Babylon ($BBN) Token Airdrop Information
Babylon is a protocol that allows Bitcoin holders to securely stake their Bitcoin on the Bitcoin network and participate in the security of other blockchain networks using Proof of Stake. The Babylon testnet is scheduled to launch on February 28, 2024 and early participants will be rewarded! There are also actions that can help with more Babilon ($BBN) token airdrop opportunities. Babylon ($BBN) token airdrop guide is as follows:
Check out our step-by-step guide!
What is Babylon ($BBN)?
Babylon is a project that allows people to use Bitcoin to secure other networks that use proof-of-stake. Proof-of-Stake is a way to ensure that the people running the network follow the rules and do not cheat. Babylon has a special protocol that allows you to do this without moving your Bitcoin to another network, which is risky and expensive. Babylon also has a chain connecting Bitcoin and the Proof-of-Stake network, recording sensitive information on both sides. Babylon’s main features include:
- Bitcoin Staking: People can lock bitcoins in contracts on the Bitcoin chain and use them to verify blocks on the proof-of-stake network. Follow the rules and you’ll be rewarded. If you break the rules, you lose your Bitcoin.
- Fully slashable PoS security: Babylon can detect and punish fraudulent activity in proof-of-stake networks by leaking fraudsters’ private keys and burning their bitcoins. This makes the network more secure and reliable.
- Staker Security and Liquidity: People who have staked Bitcoin can withdraw their Bitcoin at any time as long as they are honest. They don’t have to wait for long or rely on the consent of others. This makes staking more convenient and flexible.
- PoS chain agnostic: Babylon can work with any proof-of-stake network that uses the BFT consensus protocol, such as Tendermint, Casper or GRANDPA. Babylon does not change the original protocol, but adds an additional layer of security on top of it.
What is Babylon ($BBN) token?
Babylon ($BBN) token is the governance token of the Babylon Protocol. This plays an important role in ensuring that users own Babylon. Here are some key points about BBN tokens:
- Ownership and Governance:
- BBN tokens provide holders the power to influence decisions related to the Babylon Protocol.
- 69% The BBN token belongs to the community and dynamically rewards stakeholder contributions, ideas, curation, and community management based on performance and assets under management (AUM).
- Protocol Management:
- Babylon operates on the Ethereum network and follows the principles of transparency, non-custodial control, and permissionless access.
- The governance of the protocol is in the hands of BBN token holders. They vote on proposed protocol changes and decide how to leverage protocol finances.
- Bitcoin Staking Pioneer Pass:
- Babylon’s vision Bitcoin Scaling to secure Proof-of-Stake Economy.
- By becoming bitcoin stakerUsers can stake Bitcoin directly on the Proof-of-Stake chain without relying on third-party custody or linking mechanisms.
- This protocol ensures security, liquidity, and yield for Bitcoin stakers.
In summary, the BBN token gives the community the power to shape the future of Babylon and connects the security of Bitcoin to the decentralized economy.
How do I receive the Babylon ($BBN) token airdrop?
Here is a guide on how to receive the Babylon ($BBN) token airdrop:
- Get OKX and Keplr browser wallet
Download OKX and Keplr wallets from our Google Chrome extension. If you do not have a wallet, you can download it through the website https://pioneers.babylonchain.io/.
- Babylon testnet network added
Click “Add Chain” in the upper left corner to add the Babylon testnet to your Kepler wallet. Then, in the pop-up window, enter “Babylon” as a search term and add the Babylon testnet. Enter ‘Babylon’ in the search bar and click ‘Add Babylon testnet’ to add the Babylon testnet to your Kepler wallet. Then again click on the top left corner and go to “Manage Chain Visibility”. Search for and select the Babylon chain and click “Save.”
- Get testnet token
Join the Babylon Discord channel here and go to the #faucet channel. Enter “!faucet (Babylon testnet address)”. To find your Babylon testnet address, go to your Keplr wallet and click “Copy Address.” You can find the Babylon testnet address here. Faucet provides 0.1 testnet $BBN tokens, which can be claimed once every 6 hours.
- Connect to the Signet network from your OKX wallet
Click on the top right, find the “BTC Signet” network and connect it to the Signet network in your OKX wallet. The Signet network is a Bitcoin test network that runs parallel to the Bitcoin main chain.
- Get testnet BTC ($sBTC)
On the OKX wallet page, click “Cryptocurrency Management” and search for “sBTC”. Then click the Add button. Then go to https://alt.signetfaucet.com/ and enter your sBTC address to get testnet BTC. Since the network is currently very congested, you may need to click this button multiple times to get your $sBTC. If your request is successful, the page will say “Processing” and you will be taken to the Transaction Hash page. From here you will need to copy the transaction ID and submit it to Galxe’s “Survey: Signet Bitcoin Claims” task.
- Complete Galxe Quests and Mint NFTs
Go to Babylon’s Galxe page to complete the task. These are social actions, such as following or interacting with social media accounts. Once you complete all Galxe quests, you can issue Babylon NFTs. Complete and publish your work as quickly as possible.Because there is a limit of 100,000 NFTs.
- Stake Testnet Babylon Token
After 1 day, go directly to the Babylon testnet staking page. Stake $sBTC and $BBN on the Babylon testnet. Check out our Babylon ($BBN) token airdrop guide for more details when the time comes!
- Complete the Zealy quest
Link to Babylon’s Zealy page to get the job done. The Beacons Ambassador Program is relatively easy to complete and all you have to do is create content for Babylon. Completing eight tasks unlocks higher levels and Discord roles such as Knight and Vanguard. Additionally, this performance can also be used as an eligibility criteria for potential airdrops.
- Bitcoin Pioneer Pass NFT Application
Claim your commemorative Bitcoin Pioneer Pass NFT during the 7-day claim period following launch. Supply is limited and available on a first-come, first-served basis.
