Bitcoin protocol Babylon is gearing up for its second staking round, scheduled to conclude around 18:30 UTC (2:30 p.m. ET) on Tuesday. This staking round will be “duration-based,” spanning across 10 Bitcoin blocks and lasting approximately one hour and 40 minutes, assuming an average block time of 10 minutes.
Babylon, a Bitcoin protocol that successfully completed its first staking round capped at 1,000 BTC ($62.4 million) back in August, is set to open its doors for a new round on Tuesday. The upcoming round, known as “Cap-2,” will commence around 18:30 UTC (2:30 p.m. ET).
During this staking round, users will have the opportunity to stake up to 500 BTC per transaction over 10 Bitcoin blocks, starting from block 864,790 and concluding at 864,799. With an average block time of 10 minutes, the entire process is expected to take about one hour and 40 minutes.
The previous staking round in August reached its cap of 1,000 BTC within six blocks and lasted a short hour and 14 minutes, showcasing the high demand for bitcoin staking and the potential interest in Cap-2.
Babylon aims to enable proof-of-stake chains to access capital from the vast reserves held in BTC. This initiative is part of a broader trend seeking to introduce utility to Bitcoin, a concept more commonly seen on networks like Ethereum but historically less prevalent on the pioneering blockchain.
In May of this year, Babylon made waves by successfully completing a $70 million funding round, following an $18 million round the previous December. The project’s progress underscores the growing interest and investment in initiatives that bring new functionality to the Bitcoin ecosystem.
As the cryptocurrency industry continues to evolve, projects like Babylon are crucial in expanding the capabilities and use cases of blockchain technology. By incorporating staking mechanisms and facilitating access to capital, Babylon is contributing to the ongoing development and innovation within the digital asset space.
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With the upcoming staking round for Bitcoin protocol Babylon, participants have the opportunity to engage with the growing trend of staking and contribute to the evolution of blockchain technology. Stay tuned for the latest updates and developments in the cryptocurrency space as projects like Babylon continue to push the boundaries of what is possible within the digital asset ecosystem.
