this testnet: GitHub - babylonchain/simple-staking: Simple staking application

  5. Wallet integration guide: networks/bbn-test-4/integration/wallet.md at main · babylonchain/networks

  6. Specification of all the transactions: babylon/docs/transaction-impl-spec.md at dev · babylonchain/babylon

  7. Swagger API doc: networks/bbn-test-4/integration/wallet.md at main · babylonchain/networks

  8. Staking backend service build guide: networks/bbn-test-4/integration/staking-backend.md at main · babylonchain/networks

  9. To provide feedback or report bugs or issues:

    1. our Forum:🛠️Testnet

    2. our Discord:Join the Babylon🔶🔒 Discord Server! (│feedback & │testnet-support channels)

We look forward to your participation in this important testnet launch.