Bitcoin staking protocol Babylon launches testnet with NFT pass rewards
Babylon, a Bitcoin staking protocol in development starting in 2022, has opened its testnet to the public.
Babylon said Wednesday that the testnet is built on top of BTC Signet, a Bitcoin test network, so no real Bitcoin is at stake.
This is the first testnet for Babylon’s staking protocol. “We will be several steps ahead of the mainnet,” Babylon co-founder David Tse told The Block. “Some of these steps will allow users to lock up real Bitcoin and earn staking points, including post-audit and incentivized testnets,” he said.
The post-audit testnet is expected to launch between May and June, with the mainnet expected to launch in late 2024, Tse added.
Babylon Testnet Participation and Rewards
To participate in Babylon’s testnet, users must download the browser extensions for the OKX and Keplr wallets and earn Signet bitcoins through the Signet Faucet and Babylon (BBN) testnet tokens through the Discord Faucet channel, according to information on the Babylon website. You have to get it.
Early stakers on the Babylon testnet will be rewarded with a “Bitcoin Pioneer Pass NFT”. The pass application period runs from February 28 to March 5, and supplies are limited, according to the website. This pass also grants access to some unspecified “exclusive” features.
“This testnet launch provides a practical demonstration of how Bitcoin can be staked to secure a proof-of-stake (PoS) chain,” Jehan Tremback of Informal Systems’ Cosmos Hub team said in a statement. “We are following this with great interest and are very much looking forward to incorporating Babylon into the products we create.”
As The Block previously reported, Babylon is already in the process of supporting the Cosmos Hub ecosystem. The Babylon protocol uses security to make PoS chains more secure, helping BTC become a staking asset on PoS networks. Current PoS chains rely on native tokens for security, which can be expensive, especially for new chains that need to offer high staking rewards to attract capital. With Babylon, users will eventually be able to stake real Bitcoin in PoS and receive rewards.
Babylon is backed by renowned investors including Binance Labs, Polygon Ventures, OKX Ventures, and Polychain Capital. The project has raised more than $26.8 million in total funding to date.
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