Despite the rapid development of the market, some projects have remained consistent with the market stage over the years. This requires projects to have strong business development capabilities, innovation capabilities, and revenue sources. With the recent launch of Bitcoin ETFs and a large influx of funds, institutions have purchased over 2% of the BTC supply, and the Bitcoin ecosystem is clearly becoming one of the hottest topics in the market.
Bitcoin’s ecosystem is constantly expanding, and participants are looking for ways to generate additional income based on their holdings. This is what Babylon hopes to achieve by becoming Bitcoin’s EigenLayer.
$BTC is staked and verified for proof of stake chains to generate additional income. Here are some chains that Babylon has already protected, providing a way for idle $BTC to earn income based on their holdings.
Similar to EigenLayer, once you stake your $BTC, your funds will be locked and unavailable for a short period of time. This is where Ankr comes in and becomes the primary BTC liquidity staking project, providing liquidity to holders while still earning staking rewards.
You may already be familiar with Lido, but did you know that Ankr (currently with a TVL of $100 million) was the first protocol to launch ETH liquidity staking in December 2020? They provide the most reliable RPC and have over 6 years of experience in the industry, leading in the RaaS field.
Well, this is just the beginning. Although their FDV is only 1/10 of AltLayer’s, Ankr’s goal is not just the RaaS narrative. Ankr announced an exclusive partnership with Babylon in their latest tweet.
Ankr will provide BTC’s LST (Liquidity Staking Token) for the chains protected by Babylon and then issue it on the chain, providing additional liquidity for the chain and security. It will soon become a leader in the field. To truly understand this event, let’s make some assumptions.
Babylon is Bitcoin’s EigenLayer, currently with a TVL of $6.4 billion. This is only a tiny fraction of Bitcoin’s market value, which means more idle capital will take the opportunity to stake in Babylon and generate income.
As mentioned earlier, Ankr is the first LST for $BTC in the market, similar to Kelp DAO, ether.fi, and Puffer Finance for $ETH. You may have seen ether.fi recently launch their token with a current FDV of $4.2 billion. Lido’s FDV is $3.2 billion. Can you guess what Ankr’s current FDV is? Only $419 million. Yes, Bitcoin’s Lido is trading at 1/8 of Lido’s price and 1/10 of Etherfi’s price.
Imagine if, in addition to this, they also lead the RaaS narrative, but only trade at 1/10 of AltLayer and Dymension’s market value.
Ankr also leverages the DePIN narrative as they provide decentralized computing power and data availability through their network. Additionally, this further enhances the use cases and distribution of the $ANKR token.
If we focus more on the details, Ankr attended the Nvidia conference and has recently had many discussions around AI. Why is the Rollup As A Service project so focused on artificial intelligence?
I will leave it to your imagination to complete this task, but you currently have one of the most asymmetrical bets in the market:
– 6 years of experience
– First ETH LST
– Bitcoin’s Lido
– RaaS leader
– DePIN narrative
– Artificial intelligence
In conclusion, I believe Ankr is a project and token worth paying attention to.
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– Peak Dialogue: How do you view the “Three Standards” set by Bitcoin Magazine for Layer 2?