Babylon announced on X that it will launch the first phase of the Bitcoin collateral mainnet next week. Bitcoin holders will be able to start locking BTC for collateral.

According to official sources, the OKX Web3 wallet has now launched the Babylon Pioneer Pass forging activity. The 101,157 users who completed the Babylon test network pledge and submitted their Polygon address can use the Drops section of the NFT market in the OKX Web3 wallet to quickly and easily forge the Babylon Pioneer Pass with one click, without any gas fees. It is reported that the Babylon Chain is the first trustless Bitcoin pledge protocol, unlocking 21 million Bitcoins to safeguard decentralized economy. The OKX Web3 wallet is a leading one-stop Web3 entry in the industry, supporting 85+ public chains, with unified App, plugin, and web pages, covering wallet, DEX, DeFi, NFT market, DApp exploration, and supporting Ordinals market, MPC and AA smart contract wallet, gas exchange, hardware wallet connection, and more.

OKX Web3 Wallet has become the official designated cooperative wallet for the Babylon testnet staking activity. From February 28, 2024 to March 6, 2024, the first 100,000 users who participate in the Babylon testnet staking activity through the OKX Web3 Wallet plug-in will receive a limited-time Pioneer Pass whitelist qualification. Users who obtain whitelist qualification can start casting on the OKX Web3 Wallet NFT market Drops section from March 7, 2024. It is reported that Babylon Chain is the first trustless Bitcoin staking protocol, unlocking 21 million Bitcoins to protect decentralized economy. OKX Web3 Wallet is the industry-leading one-stop Web3 entry, now supporting 85+ public chains, unified on three platforms including App, plug-in, and webpage, covering five major sections of wallet, DEX, DeFi, NFT market, and DApp exploration, and supporting Ordinals market, MPC and AA smart contract wallet, exchange Gas, connect hardware wallet, etc.

Bitcoin collateral protocol Babylon has announced the successful launch of the Babylon test network. By pledging Bitcoin, Bitcoin holders can contribute to the security of the PoS system's encrypted economy and receive corresponding rewards. Babylon's Bitcoin protocol is trustless and does not require any Bitcoin bridging, packaging, third-party custody, alternative coin collateral, or oracle.

Binance's venture capital and incubation department, Binance Labs, has invested in the Bitcoin staking protocol Babylon. The Bitcoin staking protocol allows users to stake Bitcoin for PoS blockchains and earn profits without any third-party custody, bridging solutions, or packaging services. It provides significantly reduced economic security guarantees for PoS chains while ensuring effective equity unlocking to enhance Bitcoin holders' liquidity.

Bitcoin collateral agreement Babylon announced on the X platform that it will start Pioneer Pass casting on February 28th, lasting for one week. Pioneer Pass is a commemorative NFT, celebrating the first trustless Bitcoin collateral activity after the launch of the Babylon testnet, which can obtain functional access and community access rights. Earlier news stated that in December 2023, the Bitcoin collateral agreement Babylon completed a $18 million financing, led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, and OKX Ventures.

Babylon, a startup led by a Stanford professor and a former Dolby engineer, has secured $18 million in funding to develop a solution that enables users to stake Bitcoin for validating nodes on proof-of-stake networks like Ethereum, Solana, and Polygon. This is a seemingly impossible task as Ethereum's proof-of-stake networks use smart contracts to govern the staking process, which is not natively supported on the Bitcoin blockchain. However, Babylon claims to have found a workaround by using Bitcoin's "time lock" mechanism and existing scripting language to slash collateralized funds without smart contracts. If successful, this innovation could allow proof-of-stake blockchains to utilize the $838 billion worth of Bitcoin in circulation for validating their transactions and potentially reduce security costs.