The launch of the Babylon Genesis chain has introduced multichain Bitcoin staking, enabling self-custodial BTC staking across over 70 blockchains without the need for bridges. This integration, developed by Babylon Labs and Axelar, allows Proof of Stake chains to utilize Bitcoin's security via Babylon's protocol. Since the launch, over 57,000 BTC have been staked, contributing to a total value locked (TVL) of approximately $4 billion in the Babylon Bitcoin staking protocol. The $BABY token, which has seen a price increase of over 20% since the launch, powers the staking mechanism and supports dual staking of BTC and BABY. The initiative is built on the Cosmos SDK and aims to enhance the utility of Bitcoin in decentralized finance (DeFi) applications. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
