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Babylon Chain surpasses $3.6B in Bitcoin deposits

Babylon Chain surpasses $3.6B in Bitcoin deposits

Grafa2024/12/13 05:40
By: Mahathir Bayena
BTC+1.50%

Babylon Chain has achieved a significant milestone, surpassing $3.6 billion in Bitcoin (CRYPTO:BTC) deposits, totaling over 36,100 BTC from nearly 88,000 unique depositors. 

In just 48 hours, the platform recorded $1.2 billion in deposits, with $834 million on December 10 and $350 million on December 11. 

This surge represents a nearly 51.4% increase in deposit activity over the past week, reflecting growing interest in the platform.

The success of Babylon Chain is attributed to its innovative staking protocol, which secured approximately 23,000 BTC worth about $1.4 billion during its second staking round. 

David Tse, co-founder of Babylon and a Stanford University professor, noted that this round went “pretty well,” providing users with a smoother experience compared to previous rounds.

Babylon Chain aims to integrate Bitcoin’s security features into other blockchain ecosystems, allowing decentralized platforms to leverage its robust security for enhanced trust and stability.

The recent spike in deposits follows support from major exchanges like Binance and Bitrue, which began offering yield generation through Babylon Chain on December 9.

Bitrue’s research team highlighted that integrating Babylon Chain transforms Bitcoin from merely a store of value into a vital component that actively supports blockchain security.

At the time of reporting, the Bitcoin price was $99,785.48.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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