Latest news with #BabylonLabs
Associated Press
28-04-2025
- Business
- Associated Press
Babylon Labs and Nexus Mutual Innovate in Bitcoin Cover Solutions
With billions of dollars worth of Bitcoin staked on the Babylon Bitcoin staking protocol, it's increasingly important for people to have ways to cover these assets. That's why Nexus Mutual, the largest and most trusted crypto insurance alternative, is developing a slashing protection product specifically for stakers using the Babylon protocol. Babylon Labs is offering advisory support and introductions to potential users. Established in 2019, Nexus Mutual has underwritten more than $5.5 billion worth of digital assets, being one of the first to offer BTC denominated covers. As Babylon Labs continues to unlock new utility for Bitcoin through its staking and security solutions, it is supporting Nexus Mutual by sharing technical insights and helping identify use cases within the staking ecosystem — without participating directly in the development of cover products. From protecting stakers against slashing to working with Bitcoin Secured Networks (BSNs) to cover entire protocols, Babylon Labs and Nexus Mutual are exploring different ways that Nexus cover products can improve trust and unlock liquidity. Whether for an individual staker or an institution, there will be cover options tailored to all of the different participants in the Bitcoin ecosystem. 'We're excited about Nexus Mutual's upcoming slashing protection product and what it could mean for Bitcoin stakers,' said Clayton Menzel, Head of BD at Babylon. 'This collaboration supports our mission of unlocking bitcoin to secure the decentralized economy, offering bitcoin holders a way to participate in staking with greater peace of mind.' 'We've known the Babylon team since before they launched and have been really impressed with what they've built for the Bitcoin space,' said Hugh Karp, Founder of Nexus Mutual. 'Bitcoin is now a crucial part of the global financial system, and we're excited to work with Babylon Labs to offer new ways to protect and leverage this digital asset.' By working with Nexus Mutual to find new ways to protect staked Bitcoin, Babylon Labs is reinforcing its commitment to supporting a secure and resilient staking ecosystem, while Nexus Mutual continues to lead the way in crypto-native risk collaboration is poised to unleash a new wave of growth and functionality for Bitcoin. About Babylon Labs Babylon Labs focuses on Bitcoin security-sharing protocols with a vision of building a Bitcoin-secured decentralized world. The latest software development is the world's first trust less and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling stakers to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. The greater idea is to combine the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility. For more information about Babylon Labs, a developer of the Babylon Bitcoin staking protocol, please visit: Website | Twitter | Discord | Linkedin About Nexus Mutual Founded in 2019, Nexus Mutual is the leading crypto insurance alternative. Having provided cover for more than $5.5 billion worth of digital assets while paying out 100% of valid claims for over $18 million, Nexus Mutual is the largest and most trusted underwriter for crypto risk. A true pioneer in the space, Nexus Mutual wrote the whitepaper for decentralized insurance alternative solutions. Since then, they have gone on to help thousands of people, protocols and institutions protect their digital assets against smart contract hacks and more. For more information about Nexus Mutual, please visit: Website | Twitter | Discord | Linkedin
Yahoo
18-04-2025
- Business
- Yahoo
Babylon Labs Sees $1.26 Billion in Bitcoin Unstaked, Dropping TVL by 32%
Babylon Labs has seen its total value locked (TVL) drop by 32%, following the unstaking of $1.26 billion in Bitcoin from its platform. On April 17, blockchain analytics firm Lookonchain flagged several addresses involved in the withdrawals, totaling 14,929 BTC. The majority of the unstaked Bitcoin, about 13,129 BTC, valued at roughly $1.1 billion, came from one address. This significant movement of funds caused Babylon's TVL to fall from $3.97 billion to $2.68 billion. The unstaking coincided with Babylon's recent airdrop on April 3, where it distributed 600 million BABY tokens to early adopters, including Phase 1 stakers, NFT holders, and developers. After the airdrop, $21 million in Bitcoin was unstaked, which is a typical reaction to early redemption after such events, according to Kevin He, co-founder of Bitlayer. Lombard Finance, which has played a role in the current transitions, retweeted an announcement about the unstaking event. It explained that the Bitcoin was being unstaked as part of a transition to a new set of finality providers. Lombard stated that the Bitcoin would be restaked into Babylon once the unbonding process is complete, which is expected to occur after the conclusion of Babylon's Phase 1 cap 1 on April 24. While it's not clear who exactly is behind the addresses involved in the unstaking, speculation has arisen within the community. Some have suggested the Bitcoin may belong to the Chinese government, while others have proposed that it could simply be a risk-off move or a trader getting liquidated. Babylon Labs has yet to comment on the situation. Babylon is one of the largest DeFi platforms for Bitcoin staking, offering a system that allows Bitcoin to be staked directly without relying on a third-party intermediary. The platform reached a peak TVL of over $6 billion in December. Despite the recent drop, Babylon continues to promote its secure, decentralized staking model as a core feature. The timing of the large unstaking event, paired with Babylon's airdrop, has raised concerns about the stability of its platform. However, the protocol has assured that the funds will be restaked as part of the ongoing transition. The true motivations behind the withdrawals remain a subject of speculation, but the large-scale movement of Bitcoin highlights the volatility and complexities of the DeFi space. Sign in to access your portfolio
Associated Press
15-04-2025
- Business
- Associated Press
Babylon Integration Elevates Sui to Bitcoin Secured Network, Expanding the BTCfi Reach
