Babylon

Babylon is a protocol that aims to put Bitcoin to use in securing proof of stake networks. Users can stake their BTC without bridging it to another chain or handing it to an intermediary, using time-locked scripts on the Bitcoin network so that it stays under their own control. The project's own chain, Babylon Genesis, is built with the Cosmos SDK, and BABY is the native token of that chain.

In the system, staked BTC provides economic collateral for networks that obtain security services through Babylon. If a staker breaks the rules, for example by signing conflicting blocks at the same time, part of their locked BTC can be penalized through cryptographic methods. Babylon also writes the state records of other chains to Bitcoin, offering an additional layer of timestamp assurance. BABY is used for validator staking, transaction fees and on-chain governance on Babylon Genesis.

The BABY price may be affected by the trend in the amount of BTC staked in the protocol, the number of networks using Babylon security, token unlocks and general interest in Bitcoin-based finance applications. On the Lzzo.com page, the Babylon price is taken from Binance BABY/USDT data and converted into US dollars at the Coinbase Exchange rate before being shown on the chart.