After completing "Cap-2," Babylon's total staked amount reached 23,891 BTC, worth nearly 1.5 billion dollars.

Oct 9, 2024#web3 #btc50

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Babylon's Bitcoin staking protocol launched the second round of its mainnet staking, called "Cap-2," which saw an increase of 22,891 BTC, bringing the total staked amount to 23,891 BTC, valued at nearly $1.5 billion. This round lasted for 10 Bitcoin blocks, starting from block height 864790, with no total value locked (TVL) limit, unlike the initial round, Cap-1, which had a cap of 1,000 BTC. During Cap-2, 12,960 staking transactions were executed by 12,570 stakers. Babylon co-founder David Tse noted that the influx of funds exceeded expectations. Users are advised to unbind and withdraw any overflow stakes starting from block 864800.

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The Bitcoin staking protocol Babylon earlier this Wednesday launched the second round of staking "Cap-2" for its Bitcoin staking mainnet. During this period, the protocol increased the staking volume by 22,891 BTC, bringing the total from 1,000 BTC to 23,891 BTC, worth nearly $1.5 billion.

Babylon's second round of staking is time-based, lasting for 10 Bitcoin blocks, starting from Bitcoin block height 864790. All valid Bitcoin staking transactions included in blocks 864790 to 864799 were accepted by the system, with no total value locked (TVL) limit. This is different from the Cap-1 that the protocol opened in August, which had an initial total staking cap of 1,000 BTC and was filled within 1 hour and 14 minutes.

Related report: "Babylon Launches Bitcoin Staking Mainnet, Reaches Initial Staking Cap"

Babylon announced on the social platform X that Cap-2 has ended, during which 12,960 staking delegations were executed, with 12,570 stakers. Babylon reminded that staking starting from block 864800 is in an overflow state, and users need to unbind and withdraw their overflow stakes as soon as possible.

David Tse, co-founder of Babylon and professor of engineering at Stanford University, stated in an email to the media outlet CoinDesk that the scale of funds flowing in this round "far exceeded our expectations."