The team behind the Babylon protocol for staking the first cryptocurrency has launched a test network and announced an NFT giveaway for early users.
AND. WE’RE. LIVE ?
It’s time to join the Bitcoin Staking Revolution??
Babylon Testnet, the first ever Trustless Native Bitcoin Staking protocol, is now officially live!
Get involved, stake Signet #BTC and claim your free Pioneer Pass now.https://t.co/kdBgiu12Fq
— Babylon (@babylon_chain) February 28, 2024
To participate in earning income from securing PoS networks, users need to connect browser wallets OKX and Keplr, and acquire some BTC Signet and BBN tokens through the project’s Discord channels.
According to the website, users must select a specific Proof-of-Stake chain, a provider (or create their own), and designate the amount and duration of the lock-up. Funds can be withdrawn at any time.
The team warned that transaction confirmation could take up to an hour.
Connected users are eligible for additional rewards in the form of non-fungible tokens called Pioneer Pass. A Polygon network address is required for this. The offer is time-limited, with applications for the collectible asset open until March 6.
In December, the project raised $18 million in a Series A funding round led by Polychain Capital and Hack VC.
In February, Binance Research experts noted a boom in the restaking segment, which includes Babylon.