TechFlow reported that Babylon announced yesterday it will roll out its Bitcoin staking protocol in three phases, with the first phase launching next week. The protocol aims to connect Bitcoin holders with various proof-of-stake (PoS) systems requiring enhanced network security, including PoS chains, Layer 2 networks, data availability layers, and oracles.
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Phase One involves Bitcoin locking, where users can lock their Bitcoin into a secure self-custody script via Bitcoin transactions;
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Phase Two will activate Bitcoin staking by launching the Babylon PoS chain;
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Phase Three will enable Bitcoin multi-staking, allowing users to stake the same Bitcoin across multiple PoS systems simultaneously.
Specific details for the initial phase include a maximum staking duration of approximately 15 months, an initial total staking cap of 1,000 BTC, and per-transaction staking limits ranging from 0.005 to 0.05 BTC.
Babylon has also introduced a points system, allocating 3,125 Babylon points per Bitcoin block.
In addition, Babylon has formed a covenant council composed of nine well-known industry entities, utilizing a 6-of-9 multisignature scheme to ensure the security of the unstaking process. Users can participate in staking through the official web application, third-party services, or command-line tools.