Babylon and Sui deepen technical ties expanding Sui's growing connection with Bitcoin into the next frontier TORTOLA, British Virgin Islands, April 15, 2025 (Bitwire) -– Babylon Labs , a developer of the Babylon Bitcoin staking protocol, and Sui , a first-of-its-kind Layer 1 blockchain built for mass adoption, security, and scale, today announce Sui's extended role in the Babylon Bitcoin ecosystem. This move comes as an expansion of the Sui integration with the Babylon Bitcoin staking protocol announced last year , with Sui becoming a Bitcoin Secured Network (BSN) on the Babylon protocol. How Babylon Bitcoin staking works on Sui Bitcoin holders can help secure the Sui network while retaining full custody of their BTC through the Babylon protocol while also earning staking rewards. Becoming a BSN allows Sui to leverage staked BTC for enhanced security. Simultaneously, it establishes an easy bridge for participants to contribute their BTC to the Sui ecosystem. This offers a novel opportunity for long-term Bitcoin holders to engage in DeFi with greater security. 'Together, Babylon and Sui are building the technological foundation for deepening cross-chain utility, which can bring more opportunities for rewards to BTC holders who want a more secure entrance to DeFi. Babylon is the infrastructure layer for Bitcoin and unlocks its full utility thanks to its trustless, self-custodial BTC staking that secures decentralized systems,' said Fisher Yu, CTO of Babylon Labs. 'Sui becoming a Bitcoin Secured Network reflects the growing demand for Bitcoin security. Through the Babylon Bitcoin staking protocol, Sui taps into the largest, most decentralized security network while helping create new opportunities for BTC holders.' 'Sui becoming a Bitcoin Secured Network is about taking Bitcoin's best traits – size, security, and liquidity – and bringing them into active, high-performance DeFi,' said Evan Cheng, Co-Founder and CEO of Mysten Labs, an original contributor to Sui. 'With this integration, Sui continues to solidify itself as a premier destination for Bitcoin DeFi, where Bitcoin holders can more effectively utilize and create value with the asset.' By integrating with Babylon, Sui introduces a new economic primitive: Bitcoin-backed scalability. The combined infrastructure will allow Bitcoin's liquidity and security to scale alongside Sui's network, unlocking new applications and decentralized services secured by Bitcoin. This integration represents a broader shift in the blockchain industry—where the $1.5 trillion asset is extended to secure and empower fast, scalable, programmable blockchain ecosystems like Sui. For Bitcoin holders, the Babylon protocol extends Bitcoin's utility beyond a store of value and medium of exchange by programmatically allowing users to independently transform an active asset into an active reward-generating cornerstone of the broader digital economy. About Babylon Labs Babylon Labs focuses on Bitcoin security-sharing protocols with a vision of building a Bitcoin-secured decentralized world. The latest software development is the world's first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling stakers to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. The greater idea is to combine the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility. For more information about Babylon Labs, a developer of the Babylon Bitcoin staking protocol, please visit: Website | Twitter | Discord | Linkedin About Sui Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, please visit . ####
Associated Press
10-04-2025
- Business
- Associated Press
BitGo to Support BTC Staking and BABY Custody for Babylon Genesis
10 April 2025 (Bitwire) -– BitGo, one of the world's largest independent digital asset custodians and staking providers, which recently surpassed $100 billion in assets under custody, now supports native Bitcoin staking and BABY token custody & staking for the launch of the Babylon Genesis chain. This collaboration unlocks secure, institutional access to the self-custodial Babylon Bitcoin staking protocol and aligns with Babylon's broader vision of building a Bitcoin-secured decentralized world. The Babylon Genesis launch introduces three core pillars for a Bitcoin-secured world: trustless Bitcoin staking, the emergence of BTCFi (Bitcoin-secured DeFi), and utility via the BABY token. BitGo's institutional-grade support advances each of these areas, providing Babylon users and BTC holders with an unprecedented level of security, scalability, and access. Through this integration, BitGo clients can now participate in the Babylon Bitcoin staking protocol without wrapping, bridging, or relinquishing custody of their BTC. Simultaneously, BitGo will provide secure custody and staking services for BABY, Babylon Genesis' native token, which powers governance, staking incentives, and the broader BTCFi ecosystem. 'BitGo's support is a major milestone for institutional access to the Babylon ecosystem,' said Fisher Yu, co-founder of the Babylon Bitcoin staking protocol. 'As a leading custody choice for institutional BTCs, this integration opens the door for more participants to engage with BTC staking and the broader BTCFi economy in a way that aligns with their business and operational needs.' With this integration, BitGo enables Bitcoin holders to stake BTC natively to secure decentralized systems like Proof-of-Stake chains, Layer 2s, and data availability layers, all while maintaining storage. BitGo's support for BABY offers institutions secure access to staking rewards and token utility within the Babylon protocol. 'We're proud to be selected as the preferred U.S. custodian for Babylon Bitcoin staking,' said Chen Fang, Chief Revenue Officer at BitGo. 'Institutions are looking for secure, compliant ways to earn rewards on their BTC, and our integration with the Babylon protocol delivers exactly that—without compromising on custody or control.' This integration signals a broader shift across the digital asset space: from passive Bitcoin holdings toward active participation in the decentralized economy. By bringing together Bitcoin's unmatched security with BitGo's institutional reach, Babylon Genesis is creating a new financial primitive where Bitcoin can secure, scale, and power the next wave of decentralized applications. About Babylon Labs Babylon Labs focuses on Bitcoin security-sharing protocols with a vision of building a Bitcoin-secured decentralized world. The latest software development is the world's first trust less and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling stakers to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. The greater idea is to combine the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility. BitGo is the leading infrastructure provider of digital asset solutions, offering custody, wallets, staking, trading, financing, and settlement out of regulated cold storage. Founded in 2013, BitGo is the first digital asset company to focus exclusively on serving institutional clients. BitGo is the world's largest independent digital asset custodian with multiple regulated entities across the globe and over 2,000 clients across 90 countries.
