Babylon is currently the largest staking project in the Bitcoin ecosystem, allowing users to complete decentralized staking of BTC through Babylon and unlock staking rewards. Its partner project, Chakra, can securely and efficiently reflect BTC staked through Babylon to any ecosystem, empowering many BTC Layer 2 and decentralized applications (DApps). This article will explain the entire process of the Babylon + Chakra staking event. The article is sourced from an article written by Crush, a core contributor to Biteye, and compiled, translated, and written by TechFlow Shenchao.
(Background:
5 major Bitcoin ecosystem public chains favored by institutions: BounceBit, Merlin Chain, B2 Network…an overview
)
Table of Contents
1. Official DC collection
2. Tomo Wallet collection
3. Mini Bridge direct purchase
Staking tokens
Completing Babylon Galaxy Mission
Completing Chakra Galaxy Mission
Summary
Babylon is currently the largest staking project in the Bitcoin ecosystem, allowing users to complete decentralized staking of BTC through Babylon and unlock staking rewards. Babylon innovatively extracts security from the Bitcoin chain and extends this security to other PoS chains, such as Cosmos, Binance Smart Chain, Polygon, and other public chains, which is the source of its staking rewards.
The funding amount for Babylon has been gradually increasing, from an initial $8 million in funding to $70 million in funding last month, indicating increasing institutional optimism for the project. Notable institutions such as Paradigm, Polychain, IDG, and Binance Labs are major investors in the project.
To ensure the security and stability of its staking process, Babylon conducted staking activities on the testnet before the official launch. Currently, the 4th round of testnet staking activities has completed 2 rounds, but due to the large number of participants, the quota was quickly filled.
The official update this week regarding the 3rd test provides information that the test will likely start at 5:00 PM on May 19th (GMT+8) and end at 5:00 PM on June 24th, with no limits on timing or quantity, so users are advised to collect water in advance. This tutorial will combine another re-staking project based on Babylon, Chakra, to achieve double benefits.
Chakra is the official partner project of Babylon, based on ZK-STARK staking proof and ZK light client, which can securely and efficiently reflect BTC staked through Babylon to any ecosystem, empowering many BTC Layer 2 and decentralized applications (DApps).
With the launch of the 3rd test for Babylon, Chakra has also opened its own 3rd stage testnet activities, which can be completed together with Babylon activities.
To receive test coins, users need to use the BTC Signet network, open the OKX wallet, adjust the network to BTC Signet, then add BTC tokens as shown in the image below.
Next, copy your wallet address (starting with “tb1p”), join the official DC of Babylon, and collect test coins in the #faucet-signet-btc channel.
Currently, there are many users collecting coins in the official DC, which may result in failed token transfers. Here are two additional ways to collect coins for reference.
Users need to install the Tomo wallet, enter the wallet address, wait for about 10 minutes, and receive 0.0007 BTC test coins. In crowded situations, the collection may also fail.
If neither of the above methods works, users can choose to directly purchase test coins.
Select Swap, where you can exchange ETH on the Arbitrum chain for BTC on the BTC Signet network. Enter the wallet address to receive test coins instantly without waiting for the faucet to be fixed.
Note: Whether collecting or purchasing directly, due to the current congestion on the Signet network, the confirmation speed is very slow. In practice, direct purchases may take about 30 minutes to be confirmed. Please be patient.
Users can stake Signet Bitcoin on the testnet in two ways:
1. Stake directly on the Chakra Staking dApp
2. Stake on the Babylon Staking dApp and select Chakra as the Finality Provider
Regardless of the method chosen, users can interact with both projects simultaneously. Below, we demonstrate the staking process on the Babylon official interface.
Open the staking URL above, select Chakra as the Finality Provider, enter the staking amount (0.0005 to 0.05 sBTC), and proceed with staking.
After successful staking, open the staking history record to view the details of your staking.
When the transaction changes to “locked,” it indicates successful staking. The entire confirmation process may take up to 1 hour, so please be patient.
If the error interface above appears, it means that the gas fee is currently high, and your balance is insufficient to pay the gas fee as well as the funds to be staked.
The solution is to wait for the gas to decrease or collect some more test coins.
Before completing the Galaxy Mission, if users have not linked a signet address, they need to complete the binding first.
Open the address above, click on Bitcoin Signet, sign and complete the signet address binding.
After binding completion, your signet address will appear on the page.
There are currently two Galaxy missions to complete, the water collection task in Chapter 0 requires users to fill in the transaction hash. If you purchased directly, fill in the transaction hash from the purchase as well.
The staking BTC test coin task in Chapter 1 may be temporarily unavailable if the quota is full. You can wait for additional test quotas to be released.
The second task is to like, quote the latest tweet, and fill in the link, which can be the same link as filled in Chapter 0.
For feedback, go directly to the official DC’s feedback channel, leave a message, copy the message link, and fill it in the Galaxy mission.
The series of tasks in Chapter 2 are similar to the above, requiring the entry of tweet addresses and DC message addresses, then wait for staking to complete to finish all tasks.
Phase 1 of Chakra’s Galaxy mission has ended, so participants can directly join Phase 2.
For the BTC staking in Phase 2, as long as you follow the tutorial and select Chakra as the Finality Provider during staking, you can complete it directly. If the staking quota is already full, you will need to wait for the next test to begin.
This is the entire process of the Babylon + Chakra staking event, but due to the limited test quotas provided by Babylon, even in the 2nd test of testnet – 4, with a quota of 50 BTC, it was filled in less than 5 hours.
If you wish to participate in this event, it is recommended to refer to the tutorial, collect test coins in advance, and complete the staking activities as soon as they are opened in the future.
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