Babylon, aiming to become the largest Bitcoin staking infrastructure, will reopen the latest testnet staking tomorrow at 5 pm Taiwan time. The following will introduce the steps for staking participation, which is expected to be a zero-cost, time-saving, and rewarding project.
(Prior context:
AILayer announced partnership with BitFi: promoting innovation in the Bitcoin ecosystem and launching joint airdrop activities.
)
(Background supplement:
Cobo Fish analysis: New economic scenario after Bitcoin halving, what are the new opportunities?
)
Table of Contents
Participation Tutorial
1) Create a Wallet
2) Change Default Address
3) Claim Water
4) Staking & Complete Galxe Missions
Conclusion
What is Babylon?
Babylon, aiming to become the largest Bitcoin staking infrastructure, announced on the 30th of last month that it has received a $70 million financing led by Paradigm and launched the latest testnet, Testnet-4, on the 28th, allowing users to stake Bitcoin on the Signet testnet (sBTC).
At that time, the initial staking limit was 5 sBTC, and it reached the target in less than 13 minutes, with 2,798 users successfully staking. This shows the high attention from the market and institutional investors to Babylon.
And today (4th), the official announcement was made on X that the testnet will reopen tomorrow at 5 pm Taiwan time. Next, taking OKX Wallet as an example, the staking participation steps will be introduced. It is a zero-cost, time-saving, and rewarding project.
In February, users who completed the staking missions on the first testnet could mint the Bitcoin Staking Pioneer Pass NFT for free, which had a floor price of over 220U in the early stage and still has a value of nearly 100U now.
1) Create a Wallet
Taking OKX Wallet as an example, you must create a wallet using the computer version and import it with mnemonic. Then, in the asset section of the wallet, you will see “Currency Management” after scrolling down. Click on it and search for sBTC, then choose the first one in the image.
Search for sBTC in the currency management section of the wallet.
Click on the icon in the upper right corner of sBTC and change the default address to Native SegWit.
Change the default address of sBTC to Native SegWit.
2) Claim Water
Copy the address to the following websites to claim sBTC and get ready for the official opening of the new testnet tomorrow:
1) Official Discord: Enter “!faucet your address” in the Faucet-signet-btc channel to claim. Each account can only claim once.
2) https://signetfaucet.com
3) https://signetfaucet.bublina.eu.org
It is worth noting that the minimum staking amount for each transaction is 0.0005 sBTC, and the maximum is 0.05 sBTC. Based on my testing, only claiming water from the official Discord meets the minimum staking requirement.
Discord water claiming interface.
3) Staking & Complete Galxe Missions
Enter the staking website and stake after linking the wallet by selecting the Finality Provider. In addition to staking, participants can also experience “unstaking” and “redeeming” operations.
There are two missions on Galxe: “Onboarding” and “Testnet Staking.” The former can be completed first.
Babylon testnet staking website.
Summary of the rules for participating in testnet staking:
1) The minimum staking amount for each transaction is 0.0005 sBTC, and the maximum is 0.05 sBTC.
2) Stakers can unstake and redeem at any time, with a 7-day unstaking interval.
3) When reaching the limit, a user’s staking will be marked as overflow and they will be required to unstake and redeem.
4) The initial staking limit is 5 sBTC, and Babylon will gradually increase the limit.
Babylon is a Bitcoin staking protocol that aims to introduce Bitcoin as a staking asset for PoS systems (such as PoS chains, L2, DA layers, oracles, etc.) through its modular design and slashing mechanism, providing higher security for the encrypted economy than native tokens.
Therefore, PoS systems can utilize Babylon’s scalable staking and restaking functions to unlock value from the idle Bitcoin ecosystem of over 1 trillion dollars. The founder mentioned when receiving investment from Paradigm in late February:
Babylon also received investment from Binance Labs in February this year. In December last year, Babylon successfully completed Series A funding of $18 million, led by industry heavyweights Polychain Capital and Hack VC. The investment lineup can be described as very luxurious.
Readers interested in the Bitcoin ecosystem are welcome to follow my X for continuous tracking of Alpha.
Related Reports
Bitcoin Stablecoin Project “bitSmiley” Launches Preliminary Network V1, Deploys Bitcoin L2 Network “Bitlayer”
Bitcoin Layer2 Money Making Fast! Who is dissing? Who benefits behind?
Rune Race Explosions! DOG breaks 0.008 and reaches a new high, what other potential benefits does Bitcoin Runes have?