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  • Unisat-backed Bitcoin scaling solution Fractal Bitcoin launches mainnet

    Unisat-backed Bitcoin scaling solution Fractal Bitcoin launches mainnet

    Block Space Force and Unisat-backed Fractal Bitcoin launches mainnet
    • Fractal Bitcoin launches mainnet, leverages Bitcoin Core code for enhanced scaling.
    • The network offers sub-30-second block confirmations and a 20x capacity increase.
    • The network’s native token, FB, supports proof-of-work mining, with half pre-mined for allocations.

    Fractal Bitcoin, a groundbreaking Bitcoin scaling solution, has officially launched its mainnet, ushering in a new era for Bitcoin scalability.

    This innovative project, spearheaded by Unisat and Block Space Force, represents a significant advancement in the realm of Bitcoin (BTC) technology by leveraging the core Bitcoin Core codebase.

    Fractal Bitcoin uses recursive layering and integrates OP_CAT opcode

    The Fractal Bitcoin mainnet debut follows extensive testing on its testnet, which began in July 2024. The network claims impressive performance metrics, including block confirmation times of under 30 seconds and a 20-fold increase in capacity per layer.

    Unlike many other scaling solutions that rely on Ethereum Virtual Machine (EVM) compatibility, Fractal Bitcoin distinguishes itself by utilizing Bitcoin-native constructs. Its approach focuses on enhancing Bitcoin’s inherent functionality through recursive layering and the integration of the OP_CAT opcode.

    This unique strategy promises to overcome many of the limitations faced by traditional Bitcoin sidechains and purported Layer 2 solutions.

    In addition to its core features, Fractal Bitcoin supports a variety of Bitcoin protocols such as BRC-20, Runes, and Ordinals.

    A notable highlight of the mainnet launch is the introduction of PizzaSwap, a decentralized exchange built into the network, aimed at facilitating seamless trading and transactions within the ecosystem.

    The network also brings a novel mining structure called “Cadence Mining.” This system combines permissionless mining with merged mining with Bitcoin, enhancing network security and ensuring robust protection against potential threats.

    Fractal Bitcoin’s native token FB

    The launch of the Fractal Bitcoin mainnet is accompanied by the release of its native token, FB.

    With a total supply of 210 million FB tokens, half are allocated for proof-of-work mining, while the remaining half is pre-mined for core contributors, investors, the ecosystem treasury, and community grants. This distribution strategy underscores the project’s commitment to fostering a supportive and thriving ecosystem.

    Overall, Fractal Bitcoin’s mainnet launch marks a significant milestone in Bitcoin scaling solutions, promising enhanced performance, security, and functionality for the Bitcoin community.

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  • Babylon Bitcoin staking drives BTC fees higher as mainnet launches

    Babylon Bitcoin staking drives BTC fees higher as mainnet launches

    Babylon Bitcoin staking drives BTC fees higher as mainnet launches
    • Babylon’s Bitcoin staking launch on August 22 drove transaction fees to $132-$137.
    • Over 12,700 stakers quickly filled the “locking-only phase” of Babylon’s program.
    • Babylon raised $70M in May 2024, following an $18M Series A in December 2023.

    On August 22, Babylon, a pioneering Bitcoin staking system, marked a significant milestone with the launch of the first phase of its self-custodial mainnet.

    The self-custodial mainnet allows Bitcoin (BTC) to be staked via smart contracts, extending its utility beyond its traditional roles as a medium of trade and a store of wealth.

    Bitcoin transaction fees rise from under $1 to $137

    The debut of Babylon’s staking program led to a notable surge in Bitcoin transaction fees. Early on August 22, the average fee was under $1, but it skyrocketed to between $132 and $137 as the staking system went live.

    This dramatic increase was driven by a rush of users eager to participate, resulting in a fee bidding war and pushing transaction costs close to $140, according to CryptoQuant analyst J.A. Maartun.

    Babylon introducing Bitcoin into a PoS ecosystem

    Babylon’s initiative aims to introduce Bitcoin into a proof-of-stake (PoS) ecosystem, offering users the opportunity to earn yield by depositing their crypto directly onto PoS networks.

    The initial “locking-only phase” of Babylon’s staking system was quickly filled to capacity, with over 12,700 stakers and 20,610 solo delegates already participating. This rapid uptake highlights growing interest and confidence in the platform’s potential.

    The successful launch of Babylon’s staking program underscores its ambition to redefine Bitcoin’s role in the broader crypto landscape, particularly within decentralized finance (DeFi). The move aligns with increasing institutional interest in cryptocurrencies, as evidenced by recent approvals of Bitcoin spot ETFs and significant institutional investment.

    Babylon’s funding journey has been equally impressive. Following a $18 million Series A round in December 2023, the platform secured an additional $70 million in funding in late May 2024, led by Paradigm and supported by other prominent investors. This financial backing reinforces the project’s potential and solidifies its place in the evolving Bitcoin ecosystem.

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  • Self-custodial Bitcoin staking protocol Babylon announces mainnet

    Self-custodial Bitcoin staking protocol Babylon announces mainnet

    • Babylon, the self-custodial Bitcoin staking protocol, will launch its mainnet on August 22, 2024.
    • The launch brings a “third native use-case of Bitcoin” to users, adding staking to its store of value and payment, Fisher Yu, co-founder of Babylon, said.

    Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its phase-1 mainnet as it eyes the growing decentralised finance market on the leading blockchain network.

    Babylon announces Bitcoin staking mainnet

    In an announcement on Monday, the protocol revealed its mainnet launch will go live on August 22, 2024. The first phase of the mainnet will allow BTC holders to stake their coins with the self-custodial protocol.

    Meanwhile, upcoming phases will see the Bitcoin protocol allow proof-of-stake networks to tap into the $1 trillion bitcoin network security. Projects that can gain access to and utilise this ecosystem include layer-2 chains, data availability layers and oracles.

    “This launch leads to the third native use-case of Bitcoin, the asset beside value storage and simple payment: stake to secure networks and earn,” Fisher Yu, co-founder of the Babylon project, said. “We expect this to enhance the crypto-economic security of PoS chains and other decentralised applications, offering them a more secure and reliable infrastructure, while at the same time unlocking the value from the idle, unencumbered $1 trillion Bitcoin ecosystem.”

    Babylon’s announcement comes after the platform raised $70 million in a funding round led by crypto venture capital firm Paradigm. Mainnet is supported by more than 200 finality providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.

    The project has also received support from top wallets such as Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone and TomoWallet.

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  • FlokiFi Locker is live on KCC mainnet

    FlokiFi Locker is live on KCC mainnet

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