Babylon is currently the largest staking project in the Bitcoin ecosystem, allowing users to decentralize their BTC stake and unlock staking rewards. Its partner project, Chakra, enables the secure and efficient reflection of BTC staked through Babylon into any ecosystem, empowering numerous BTC Layer 2 and decentralized applications (DApps). This article will explain the complete operational process of the Babylon + Chakra staking activity. This article is sourced from an article written by Crush, a core contributor to Biteye, and compiled, translated, and drafted by TechFlow.
Table of Contents:
1. Official DC Claim
2. Tomo Wallet Claim
3. Mini Bridge Direct Purchase
I. Staking Tokens
II. Completing the Babylon Galaxy Mission
III. Completing the Chakra Galaxy Mission
Conclusion
Babylon is currently the largest staking project in the Bitcoin ecosystem, allowing users to decentralize their BTC stake and unlock staking rewards. Babylon innovatively extracts security from the Bitcoin chain and extends it 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 gradually increased from an initial $8 million to $70 million last month, indicating that institutions have become increasingly optimistic about the project’s development. Notable institutions such as Paradigm, Polychain, IDG, and Binance Labs are among its main investors.
To ensure the security and stability of its staking process, Babylon initiated a testnet staking activity before its official launch. Currently, two rounds of staking activities have been completed in Testnet-4, but the quotas were quickly filled due to the large number of participants.
The official team has updated the information regarding Testnet-3. This test will likely start at 5 pm on May 19th (UTC+8) and end at 5 pm on June 24th. It is limited in time but not in quantity. Users are advised to claim their test tokens in advance. In this tutorial, we will combine another re-staking project based on Babylon, Chakra, to achieve dual benefits.
Chakra is an official partner project of Babylon. It is based on ZK-STARK proof of stake and ZK light clients. It can securely and efficiently reflect BTC staked through Babylon into any ecosystem, empowering numerous BTC Layer 2 and decentralized applications (DApps).
With the launch of Babylon’s third testnet, Chakra has also opened its own third-stage testnet activity, which can be completed simultaneously with Babylon’s activity.
To claim test tokens, we need to use the BTC Signet network. Open the OKX wallet and switch the network to BTC Signet. Then, add the BTC token as shown in the figure below.
Next, copy your wallet address (starting with “tb1p”) and join the official DC to claim test tokens in the “#faucet-signet-btc” channel.
Currently, there are many claimants in the official DC, which may result in failed token transfers. Here are two additional methods for claiming tokens for your reference.
Users need to install the Tomo Wallet, enter the wallet address, and wait for about 10 minutes to receive 0.0007 BTC test tokens. In the case of high user volume, the claim may also fail.
If the above two methods cannot be used to claim tokens, users can choose to directly purchase test tokens.
Select “Swap,” and here we can exchange ETH on the Arbitrum chain for BTC on the BTC Signet network.
Then, enter your wallet address, and you will immediately receive the test tokens without waiting for the faucet to be restored in the DC.
Note: Regardless of claiming or purchasing, due to the congestion of the Signet network, the transaction confirmation may be very slow. It may take around 30 minutes for the purchased tokens to arrive. 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 will demonstrate the staking process directly 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 the staking.
After a successful staking, open the staking history to view the details of your stake.
When the transaction changes to “locked,” it indicates that the staking is successful. The entire confirmation process may take up to 1 hour, so please be patient.
If the error interface shown above appears, it means that the gas fee is currently high and your balance is insufficient to pay for the gas fee and the funds to be staked.
The solution is to wait for the gas fee to decrease or claim more test tokens.
Before completing the Galaxy Mission, users who have not yet bound a signet address need to complete the binding process.
Open the address above, click on Bitcoin Signet, and complete the signet address binding by signing the transaction.
After the binding is completed, your signet address will appear on the page.
There are currently two missions in the Galaxy Mission. In Chapter 0, the mission is to claim water. Users need to fill in the transaction hash. If you made a direct purchase, fill in the transaction hash for the purchase.
In Chapter 1, the mission is to stake BTC test tokens. If the quota is full, it cannot be completed temporarily. Please wait for the subsequent test quotas to be released.
The second mission is the same as liking and quoting the latest tweet and filling in the link, which can be the same as the link filled in Chapter 0.
The third mission is feedback. Users can directly leave a message in the feedback channel of the official DC. Copy the message link and fill it in the Galaxy.
The series of missions in Chapter 2 are similar to the ones above. Users also need to fill in the tweet address and DC message address, and then wait for the staking to be completed to complete all missions.
Chakra’s Galaxy Mission phase 1 has ended, and you can directly participate in phase 2.
In Phase 2, staking BTC is directly completed as long as you follow the tutorial and select Chakra as the Finality Provider during staking. If the staking quota is already used up, you will need to wait for the next test to start.
These are the complete operational processes for the Babylon + Chakra staking activity. However, due to the limited test quotas provided by Babylon, even with a quota of 50 BTC in Testnet-4, it was filled within less than 5 hours.
If you want to participate in this activity, it is recommended to refer to the tutorial, claim test tokens in advance, and wait for the subsequent test quotas to be opened. Complete the staking activity as soon as possible.
Related Reports
What is Ethereum re-staking? Principles, advantages, disadvantages, potential risks, and project summaries
$BB doubles in price in three days! A quick look at the BounceBit Bitcoin re-staking protocol and interactive tutorial
Lido founder and Paradigm allegedly secretly funded new re-staking protocol Symbiotic, which threatens EigenLayer’s leading position?