Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.
Bitcoin protocol Babylon completed its second staking round on Tuesday, increasing deposits to about 24,000 BTC from about 1,000 BTC previously.Babylon, a Bitcoin staking platform billed as a new way of providing the original blockchain's security to new protocols and decentralized applications, pulled in about $1.5 billion worth of bitcoin on Tuesday after briefly opening to additional deposits.
The uptake could show robust demand for a growing decentralized finance ecosystem atop the 15-year-old Bitcoin blockchain, previously confined to alternative networks like Ethereum and Solana., some 18,601 BTC had already been staked as of 20:03 UTC , with an additional 5,419 BTC pending in the staking queue.
The cap was lifted for about 10 Bitcoin blocks over the course of one hour and 23 minutes, with the only restriction being that users could only stake up to 500 BTC per transaction. Because of that structure, the round of new staking deposits was described as"duration-based," in a departure from the initial opening in August, where the cap was set at a fixed 1,000 BTC andlarge number of initiatives aimed at introducing utility to Bitcoin. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications.
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