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  • Maple Finance (SYRUP) surges 12% as protocol revenue hits record $2.16M in October

    Maple Finance (SYRUP) surges 12% as protocol revenue hits record $2.16M in October

    Maple Finance Token Syrup

    • Maple Finance (SYRUP) price rose 12% on strong volume.
    • Gains see bulls converge near the key resistance zone of $0.50.
    • The uptick comes as Maple hits a new all-time high in monthly protocol revenue.

    Maple Finance (SYRUP) price is experiencing a notable outperformance.

    According to CoinMarketCap data, the on-chain asset management platform’s native token has spiked more than 12% in the past 24 hours, outpacing the broader cryptocurrency market.

    Notably, gains align with the platform’s record-breaking revenue performance in October 2025, and come amid key recent developments for the Maple Finance ecosystem.

    SYRUP price jumps 12%, outpaces crypto market

    Cryptocurrencies showed a muted reaction to the Federal Reserve’s 25 basis points interest rate cut on Oct. 29. Prices fell amid Fed chair Jerome Powell’s speech.

    Bitcoin and top altcoins also showed a similar outlook during Asian hours on Thursday despite positive U.S.-China trade talks reports.

    However, amid this generally subdued crypto market reaction, Maple Finance shone.

    The SYRUP token registered an impressive 12% increase over the past 24 hours as it hit highs of $0.45.

    This surge saw the DeFi token stand alongside Zcash, Euler and Aerodrome Finance as some of the top performers on the day with double digit gains. While selling has token’s price off intraday highs, bulls are looking to hold near $0.42.

    Maple Finance SYRUP
    SYRUP price chart by CoinMarketCap

    For SYRUP, gains come amid robust trading activity.

    CoinMarketCap data shows a sustained bullish momentum on the back of strong trading volume of $76.4 million – up 120% in 24 hours.

    As bulls gather near a critical resistance level of $0.50, it appears fresh capital flows into Maple’s offerings and significant sector traction could aid the SYRUP price.

    Maple Finance hits $2.16M in monthly protocol revenue

    As SYRUP holders cheer their latest gains, also on the agenda is Maple Finance’s milestone of a new all-time high in monthly protocol revenue.

    Per details, Maple reached $2.159 million for October 2025. This milestone represents a significant leap from previous months.

    Maple Finance
    Maple Finance revenue chart from Dune Analytics

    For context, revenue figures from earlier months showed a progressive climb.

    The protocol started from modest levels around $100,000 in early 2024, before jumping to about $1.2 million by mid-2025. In October, that figure stood at over $2 million.

    Notably, the revenue boost stems from increased activity in Maple’s lending and asset management services, which cater to institutional players seeking on-chain solutions.

    Protocol fees from borrowing, lending, and yield-generating activities have increased substantially, reflecting the platform’s success in scaling its operations.

    Key gains, in both price and revenue, are unfolding against a backdrop of strategic milestones for Maple Finance. One is the sunsetting of SYRUP staking to introduce buybacks.

    The platform recently forged a partnership with Aave, a leading DeFi lending protocol, to introduce institutional-grade credit options.

    This collaboration allows for the listing of assets like syrupUSDT on Aave’s markets, enhancing liquidity and capital efficiency for users.

    Additionally, Maple recently announced reaching $5 billion in assets under management (AUM), a testament to its growing influence in managing on-chain investments.

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  • Bio Protocol price surges 56% amid major network moves

    Bio Protocol price surges 56% amid major network moves

    • Bio Protocol’s native token (BIO) surged 56% to $0.1238 within 24 hours of its listing on Upbit, South Korea’s leading crypto exchange.
    • A network update has introduced advanced AI-driven BioAgents, multichain support and other developments critical to the Bio Protocol ecosystem.
    •  BIO’s market cap climbed to $196 million.

    Bio Protocol’s native token has experienced a dramatic surge, rising 56% in the past 24 hours to reach $0.1238, with trading volume exceeding $164 million.

    This rally comes after the token’s listing on South Korea’s premier cryptocurrency exchange, Upbit.

    Bio Protocol price skyrockets amid Upbit listing

    After a month-long decline, Bio Protocol (BIO) is showing signs of recovery.

