Binance Supports Bitcoin Staking Solution: The Nex

This article briefly:

•Binance Labs invested in Babylon, a Bitcoin staking protocol that enhances Bitcoin’s utility on PoS blockchains.

•Babylon provides Bitcoin investors with significantly reduced security guarantees and effective staking unbundling.

•Earlier this month, Binance Labs invested in three projects, namely Ethena Labs, NFPrompt and ShogunFi.

Binance Labs, the venture capital and innovation incubator of global cryptocurrency giant Binance, has made a significant investment in Babylon. This innovative Bitcoin staking protocol enables Bitcoin holders to leverage their assets on a Proof-of-Stake (PoS) blockchain.

As a result, they don’t need to rely on third-party hosting, bridging solutions, or packaging services to generate revenue.

Binance Labs Why Invest in Babylon

Babylon benefits Bitcoin investors by providing a PoS chain with punitive economic security guarantees and facilitating efficient staking unstaking. Solving a core challenge, PoS chains have traditionally relied on native tokens for security. This reliance could be problematic given the volatility associated with new coins.

Therefore, Babylon's Bitcoin staking protocol takes advantage of Bitcoin's huge market capitalization to alleviate inflationary pressure on the PoS chain. Additionally, it enhances the utility of the token. This innovative approach alleviates the economic challenges of emerging blockchains and transforms Bitcoin from a static store of value into an active, yield-generating asset.

Babylon’s technology was developed using the Cosmos SDK to provide Bitcoin timestamps for PoS chains. It acts as a bridge, ensuring seamless operation between the Bitcoin network and the PoS ecosystem. This setting supports BTC equity mining, final round participation, and verifier equity mining information tracking. It also facilitates production conversations, bridging exchanges between Bitcoin’s Proof of Work (PoW) framework and the Proof of Stake (PoS) world.

He Yi, Head of Binance Labs, said: “Bitcoin staking introduces a critical new use case to the industry and marks an important step in the integration of Bitcoin with the proof-of-stake economy. Binance Labs’ investment in Babylon represents our support to lead the way for Bitcoin A commitment to innovative projects that describe and advance their use cases.”

Prior to Binance Labs’ participation, Babylon had successfully raised $33 million across three rounds of funding. This achievement underscores the market’s confidence in Babylon’s novel solution, which is backed by 18 investors including Castle Island Ventures and OKX Ventures. In addition, Binance Labs’ investment, although of undisclosed size, increases the funding to support Babylon’s innovation drive.

Babylon’s novel solution is backed by 18 investors, including Castle Island Ventures and OKX Ventures. In addition, Binance Labs’ investment, although of undisclosed size, increases the funding to support Babylon’s innovation drive.

Investors include Castle Island Ventures and OKX Ventures. In addition, Binance Labs’ investment, although of undisclosed size, increases the funding to support Babylon’s innovation drive. OKX Ventures. In addition, Binance Labs’ investment, although of undisclosed size, increases the funding to support Babylon’s innovation drive. .

Babylon Chief Marketing Officer Shalini Wood told reporters that the company will use the funds to hire more developers. The project’s testnet goes live tomorrow. However, the project has no plans for a native token issuance.

Binance Labs’ investment strategy is a testament to its commitment to pioneering projects that redefine the Web3 ecosystem. With investments in 250 projects across 25 countries, Binance Labs is a vital force in the Web3 space, achieving an outstanding 14x return on investment.

Despite the downturn in the cryptocurrency market in 2023, Binance Labs has continued to invest, focusing on infrastructure, decentralized finance (DeFi) and Web3 games.

This strategic vision extends to recent investments in three platforms, Ethena Labs, NFPrompt, and ShogunFi. Each project reflects Binance Labs’ commitment to advancing the cryptocurrency ecosystem through utility, security, and innovation. Binance Labs’ commitment and innovation to projects that promote the cryptocurrency ecosystem. #比特币质押方案 #币安

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