Bringing Bitcoin security and fast unbonding to alliance chain Migaloo
With a growing number of protocols building on Cosmos, the internet of blockchain, those looking to earn yield from staking may face the challenge of fractured liquidity and unstable pricing. The White Whale team aims to solve this issue by creating the Migaloo blockchain, a permissionless CosmWasm blockchain that implements cross-chain staking and connects liquidity across the Cosmos ecosystem.
The Migaloo chain is one of the first Alliance chains in the Cosmos ecosystem, meaning that tokens from other Cosmos blockchains can be whitelisted as staking tokens on Migaloo’s chain. Meanwhile, the flagship application will be Migaloo’s in-house Dapp, White Whale, which will serve as a liquidity hub for the Cosmos ecosystem.
Babylon is excited to announce its testnet integration with Migaloo Chain, providing an additional layer of Bitcoin security to the network with Bitcoin’s timestamping technology. The integration provides increased security for the central liquidity hub White Whale and overall interchain liquidity that it supports. Additionally, Babylon’s innovative approach also allows for PoS chains to significantly reduce their secure stake unbonding time from weeks to as little as a few hours.
Securing Interchain Liquidity and Alliance
Powered by WHALE tokens, Migaloo will serve as the central liquidity hub of the IBC Ecosystem that connects various blockchain networks for efficient asset transfers. The integration between Babylon and Migaloo helps further secure the chain and its flagship dapp, the White Whale Protocol.
A key aspect of Babylon is its ability to leverage Bitcoin Timestamping Protocol and timestamp events of other blockchains onto Bitcoin. As WHALE tokens generate yield from all the liquidity pools and flash loans vaults across IBC enabled blockchains and distribute the yield to WHALE stakers on Migaloo, all of these events can enjoy Bitcoin timestamps in the same way as Bitcoin transactions. Babylon effectively allows Migaloo to borrow Bitcoin's security as a timestamping server.
Lower Stake Unbonding Time
In addition to improving security of Migaloo’s staking activities, the Bitcoin timestamping protocol also enables fast stake unbonding, which generally takes 2-3 weeks in the Cosmos ecosystem. Long unbonding periods are set to serve as a trust period where users can return to the chain and safely re-synchronize to the chain knowing any attacks that may have occurred while they were away will have already been slashed.
The integration with Babylon means that Migaloo users only need to wait until the Bitcoin timestamp of the unbonding request transaction to be confirmed on Bitcoin with sufficient depth (e.g. 100 Bitcoin blocks), which only takes about one day. Users are able to easily discern the normal chain from the attack chain, which will have a later Bitcoin timestamp.
Flexibility and reliability are important to native and external stakers transacting and interacting with a central liquidity hub like Migaloo, and Babylon’s testnet helps ensure that stake unbonding is a secure and reliable process, regardless of how long or short Migaloo and its users desire
Babylon’s integration combines the interoperability of Proof of Stake chain with the security mechanism of Bitcoin’s Proof of Work blockchain, helping Migaloo deliver a secure, transparent and reliable central liquidity hub, eliminating risks of attacks and providing more flexibility when it comes to stake unbonding.
About Migaloo
Migaloo is an open-source, decentralized blockchain that aims to serve as the central liquidity hub of the Inter-Blockchain Communication (IBC) Ecosystem. It connects various blockchain networks, enabling efficient and secure asset transfers. It is designed to build an ecosystem of innovative Defi and NFT applications around the White Whale protocol. Its flagship dApp, the White Whale Protocol, generates real yield through trading and flash loan activity on all satellite markets. The yield is then distributed to $WHALE stakers on Migaloo, providing them with additional income.
About Babylon
Babylon is a project that designs security protocols for the decentralized world. Babylon’s origins come from a research paper about Bitcoin security co-authored by co-founder of Babylon David Tse, a professor at Stanford and Ethereum 2.0 researcher, and the founder of EigenLayer Sreeram Kannan, and their colleagues. The project is led by a team of consensus protocol researchers from Stanford and experienced layer 1 engineers from around the world.
Babylon's mission is to scale Bitcoin to secure the decentralized world. To achieve this, Babylon utilizes the three primary facets of Bitcoin: Bitcoin as an asset, its reliable timestamping service, its most censorship-resistant blockspace in the world,. To leverage these facets, Babylon is developing three innovative security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Through these pioneering protocols, Babylon envisions a more secure and decentralized future.
Website I Twitter I Discord I Linkedin
.png)