Babylon Labs Cap-2 Staking Protocol Pulls in $1.5 Billion with 24,000 BTC

Oct 8, 2024, 02:22 PM

Babylon Labs has successfully launched Phase-1, Cap-2 of its Bitcoin staking protocol, pulling in about 24,000 BTC, equivalent to approximately $1.5 billion. The protocol, which had previously completed a staking round capped at 1,000 BTC ($62.4 million) in August, has now opened for new staking deposits. The maximum staking amount per transaction has been increased to 500 BTC from 0.5 BTC. This new round, described as 'duration-based', is set to enhance Bitcoin's utility in the DeFi space. Additionally, pStake Finance is covering all fees for users participating in Babylon Cap-2, ensuring they receive 100% of their Babylon Points. The staking protocol has seen rapid adoption, with the number of pooled BTC reaching 23,000 without any network fee spikes. Pending stake is currently at 18.7K BTC, and Cap-2 opened at block height 864790 around 8 PM UTC.