    Since October 1, the cryptocurrency had been in a steady downtrend, falling from $0.15 to a low of around $0.078.

    The announcement of BIO’s listing on Upbit has acted as the immediate catalyst for the token’s explosive growth.

    Upbit commands over 80% of South Korea’s crypto trading volume and has a storied history of propelling altcoins to new heights.

    At the time of writing, BIO’s trading volume surged 820% in the last 24 hours to $311.55 million.

    This listing builds on BIO’s exchange momentum, following debuts on Binance and Kraken. 

    BIO’s price is currently trading at $0.11, having shattered resistance at $0.09, and its market capitalization now stands at nearly $196 million according to CoinMarketCap’s data.

    Bio Protocol price chart by CoinMarketCap

    However, traders warn of potential pullbacks if broader market corrections materialize, emphasizing the need for sustained adoption beyond hype.

    BIO surges amid major network update

    Adding to the momentum from the Upbit listing is the ongoing cheer of Bio Protocol’s recent news of a major network update.

    The update and its momentum have further energized its community. 

    The update introduces enhancements to Bio Protocol’s staking mechanisms.

    There’s also the integration of BioAgents, or AI-driven research assistants, with these aimed at automating hypothesis generation and experiment tracking. 

    “From AI co-scientists to biotech IP, over 8,000 participants joined the first wave of the new Bio Launchpad projects. These launches tokenized AI co-scientists and biotech IP, enabling communities to fund and own breakthroughs in stem-cell research, men’s health, and brain health. Each project bootstrapped onchain treasuries and liquidity, setting the foundation for incentive-aligned communities around real-world science.”

    While aspects such as network slowdown affect immediate community outlook, Bio Protocol’s ability to bridge biotechnology innovation with decentralized governance is huge for BIO.

    It redefines industry standards, offering investors a unique opportunity to participate in a transformative ecosystem. 

    Stakeholders are advised to monitor upcoming milestones, including the launch of new BioXP rewards and cross-chain developments. 

    The prevailing market conditions may count as potential hindrances to bullish advances.

    But with listings and other initiatives in place, buyers may target highs of $0.43, above which there’s the all-time peak of $0.92 reached in January 2025.

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  • Jito’s JTO token rises on a16z’s $50 million investment in Solana staking protocol

    Jito’s JTO token rises on a16z’s $50 million investment in Solana staking protocol

    a16z Invest In Jito

    • Jito’s native token, JTO, jumped 3% intraday on October 16, 2025, following a16z’s $50 million investment.
    • The $50 million investment by Andreessen Horowitz’s crypto arm, acquiring locked JTO tokens, signals strong institutional confidence in Jito’s liquid staking and MEV solutions.
    • The funding will fuel Jito’s Block Assembly Marketplace and node expansion.

    Andreessen Horowitz’s crypto arm has  announced a $50 million investment in Jito, acquiring a substantial allotment of the protocol’s native JTO tokens.

    Jito, an important infrastructure layer on the Solana blockchain, offers liquid staking and maximum extractable value (MEV) extraction.

    a16z investment of $50m in staking protocol

    Andreessen Horowitz’s (a16z) $50 million infusion into Jito marks the venture firm’s largest single commitment to a Solana staking protocol.

    It eventually emphasizes strategic token purchases over traditional equity. In exchange for the investment, a16z received non-circulating JTO tokens, locking them for an extended period.

    Brian Smith, executive director of the Jito Foundation. highlighted the deal’s novelty:

    If you’re accepting long-term alignment where you can’t sell for a while, then there’s traditionally some modest discount associated with that.

    This structure, particularly 16z’s prior $55 million LayerZero and $70 million EigenLayer investments, prioritizes ecosystem growth over quick flips.

    The capital to accelerate Jito’s roadmap, including BAM node expansion.

    Strategically, it aligns a16z with Solana’s high-throughput ethos, where Jito’s MEV tools mitigate front-running risks plaguing other chains.

    This infusion arrives amid a16z’s aggressive crypto pivot, following $4.5 billion in new funds raised earlier in 2025.

