Coinspeaker
Binance Labs Extends Support for Bitcoin Staking by Investing in Babylon Protocol
On Tuesday, February 27, Binance Labs, the incubation arm of crypto exchange Binance, announced its investment into Bitcoin staking protocol Babylon. Babylon introduces a Bitcoin staking protocol enabling BTC holders to stake their coins on proof-of-stake blockchains, earning rewards in the process.
This protocol aims to transform BTC into a staking asset on PoS networks, leveraging its security to enhance the safety of PoS chains. Presently, PoS chains typically depend on their native tokens for security, a costly endeavor, particularly for newer chains that frequently require enticingly high staking rewards to attract capital.
The Bitcoin Staking Protocol by Babylon offers PoS chains a means to obtain staking capital from the world’s largest crypto asset, bypassing the need for their native tokens. This approach helps alleviate the inflationary pressure on PoS chains while int
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