stakefish Joins Babylon Bitcoin Staking Testnet

stakefish is excited to announce support for Babylon Bitcoin Staking Testnet.

Babylon Bitcoin staking protocol transforms Bitcoins into a stakable asset for any PoS system, allowing Bitcoin holders to hold and earn simultaneously by contributing to the crypto-economic security of the PoS world. 

This testnet aims to focus on the security of staked Signet Bitcoins by testing user interactions with the Signet BTC test network. Key participants, including Bitcoin holders, validator teams, wallet providers, custodians, and liquid (re)staking protocols, will have the opportunity to explore and evaluate Bitcoin staking.

What is the Babylon Network?

In the PoS (Proof of Stake) world, holding tight equals earning. PoS token holders can lock their tokens to become validators of the PoS system. If a validator acts maliciously, the locked tokens will be slashed. With such deterrence, the more tokens staked, the higher the crypto-economic security of the PoS system. In return, honest stakers get rewards for contributing to the security.

Introducing Bitcoin Staking, a new protocol developed by Babylon. This protocol transforms Bitcoin into a stakable asset compatible with any Proof-of-Stake (PoS) system, enabling Bitcoin holders to earn rewards while contributing to the crypto-economic security of the PoS ecosystem. This innovation is a significant milestone towards realizing Babylon's vision and supports the goal of a decentralized world secured by Bitcoin.

The trustless and self-custodial Bitcoin staking protocol does not:

• Require you to send your Bitcoins to any third-party Bitcoin address;
• Require you to bridge/wrap your Bitcoins to another blockchain;
• Require you to trust any oracle (such as a price oracle);
• Rely on altcoin collateral for redemption.

According to the protocol, Bitcoin holders simply need to lock their Bitcoins in a self-custodial manner. These locked Bitcoins then become stakable and subject to slashing, while also benefiting from all the popular staking elements in the PoS ecosystem:

• Earn PoS token rewards while holding;
• Delegable: If you don't want to run a validator infrastructure yourself, you can delegate your voting power to another validator. Note that this does not require transferring your Bitcoins;
• On-demand unbonding: you can unilaterally get your Bitcoin back without anyone’s permission;
• Restakable: you can stake one Bitcoin to multiple PoS systems to earn multiple rewards;
• Partial slashing: the protocol can be configured such that, for each slashed staker, only a fraction of its staked Bitcoin is slashed, and the rest is returned to the staker.

Learn more about Babylon’s system components, risk management, and security on their website.

Use the Babylon testnet to stake Signet Bitcoin with stakefish. Get started.

Need Signet Bitcoin for the testnet? Use this faucet. 

Stake with confidence with stakefish

With over 1M Ethereum staked and over $3 billion in assets staked, stakefish is a leading validator for Proof of Stake blockchains. Our mission is to secure and contribute to this exciting new ecosystem while enabling our users to stake confidently.

Learn more about non-custodial Ethereum staking and the 15+ other networks we support at stake.fish.

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