Singapore, Singapore, December 11, 2024, Chainwire
Babylon Labs, a leading developer of Bitcoin’s leading staking protocol with over $2 billion in total value locked (TVL), today announced an alliance with SatLayer to advance staking and remittance capabilities in Bitcoin gambling. This collaboration creates new opportunities for Bitcoin holders by unlocking enhanced liquidity, shared security and capital efficiency across applications, infrastructure and blockchains.
As part of this alliance, SatLayer will be the first Babylon Protocol restoration platform by implementing a sophisticated suite of smart contracts on Babylon Chain with minimal trust assumptions. These smart contracts enable fully programmable BTC discount, marking a significant advancement in Bitcoin’s utility within decentralized finance.
“At Babylon Labs, we are committed to building a more secure and interconnected blockchain ecosystem. This collaboration with SatLayer allows us to extend the robust security of Bitcoin to a wider range of applications and infrastructure,” said Fisher Yu, CTO of Babylon Labs.
This allows staked Bitcoin to secure everything: not only infrastructure such as PoS chains and rollups, but also the entire stack of applications and infrastructure. With this alliance, the Bitcoin ecosystem will accelerate to provide parity with Ethereum in staking and re-staking.
Through this alliance, Babylon Protocol will extend over $2 billion of Bitcoin shared security to PoS blockchains. The liquidity of these bitcoins is unlocked through established Liquid Staking Tokens (LST) projects including Lombard, Solv, and Bedrock. SatLayer will amplify these benefits by extending security and liquidity capabilities to applications and infrastructure built within these ecosystems.
The growing role of Bitcoin
Bitcoin continues to demonstrate its dominance through unprecedented institutional adoption. The success of Bitcoin ETFs has set new records for institutional investment, while sovereign countries increasingly value Bitcoin for their strategic reserves. Additionally, major Layer 1 networks including Solana are introducing Bitcoin representations such as Wrapped BTC and Liquid Staking Tokens (LST) to integrate the value of Bitcoin into their ecosystems.
Apps are the future: SatLayer and Babylon at the forefront
Applications are the primary drivers of crypto adoption and innovation. By combining Babylon’s robust infrastructure with SatLayer’s advanced restructuring capabilities, developers now have unprecedented opportunities to create sophisticated applications leveraging the economic security and liquidity of Bitcoin.
“Babylon Labs and SatLayer share a vision for the future of Bitcoin as a cornerstone of decentralized ecosystems. Together, we enable applications and infrastructure to leverage Bitcoin’s unparalleled security while increasing its liquidity through programmable refinancing frameworks. The launch of the SatLayer devnet ushers in a new era of Bitcoin-based innovation for builders around the world,” said Luke Xie, co-founder of SatLayer.
Launch of SatLayer Devnet
SatLayer is also unveiling its devnet today, providing comprehensive resources for builders interested in taking advantage of this new infrastructure. Detailed documentation is available at docs.satlayer.xyz. The team recently demonstrated its commitment to the developer community by participating as mentors, grant sponsor and judge at the Babylon Hacker House in Bangkok (November 5-9, 2024), where more than 70 developers created innovative solutions using Babylon Chain and early preview. of the SatLayer Bitcoin Validated Services (BVS) framework.
Ecosystem initiatives
To help BVS builders turn their vision into reality, Babylon Labs and SatLayer are preparing to launch several exciting new initiatives to enable builders to innovate, collaborate and evolve:
- A comprehensive incentive program for ecosystem developers
- Dedicated technical support and resources to facilitate development
- Mentorship and support on go-to-market, growth and fundraising
Start building BVS dApps on SatLayer and Babylon Chain today with developer documentation at docs.satlayer.xyz.
About Babylon
Babylon is a project that focuses on Bitcoin security sharing protocols with the vision of building a decentralized world secured by Bitcoin. Its latest development is the world’s first trustless, self-custodial Bitcoin staking protocol, which allows Bitcoin holders to stake their BTC on proof-of-stake (PoS) systems such as PoS chains, L2s, layers data availability (DA), etc. allowing them to earn staking rewards without the need for third-party custodial services, bridging solutions or packaging services.
Babylon combines the high security and widespread adoption of Bitcoin with the efficiency and scalability of PoS systems, thereby increasing the utility of Bitcoin. Babylon was founded in 2022 by Professor David Tse of Stanford and Dr. Fisher Yu. Professor Tse is a member of the American Academy of Engineering and is recognized as the inventor of the legendary proportional-equitable scheduling algorithm for communications wireless. Babylon is led by a team of consensus protocol researchers and experienced Layer 1 engineers from around the world.
For more information about Babylon Labs, a developer of the Babylon Bitcoin staking protocol, please visit:
Website | Twitter | Discord | Linkedin
About SatLayer:
SatLayer is the leading restructuring platform that unlocks Bitcoin’s full potential for capital efficiency, liquidity and shared security.
By deploying as a set of smart contracts on Babylon, SatLayer enables full programming of reduction conditions, such as node activity and proofs of challenge, for Bitcoin, the largest cryptocurrency and the most reliable. This framework allows dApps and infrastructure, such as bridges, DEXs, launchpads, and oracles, to be crypto-economically secured by BTC restructured as Bitcoin Validated Services (BVS).
Founded by MIT alumni in early 2024 and backed by high-profile investors including Hack VC, Castle Island Ventures, Franklin Templeton, OKX Ventures and Mirana Ventures, SatLayer brings restorage and shared security to feature-parity Bitcoin with Ethereum, thereby increasing Bitcoin’s utility in decentralized finance and the broader ecosystem.
For more information about SatLayer Labs, a developer of the SatLayer restaurant platform, please visit:
Website | Twitter | Discord | Linkedin
Contact
Sat Layer
pr@satlayer.xyz
Disclaimer: Press release sponsored by our business partners.
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