The biggest cryptocurrency exchange platform in the world, known for its high trading volume, is now supporting a new Bitcoin staking protocol.
Binance has announced that it will be adding the BTC staking project Babylon (BABY) to its extensive range of digital asset offerings.
Babylon, which recently launched Babylon Genesis, saw a rise in value following Binance’s endorsement. The value of BABY increased from $0.084 to $0.099 within a few hours before retracing back to $0.087 at the time of writing, marking a 4.6% gain in the last 24 hours.
According to the project’s litepaper, the Babylon protocol is designed to address issues related to latency, security, and programmability that have been challenges for BTC and layer-2 projects in the past.
“Bitcoin, as the leading blockchain in terms of market capitalization, has been limited in its utility due to blockspace constraints, high latency, and limited programmability. Our work introduces a new use case for Bitcoin: staking to enhance security in the proof-of-stake (PoS) ecosystem. We have demonstrated that for this particular use case, there is no need to bridge Bitcoin to other chains while still providing full economic security to PoS chains.”
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