The largest cryptocurrency exchange by trading volume is set to introduce support for a new Bitcoin (BTC) staking protocol.
In a recent announcement, Binance revealed that it will be including the BTC staking initiative Babylon (BABY) in its extensive range of digital asset offerings.
Babylon, which officially launched Babylon Genesis today, experienced a surge in value following Binance’s endorsement.
BABY climbed from a daily low of $0.084 to a high of $0.099 within just a few hours. As of now, it has retraced to $0.087, marking a 4.6% increase over the past 24 hours.
According to the project’s official litepaper, the protocol aims to address latency, security, and programmability challenges associated with BTC, which have historically hindered layer-2 projects.
“Bitcoin remains the first and leading blockchain by market capitalization. However, its utility has been constrained by limited block space, high latency, and restricted programmability. Previous attempts to scale Bitcoin and expand its use cases through sidechains and other layer-2 solutions have been thwarted by the difficulties in bridging significant amounts of Bitcoin to these chains.
The bridges often face limitations in either security, capacity, or both. Our solution introduces a valuable new use case for Bitcoin: staking to enhance the security of proof-of-stake (PoS) networks. We have demonstrated that for this specific purpose, bridging Bitcoin to other chains is unnecessary, yet we can still provide complete economic security to PoS chains.”
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