Babylon: Babylon Genesis L1 blockchain has officially launched

Babylon announced on the X platform that the Layer 1 blockchain, Babylon Genesis, backed by Bitcoin has officially launched. Reportedly, this is the second phase of Babylon's launch of its Bitcoin collateral protocol.

Previous news stated that Babylon's Bitcoin collateral was rolled out in three stages: The first stage involved locking in Bitcoin as collateral to expand supply; the second stage involved launching the Cosmos-SDK-based Layer 1 blockchain, Babylon Genesis; and the third stage will involve launching other BSNs (which will allow other networks to access Bitcoin collateral security and liquidity through Babylon Genesis).