The Bitcoin staking protocol Babylon has officially launched the first phase of its self-custodial mainnet, enabling users to stake their BTC via smart contracts. According to Babylon, the platform has already seen strong engagement, with 12,710 stakers conducting over 20,600 staking delegations.
In a statement shared on X (formerly Twitter), Babylon highlighted that this launch represents a significant milestone for Bitcoin by introducing a third native use case beyond its traditional role as a store of value and a payment method: staking to secure proof-of-stake (PoS) networks and earn rewards.
The self-custodial mainnet launch was teased by Babylon on August 21 as part of a phased rollout timeline aimed at gradually introducing users to its platform.
Babylon’s Venture Funding and Growth
Babylon’s potential has attracted significant interest from leading crypto venture capital firms. In December 2023, the project raised $18 million in Series A funding, led by Polychain Capital and Hack VC. This was followed by additional undisclosed investment from Binance Labs in February 2024.
The company’s funding momentum continued in May 2024 when it secured $70 million in a round led by Paradigm, with participation from prominent backers including Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy Digital, and Hack VC.
As Babylon moves forward with its phased rollout, the platform aims to solidify its position as a leader in the Bitcoin staking space, offering users the ability to earn rewards while maintaining full custody of their assets.