    As institutional inflows swell, the deal could herald a staking renaissance, democratizing yields while fortifying blockchain security.

    Jito price outlook

    Jito is currently trading at $1.16, up nearly 3% and has touched highs of $1.19 across major exchanges.

    The gains came amid news of a16z’s investment and reflected trader optimism around the token as institutional validation takes root. Solana’s price rising in the past few weeks also buoyed traders.

    Analysts are linking this rebound to the investment’s timing, coinciding with positive Solana network metrics. This includes a 15% uptick in daily active users and rising decentralized finance volume.

    In terms of the technical outlook for JTO, the daily chart price is near the oversold territory with the Relative Strength Index (RSI) at 35.

    The indecisive market nonetheless has Jito poised above $1 after bulls recovered from lows of $0.33 seen on October 10, 2025.

    Jito price chart by TradingVew

    Other than the technical perspective, regulatory shifts that could impact liquid staking tokens remain a risk.

    However, recent SEC exemptions and broader market downturns indicate a long-term bullish outlook.

    The surge to near $1.20 suggests bulls could eye the $1.50-$1.70 range, above which lie the key targets of $1.85 and $2.56.

    If market conditions align, buyers will target the all-time peak above $5.61 reached in December 2023.

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  • NEAR protocol price surges as AI Tokens jump on Nvidia’s $5 Billion intel bet

    NEAR protocol price surges as AI Tokens jump on Nvidia’s $5 Billion intel bet

    NEAR Surges Amid Nvidia Deal

    • NEAR jumps 11% to $2.98 as Nvidia’s $5B Intel stake sparks AI crypto rally.
    • AI tokens surge with NEAR, TAO, Render and The Graph gaining on chip deal optimism.
    • NEAR eyes $3.6–$4 breakout as AI adoption and bullish charts fuel momentum.

    NEAR Protocol price jumped more than 11% in 24 hours to hit $2.98 amid a broader rally in AI-linked cryptocurrencies.

    The AI token’s uptick aligned with momentum that stemmed from Nvidia’s strategic $5 billion investment in Intel, with Bittensor, Render and The Graph among the top crypto AI gainers.

    Tokens like Aster jumped 500% on Thursday.

    NEAR price retests $2.98 as Nvidia news boosts AI tokens

    NEAR Protocol’s token experienced a sharp uptick, retesting the $2.98 resistance level with an 11% pump.

    This came after the cryptocurrency traded to lows of $2.70 earlier in the week, and the surge aligns with the overall crypto bounce and Nvidia’s announcement of a $5 billion equity stake in Intel.

    This deal, which includes collaborative development of AI-optimized PC and data center chips.

    It’s a move that points to Nvidia’s push to fortify US semiconductor capabilities amid global supply chain tensions.

    The investment arrives at a pivotal moment for Intel, following a $9 billion US government stake via the CHIPS Act and a $2 billion infusion from SoftBank, bolstering Intel’s balance sheet and foundry ambitions without immediate reliance on Nvidia’s manufacturing needs.

    AI tokens surge

    For the AI crypto ecosystem, this move amplifies optimism as the partnership signals the AI chipmaker’s potential to “innovate for customers” as it grows its business.

    NEAR, designed as an AI-native blockchain with sharding technology enabling up to 100,000 transactions per second, stands to benefit if momentum catalyzes price gains.

    The protocol’s Nightshade consensus and tools like Near Tasks for AI agents resonate with Nvidia’s ecosystem, and key integrations may see the altcoin explode further.

    Today’s Nvidia-fueled pump has similarly lifted the AI token sector: TAO climbed 7.7%,RENDER 8%, and The Graph (GRT) 5.9%, per CoinMarketCap data.

    Broader market tailwinds, including Bitcoin’s recovery to above $117,600, have added an uplift to the upswing.

    NEAR’s market cap moved back above $3.7 billion to rank 34th among top cryptocurrencies.

    What’s next for NEAR price?

    NEAR’s trajectory hinges on sustained AI momentum and technical breakouts targeting $3.6.

    Both the RSI and MACD on the daily chart support upside continuation.

    A look at the chart also shows a potential triangle pattern breakout.