Associated Press
10-04-2025
- Business
- Associated Press
Axelar Connects Babylon Genesis' BABY to Global Web3, Bringing Bitcoin Staking to 70+ Chains
The Babylon Genesis chain mainnet, which supports native Bitcoin (BTC) staking directly on the Bitcoin ledger, is now live with activated finality providers and BABY rewards for BTC stakers. Alongside these advancements, Babylon Genesis and Axelar, the leading Web3 interoperability platform, are integrating to provide a seamless bridge connecting the Babylon Genesis ecosystem and its native token, BABY, to the global network of Web3. 'With Axelar's integration, the Babylon Genesis ecosystem is now accessible across more than 70 blockchain ecosystems,' said Clayton Menzel, Head of BD at Babylon Labs. 'This marks a major step towards Bitcoin becoming the security foundation of the decentralized world. Developers and users can now tap into the Bitcoin staking protocol and extend its benefits beyond a single chain.' A new era for Bitcoin and cross-chain innovation By preserving BTC's self-custody model, Babylon Genesis orchestrates a marketplace of Proof-of-Stake networks eager for robust security. The BABY token unites this ecosystem under a transparent governance structure, rewarding early adopters and key contributors. Babylon Genesis is already reshaping decentralized finance (DeFi) by channeling Bitcoin's stability and liquidity into the broader crypto ecosystem. 'Bitcoin's status as an institutionalized asset not only reinforces its value as a store of wealth but also enables it to play a critical role in the innovation happening on-chain,' said Georgios Vlachos, co-founder of Axelar protocol and director at Axelar Foundation. 'This integration opens up new horizons for developers to freely compose cross-chain applications and unlocks groundbreaking use cases across the decentralized landscape – with verification tied back to Bitcoin, the original distributed ledger.' Decentralized and open-source interoperability As a leading decentralized and open-source interoperability platform, Axelar serves as an ideal bridge for Babylon Genesis' BABY token. Axelar offers battle-tested infrastructure with over $11 billion in cross-chain volume, the broadest blockchain connections across 70+ networks, and an Interchain Token Service that simplifies cross-chain token management. Axelar provides BABY with widespread availability for use in various applications. Builders incorporating Bitcoin staking can tap into a rich toolset that includes: Interchain Token Service (ITS): Issue and upgrade tokens so they move as-native across blockchains; leave traditional bridges behind. Interchain Amplifier: Connect any new blockchain or off-chain resource permissionlessly; it's as easy as deploying a smart contract. Get started Babylon Genesis and Axelar are committed to empowering developers, institutions and users to unlock the full potential of Bitcoin for cross-chain innovation. Several Babylon ecosystem teams are already building integrations into Axelar, including EtherFi, Kinza, Lorenzo and Tower. Bridging routes are coming online in a matter of days: join the Axelar Announcements channel on Telegram at for timely updates. About Axelar Axelar is the Web3 interoperability platform, delivering the shortest path to scale: an open stack to connect all blockchains. Adopters include Uniswap, Microsoft and dozens of natively multichain startups with a combined total value locked (TVL) that has crossed $1 billion. Axelar supports a best-in-class developer stack on a cross-chain layer that is open, scalable and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain. Learn more: About Axelar Foundation Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar Network, a decentralized blockchain interoperability platform that connects multiple blockchain ecosystems. Learn more at About Babylon Labs Babylon Labs focuses on Bitcoin security-sharing protocols with a vision of building a Bitcoin-secured decentralized world. The latest software development is the world's first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling stakers to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. The greater idea is to combine the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility. PR Director, MarketWaves (754) 215-4315 SOURCE: Axelar Copyright Business Wire 2025. PUB: 04/10/2025 06:30 AM/DISC: 04/10/2025 06:31 AM
