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Babylon confirms $1.4 billion in deposits
Babylon is a CometBFT consensus reconstruction protocol whose mainnet was launched in August.
As of today, Babylon Chain has amassed a massive stake of 23,000 Bitcoins ($1.4 billion) from 25,300 stakers. This puts it within the TVL range of major re-staking protocols like Symbiotic ($1.5 billion) and EigenLayer ($10.7 billion).
Different from previous sidechains For attempts to bridge Bitcoin to smart contract chains, Babylon technically provides a trustless coordination layer to do so without bridging Bitcoin.
This relies on the use of Cosmos' Inter-Blockchain Communication (IBC) protocol to communicate messages between networks, and cryptography such as “covenants,” which lock Bitcoin in a time-locked self-vault until a condition is met. This is achieved by a combination of methods. Additionally, timestamps are used to synchronize records of transactions on the PoS chain.
To avoid smart contract incompatibilities on the Bitcoin chain, Babylon's design requires stakers to lock and unlock their stakes using private keys, which are then transferred to trusted validators for a fee. Delegated.
If malicious behavior occurs, the validator's private key is exposed and slashed with an extractable one-time signature (EOTS). This is a concept based on Bitcoin's Schnorr signature algorithm.
This architecture allows Bitcoin stakers to “bridge” their Bitcoins to a PoS chain and receive proceeds paid in tokens on the destination PoS chain. This is a feature that will be implemented in the future.
Currently, the two largest stakers are the liquid restaking protocols Lombard and Solv protocols, with a total of 7166 Bitcoin and 6009 Bitcoin delegated respectively.
Solv Protocol also announced yesterday the Staking Abstraction Layer (SAL), a framework that standardizes token standards across the growing number of Bitcoin-derived tokens.
Due to the lack of smart contract functionality, Bitcoin DeFi needs to go cross-chain. This necessitates such a common standard framework.
In Ethereum DeFi, various cross-chain token standards are used to create standardization, such as LayerZero's OFT (Omnichain Fungible Token) and Axelar's ITS (Interchain Token Service) standard.
today's chart
Most Polymarket users suffer losses.
As with most casino-based businesses, it is no surprise that most Polymarket users are in the red. According to Layerhub data, 86.7% of users have made a losing bet on a prediction market. Only about 2,148 (1.2%) of Polymarket users made more than $1,000 in profits.
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