    NEAR price chart by TradingView

    While downturn risks include macroeconomic headwinds, such as potential US regulatory scrutiny on AI chips or broader crypto volatility, NEAR has the potential to see levels above $4 in coming weeks.

    The project’s protocol upgrades and global AI adoption trends could allow bulls to target highs of $8.

    On the flip side, primary support could be around $2.62.

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  • Sky Protocol buyback program starts paying off as SKY token jumps 12%

    Sky Protocol buyback program starts paying off as SKY token jumps 12%

    SKY token price surge

    • Sky Protocol has spent nearly $75M on buybacks since February 2025.
    • SKY token has risen by 12.6% in a week, nearing previous highs.
    • Buybacks reduced supply and boosted investor confidence.

    The price of the SKY token has jumped 12.6% over the past seven days as the Sky Network buyback program starts to bear fruits.

    The steady rise comes after months of token repurchases, with Sky Protocol investing tens of millions of dollars to reduce supply and stabilise market confidence.

    Sky Protocol’s buyback strategy

    Sky, formerly known as Maker before rebranding in August 2024, has made headlines with its aggressive buyback plan.

    Since February this year, the protocol has used nearly 75 million USD to purchase SKY tokens directly from the market.

    The most recent update revealed that in August alone, Sky spent 5.5 million USD to acquire 73 million tokens.

    Notably, this consistent activity has helped to gradually lift the token’s price.

    In late February, SKY was trading just above six cents.

    Today, it is changing hands at a little over seven cents, and while the number may look modest, it marks a meaningful recovery for a token that had faced periods of volatility.

    The buybacks are designed to reduce circulating supply, creating upward pressure on value while signalling financial confidence from the project’s side.

    SKY token price recovery gains momentum

    Market data from Coingecko shows that SKY has gained more than 12% in the past week, outperforming several other decentralised finance tokens.

    The token’s performance since the start of the buyback has been steady, rising over 8% across six months despite broader market swings.

    In late July, SKY even touched 9.6 cents, getting close to its all-time peak of just over ten cents recorded in December, before taking a surprising dip to just above six cents in August.

    By comparison, Uniswap’s UNI token has risen about 6% in the same timeframe, while Aave’s AAVE has gained over 25%.

    These comparisons highlight that although SKY has not delivered the strongest returns, its growth is tied directly to a deliberate financial mechanism rather than just speculative market sentiment. This distinction makes Sky’s approach stand out within the altcoin space.

    Why the buybacks matter

    Token buybacks are not new in crypto, but Sky’s scale and consistency are drawing attention.

    By removing tokens from circulation, the project is reducing potential selling pressure and rewarding holders with gradual value appreciation.

    The fact that Sky has committed $75 million to this strategy suggests a strong treasury position and confidence in its ecosystem.

    Other projects, such as World Liberty Financial and Pump.fun, have also launched similar programs, indicating that the model may become more common across the industry.

    For Sky, the coming months will be crucial in determining whether the current momentum can be sustained, especially if market conditions turn volatile again.

    Investor sentiment already appears to be shifting in line with these efforts. A token that fell to a low of 3.5 cents earlier this year has nearly doubled from that point, reflecting renewed faith in its long-term role.

    With a market capitalisation of around $1.64 billion and more than $6.2 billion in total value locked on the platform, Sky is positioning itself as one of the more stable players in DeFi.

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  • Bio Protocol defies crypto downturn with a 720% surge in volume

    Bio Protocol defies crypto downturn with a 720% surge in volume

    Bio Protocol Price

    • Bio Protocol price rose more than 50% as bulls defied broader market selling to hit $1.46
    • Despite overall sell-off pressure, BIO price is up double-digits in 24 hours as volume spikes 720%.
    • BIO has benefited from key network developments, including staking and partnerships.

    The price of Bio Protocol (BIO) shrugged off a broader crypto downturn to lead 24-hour gainers on Monday.

    With the project that’s targeting the decentralized science (DeSci) ecosystem hitting key milestones recently, buyers have upped the ante by pushing BIO higher.

    BIO price surges nearly 50% to lead top gainers

    The Bio Protocol (BIO) price saw a significant surge as top altcoins struggled amid profit taking.

