After around 6 months of testnet, Babylon is launching its mainnet Phase 1 on August 22.
This marks the transition of Bitcoin staking into production, with an initial cap of 1,000 Bitcoins. Although there won't be live token rewards at launch, a points system will be in place.
TL;DR Launch Date: August 22, Babylon Chain goes live to Phase 1 of Mainnet.
Staking Incentive: Points-based system for staking Bitcoin introduced.
Staking Range: Minimum of 0.005 BTC and maximum of 0.05 BTC per user.
Network Cap: Total cap of 1,000 BTC for the entire mainnet.
How to Participate : zonaris' finality provider will be ready for selection and is operational from Day 1.
Babylon's Phased Mainnet Rollout: Phase 1: Bitcoin Locking (we are here - August 22)
Bitcoin holders can start locking their Bitcoin via staking transactions on the Bitcoin Network.
Stakers can pick a finality provider by specifying the provider's public key, enabling participation in PoS validation, and crucially, without transferring Bitcoin to the finality provider.
Phase 2: Bitcoin Staking Activation
Babylon launches its own Cosmos based PoS chain, which receives security from the BTC locked in Phase 1.
Finality providers with sufficient delegations from Bitcoin stakers begin participating in Babylon PoS chain consensus.
Introduction of the Babylon Timestamping Protocol to ensure cross-chain time synchronisation and security.
Phase 3: Full Network Integration
Full-scale integration and operation of the Babylon network with all systems and protocols active.
Hello Mainnet :-) How can you get involved?
You can easily manage this process through the zonaris app. Access our BTC Staking App: btc-staking.zonaris.io
Phase 1 Rewards = Babylon Points
During Phase 1, there are no direct staking rewards since the PoS chain is not yet operational.
Instead, Babylon introduces a point system to track staking activities. While these points don't hold immediate monetary value, they may offer future benefits within the Babylon ecosystem.
As the network moves into Phase 2 and beyond, your staked Bitcoin will begin generating rewards based on its contribution to the security of the PoS system, allowing you to earn value from your stake.
Which wallets can you stake with?
To stake your Bitcoin with Babylon, you need a compatible Bitcoin wallet. The Babylon staking web app (btcstaking.babylonlabs.io) supports most Bitcoin wallets. It’s crucial to select a wallet that matches your security needs and is compatible with the staking process. Supported wallets include:
OKX Wallet: Software wallet available on web, extension, and mobile.
Bitget Wallet: Software wallet for web, extension, and mobile.
OneKey Wallet: Hardware and software wallet with desktop, mobile, hardware bridge, extension, and web support.
Binance Web3 Wallet: Software wallet within the Binance app.
Tomo Wallet: Software wallet for extension and mobile.
Keystone Wallet: Hardware wallet.
imToken Wallet: Software and hardware wallet available on mobile.
Slashing & other details:
There is no slashing in Phase 1, so your staked Bitcoin is safe from consensus penalties. In Phase 1, all transactions occur on the Bitcoin blockchain, including:
Staking Transactions: Lock Bitcoin to start staking.
Unbonding and Early Withdrawal: Withdraw Bitcoin before the staking period ends by submitting an unbonding transaction, followed by a withdrawal after a seven-day wait.
Automatic Expiration and Withdrawal: If not withdrawn early, Bitcoin becomes available for withdrawal after 64,000 blocks (about 15 months).
Other Staking Portals:
Babylon Web App: Choose zonaris as your finality provider directly through the Babylon web app.
Qualified Custodian: Contact zonaris to explore Bitcoin staking options with your preferred qualified custodian.
Contact us to schedule a discussion about our Babylon Solution.
Eligibility
Before participating in the Babylon mainnet launch, it’s crucial to ensure you meet the eligibility criteria. Staking is prohibited for residents of certain countries, including the United States, Canada, Australia, and Mainland China, due to regulatory restrictions.
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