BabylonLabs Climbs To 9th In DeFi Rankings With Over 57K BTC Staked

BabylonLabs (@babylonlabs_io) has achieved a major milestone in the decentralized finance (DeFi) space, securing its position as the 9th-largest protocol by total value locked (TVL). With an impressive 57,288.84 BTC staked, worth approximately $5.8 billion, Babylon’s innovative Bitcoin staking solution is driving its rapid rise in the DeFi ecosystem. The Babylon Bitcoin Staking platform represents the third native use case for Bitcoin, with the successful completion of Cap-3 marking the conclusion of Mainnet Phase-1. This phase recorded some impressive metrics: – Total BTC Staked: 57,288.84 BTC – Number of Stake Delegations: 144,190 – Total Stakers: 135,290 Phase-2 of the Mainnet rollout will focus on activating Bitcoin staking by launching a Babylon Proof-of-Stake (PoS) chain. This chain will be secured by the Bitcoin staked during Phase-1, further enhancing the utility and security of the protocol. The success of Babylon’s Phase-1 was driven by contributions from several key Finality Providers: – Lombard Finance: 23,186.13 BTC – Solv Protocol: 10,242.42 BTC – PumpBTC: 5,597.16 BTC – Bedrock DeFi: 4,159.93 BTC – Lorenzo Protocol: 2,127.83 BTC – Hex Trust: 2,086.05 BTC With more than 57K $BTC staked, @babylonlabs_io is now ranked 9th in total value locked among all DeFi protocols. Babylon Bitcoin staking is the 3rd native use case of Bitcoin & the recent completion of Cap-3 marks the end of their Mainnet Phase-1. The next phase, Phase-2,… https://t.co/3UfKw792vk pic.twitter.com/8hDLStdEXR — Bitcoin Ecosystem (@BitcoinEcoTK) December 19, 2024 As Babylon prepares for its next phase, its innovative use of Bitcoin for staking and its growing user base position it as a leading force in the DeFi sector. With over 135,000 stakers already onboard, Babylon’s approach is reshaping the role of Bitcoin in decentralized finance and paving the way for new possibilities in the crypto ecosystem. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: kirisa99/ 123RF // Image Effects by Colorcinch