Babylon, which aims to become the largest Bitcoin staking infrastructure, will open the latest round of testnet staking at 5 pm tomorrow Taipei time. The following will introduce the steps to participate in staking, which is expected to be a zero-risk, time-saving, and rewarding project.
(Background:
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(Further background:
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Table of Contents
Participation Tutorial
1) Create a Wallet
2) Change Default Address
3) Claim Faucet Rewards
4) Staking & Complete Galxe Tasks
Conclusion
What is Babylon?
Babylon aims to become the largest Bitcoin staking infrastructure. On the 30th of last month, it announced a $70 million financing led by Paradigm and launched the latest testnet Testnet-4 on the 28th, allowing users to stake Bitcoin on the Signet testnet (sBTC). At that time, the initial staking limit was 5 sBTC, and it reached the target in less than 13 minutes with 2,798 successful stakers. This shows that Babylon has attracted high attention from the market and institutional investors.
Then, today (4th), the official announcement on X stated that the testnet will open again at 5 pm tomorrow Taipei time. Next, we will use the OKX Wallet as an example to introduce the steps to participate in staking. It is a risk-free, time-saving project, and it is expected to bring rewards.
In February, users who completed the staking tasks in the first round of the testnet could forge the Bitcoin Staking Pioneer Pass NFT for free, which initially had a floor price of over 220U and is now worth nearly 100U.
1) Create a Wallet
Taking OKX Wallet as an example, you need to create a wallet using the desktop version and import it with a mnemonic phrase. Then, you will see “Asset Management” after pulling down the assets in the wallet. Click on it and search for sBTC. Choose the first one in the image below.
Search for sBTC in the asset management of the wallet
Click on the icon in the upper right corner of sBTC and change the default address to Native SegWit.
Change the default address of sBTC to Native SegWit
3) Claim Faucet Rewards
Copy the address to the following websites to try to claim sBTC and be ready for the official opening of the new testnet tomorrow:
1) Official Discord: Enter “!faucet YourAddress” on the Faucet-signet-btc channel to claim. Each account can only be claimed once.
2) https://signetfaucet.com
3) https://signetfaucet.bublina.eu.org
It should be noted that the minimum staking amount for each transaction is 0.0005 sBTC, and the maximum is 0.05 sBTC. Based on my testing, only the official Discord faucet meets the minimum staking requirement.
Discord faucet interface
4) Staking & Complete Galxe Tasks
Visit the staking website and stake after linking the wallet. In addition to staking, participants can also experience “unstaking” and “redemption” operations.
There are two tasks on Galxe that can be completed: “Onboarding” and “Testnet Staking”. The former can be completed first.
Babylon testnet staking website
Summary of rules for participating in testnet staking:
1) The minimum staking amount for each transaction is 0.0005 sBTC, and the maximum is 0.05 sBTC.
2) Stakers can unstake and redeem at any time, with a 7-day unstaking interval.
3) When the limit is reached, the staking of users will be marked as overflow and they will be required to unstake and redeem.
4) The initial staking limit is 5 sBTC, and Babylon will gradually increase the limit.
Babylon is a Bitcoin staking protocol that aims to introduce Bitcoin as a staking asset into PoS systems (such as PoS chains, L2, DA layers, oracles, etc.) through its modular design and slashing mechanism, enabling them to enjoy higher cryptographic economic security than native tokens.
Therefore, PoS systems can leverage Babylon’s scalable staking and restaking functions to unlock value from the idle Bitcoin ecosystem worth over 1 trillion dollars. The founder mentioned when receiving investment from Paradigm, “In February of this year, Babylon also received investment from Binance Labs; in December last year, Babylon successfully completed a $18 million Series A financing round, led by industry heavyweights Polychain Capital and Hack VC, making the investment lineup very luxurious.”
Readers interested in the Bitcoin ecosystem are welcome to follow my X for continuous tracking of Alpha.
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