A new Bitcoin (BTC), staking protocol is now supported by the world’s biggest crypto exchange platform based on trading volume.
Binance has announced that it is adding BTC stake project Babylon (BABY), to its suite of digital assets.
Binance, the cryptocurrency exchange that backed Babylon Genesis, has helped to boost its value.
BABY rose from $0.084 on a daily basis to $0.099 a few short hours later. Since then, it has retraced its steps and currently trades at $0.087. This represents a gain of 4.6% in the past 24 hours.
The official litepaper of the project states that the protocol was designed to address the latency, security, and programmability problems associated with BTC. This is something which layer-2 projects struggled to do in the past.
Bitcoin is still the most valuable blockchain, in terms of the market capitalization. The small block space, the high latency and its limited programability have limited its utility beyond being a value store. The inability of a large number of Bitcoins being able to be bridged to layer-2 and sidechain projects has hampered previous attempts to scale Bitcoin and expand its uses cases.
Bridges can be limited by either security, capacity, or both. We have developed a novel and significant use for Bitcoin: the staking of the Bitcoin asset to secure the PoS world (proof-of stake). We showed that, at least for this particular use, there is no need to bridge the Bitcoin asset with other chains, but full economic security is still possible to be offered to PoS chains.”
Please follow us on X.
Subscribe for email alerts to avoid missing a beat
___________________
___________________
Sources of Images include Pixabay Creative Commons & Midjourney
The post Binance Adds support for new Bitcoin (BTC ) Staking Protocol Babylon BABY (BABY), may change as the updates occur.
This site is for entertainment only. Click here to read more
