Babylon to launch self-custodial bitcoin staking mainnet in two days

Blockchain developer Babylon stated that the upcoming launch of its self-custodial bitcoin staking mainnet is set to go live in two days as part of its phased rollout.

This launch will utilize bitcoin's economic properties to enhance the security frameworks of proof-of-stake blockchains. Users will be able to stake their bitcoin through a designated smart contract.

This mechanism aims to apply bitcoin’s economic security to reinforce various decentralized systems under a self-custodian model, where users maintain control over their assets without intermediaries. This includes systems like sovereign PoS chains, Layer 2s, data availability solutions, and oracles.

Later, Babylon’s BTC timestamping protocol will enable the timestamping of any data sent to the platform using Bitcoin’s blockchain. According to its documentation, a key application of this protocol is to timestamp PoS blockchains, thereby enhancing their security, such as by defending against long-range attacks.

As Babylon noted in a blog post, during the initial phase, Bitcoin holders will initiate the staking process by submitting Bitcoin staking transactions to the Bitcoin network.

In May, Babylon raised $70 million in a fresh funding round led by the venture firm Paradigm. Polychain Capital and Hack VC had co-led its $18 million Series A funding round in December 2023.