Babylon recently announced the launch of the world’s first trustless Bitcoin staking testnet. This novel feature allows for the integration of Bitcoin, the most decentralized cryptocurrency currency, into PoS systems, potentially increasing the security level where staking is currently used.
“We are proud to have reached this milestone in our mission to introduce Bitcoin as a trusted security backbone for PoS systems that can not only generate yields, but also foster integrated, secure, and decentralized economies of scale. “remarked David Tse, co-founder of Babylon.
The testnet on BTC Signet allows users to experience the operational aspects of staking without endangering their actual Bitcoin holdings. Visitors can utilize the explorer and the web app for a hands-on experience.
This move will have a far-reaching impact on Babylon’s ambition to provide a Bitcoin-centered, decentralized world.
This milestone is the result of Babylon’s successful $18 million fundraising from the Cosmos Hub, as well as the cooperation between the two cosmos, which will allow the integration of Babylon’s protocol and Bitcoin users on Cosmos Hub to stake assets.
Read also: Binance Labs Invests in Babylon to Unlock Bitcoin Staking on PoS Chains