    With Bitcoin shedding gains to below $116k and Ethereum dipping to $4,200, the BIO token climbed nearly 50% to lead the top gainers.

    Per CoinMarketCap, this put the decentralized science project among the 500 largest cryptocurrencies by market capitalization.

    Notably, Bio Protocol traded up from lows of $0.10 and topped $0.15.

    The uptick meant BIO defied overall declines across the market, with gains coming as its 24-hour volume spiked 720% to over $393 million.

    Although BIO remains double-digits up with over 21% upside in the past 24 hours, it has dropped from the $0.15 high. This shows the overall market weakness as sellers drive it to around $0.12.

    Bio Protocol price chart by CoinMarketCap

    Bio Protocol has hit key network milestones

    Bio Protocol has gained amid significant network milestones in the past week.

    As the DeSci economy picks up, the Bio Protocol team has positioned the project for greater traction with the launch of Bio Markets.

    The goal is a platform that brings real-time insights into projects within the Bio Protocol ecosystem.

    Markets bring growth trends and in-app trading for BioDAOs, and Bio plans to expand trading capabilities to IP-Tokens and new BioAgents.

    Staking activity has also soared, with over 125 million BIO tokens staked, up to 3.5% of the circulating supply.

    As the Bio team recently noted, staking generates BioXP, a key component for participating in upcoming Ignition Sales.

    Unveiling of Yapping BioXP, also set to go live in the app this week, includes a boost campaign for BioAgents, further incentivizing community engagement.

    What does it mean for BIO price?

    Bio Protocol also hit a major milestone with CLAW, Percepta’s IP-Token.

    Meanwhile, Molecule’s development of its v2 protocol targets the bridging of traditional corporate structures with DeSci.

    Listing on Coinbase, the top U.S.-based crypto exchange, allows for further institutional adoption.

    “From Bio V2’s launch and 100M+ BIO staked, to Coinbase listing $BIO and VitaDAO advancing longevity trials, the past month marked key steps in AI-driven science and DeSci adoption,” Bio Protocol recently posted.

    Achievement of these milestones could help bolster the price of BIO.

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  • Bitcoin staking platform Solv Protocol partners with Ethereum L2 Soneium

    Bitcoin staking platform Solv Protocol partners with Ethereum L2 Soneium

    Bitcoin staking platform Solv Protocol partners with Ethereum L2 Soneium

    • Solv Protocol has partnered with Soneium for BTC staking on Ethereum L2.
    • Following the partnership, SolvBTC holders can stake, earn rewards, and use advanced yield strategies.
    • Soneium’s $45M TVL and 47M transactions boost DeFi growth with Solv.

    The world of decentralized finance continues to evolve, and a new partnership between Solv Protocol and Soneium is pushing the boundaries of what Bitcoin can achieve. Announced on March 6, 2025, this collaboration brings Bitcoin staking to Soneium, an Ethereum layer 2 blockchain supported by Japan’s Sony Group.

    By integrating these two platforms, users can now explore fresh opportunities to earn rewards and tap into cross-chain liquidity, blending Bitcoin’s stability with Ethereum’s expansive DeFi ecosystem.

    Solv Protocol, a platform dedicated to Bitcoin staking, is at the heart of this development. It allows users to deposit Bitcoin and receive SolvBTC, a token pegged 1:1 to Bitcoin’s value.

    Through this partnership, SolvBTC holders can stake their assets on Soneium, opening the door to passive income while maintaining Bitcoin’s core value proposition. This move reflects a growing trend among investors seeking ways to make their Bitcoin work harder beyond simply holding or trading it.

    Enhancing Bitcoin’s DeFi potential

    A standout feature of this collaboration is the introduction of SolvBTC Liquid Staking Tokens, or SolvBTC.LSTs. These tokens enable advanced yield strategies, giving Bitcoin users greater flexibility and scalability in their investments.

    With this setup, staking becomes more than just a way to earn rewards—it transforms into a tool for unlocking sophisticated financial opportunities across multiple blockchains. The partnership leverages Solv’s innovative Staking Abstraction Layer, a system designed to simplify the staking process across various networks.

    This abstraction layer is a game-changer for Bitcoin holders. It lowers the technical barriers that often keep users from participating in DeFi, making it easier to engage with decentralized applications.

    By bridging Bitcoin (BTC) to Soneium, Solv Protocol is effectively extending the cryptocurrency’s utility, allowing it to play a more active role in the fast-growing world of decentralized finance.

    Notably, the timing of this partnership couldn’t be better. As Bitcoin staking gains popularity, more investors are looking for ways to generate passive income from their holdings. Solv Protocol and Soneium are meeting this demand head-on, offering a solution that’s both accessible and forward-thinking.

    While specifics about future plans remain under wraps, both teams have hinted at additional innovations to come, signaling that this is just the beginning of Bitcoin’s deeper integration into DeFi.

    Soneium’s rising star in DeFi

    Soneium, launched in August 2024 by Sony Block Solutions Labs and web3 firm Startale, has quickly made a name for itself. Built as a high-performance Ethereum layer 2 solution, it’s designed to power creative and efficient decentralized applications.

    As of March 6, 2025, the network boasts a total value locked of $63.16 million across 19 dApps, according to DefiLlama data. Its rapid growth is evident in the 47 million transactions processed and the 4 million active addresses it has attracted in just a few months.

    The platform hosts some of the most dynamic DeFi projects in the space, including decentralized exchanges like Kyo Finance, Velodrome, and Sonex.

    Soneium’s infrastructure is tailored to handle the demands of modern DeFi, offering speed and scalability that complement Solv Protocol’s ambitions. Together, they’re creating an environment where Bitcoin users can seamlessly integrate with cutting-edge financial tools.

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  • Tap Protocol delays TAP token distribution event

    Tap Protocol delays TAP token distribution event

    • Tap Protocol has delayed its TAP token launch date from October 21, 2024 to October 23, 2024.
    • TAP, with a total supply of 21 million, will go live on Bitcoin and Ethereum

    Tap Protocol, a decentralized finance platform on Bitcoin, has announced that its anticipated token distribution will now occur on October 23, 2024.

    The protocol has earlier announced the Token Generation Event (TGE) would be on Monday, October 21, 2024. However, it released an update early Monday noting that the TGE will now happen on Wednesday, October 23 at 12:00 UTC.

    Why the Tap Protocol TGE delay?

    According to the Bitcoin DeFi protocol, the postponement is meant to allow ecosystem partners such as bridges to be properly prepared for the potential surge in transactions.

    “Nobody likes delays, but unfortunately, we have to postpone our TGE to the 23rd of October at 12:00 UTC. While we understand the wait may be difficult, we want to ensure that our bridge and other products are in perfect condition to support the expected high volume of users,” Tap Protocol posted on X.

    TAP will be available on Bitcoin and Ethereum networks at launch, while the roadmap highlights token swap, marketplace and staking as key milestones.

    Notable about Tap Protocol is that the TAP token will have a fixed supply of 21 million tokens. The project uses the Ordinals system, with the aim being to advance the BTC ecosystem’s DeFi and dApps capabilities via various assets. It includes non-fungible tokens (NFTs).

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  • Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    Solv Protocol introduces Bitcoin staking on Base with cbBTC token
    • Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network.
    • cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield.
    • cbBTC, backed 1:1 by Coinbase’s BTC holdings, is live on Ethereum and Base for DeFi integration.

    Solv Protocol, supported by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base network.

    Coinbase’s cbBTC token allows Bitcoin holders to convert their assets into this new wrapped token, similar to previous efforts with Wrapped Bitcoin (WBTC).

    The conversion process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi protocols, including MakerDAO, Aave, and Compound as we had detailed in our earlier news coverage.

    Earning Bitcoin staking yields on Solv Protocol with cbBTC

    Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now available on both Ethereum and the Base layer 2 chain to offer Bitcoin staking through the cbBTC token on the Base network.

    Solv Protocol enables cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. The users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yields.

    Solv Protocol’s latest offering adds to the growing array of platforms providing liquid staking or restaking opportunities for Bitcoin, alongside other services like Lombard Finance, Swell, and AcreBTC.

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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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