What is Babylon ($BABY)
Babylon Genesis is the first Bitcoin Secured Network (BSN) to leverage Bitcoin’s security and serves as the control plane for security and liquidity orchestration for future BSNs.
Babylon Genesis introduces a multi-staked CometBFT (Tendermint) consensus mechanism:
- Bitcoin Staked: BTC holders can stake their assets directly on the Bitcoin network in a self-custodial manner without wrapping or bridging. These BTC stakers delegate to a Finality Provider who enhances the security of the Proof-of-Stake (PoS) chain.
- BABY Staked: BABY token stakers delegate to CometBFT validators who oversee block production and consensus operations.
The BABY token serves as the native cryptocurrency of the Babylon Genesis blockchain and fulfills several essential functions:
- Transaction Fees:
- Governance
- Staking Rewards
We will be releasing an Introductory Article on Babylon Genesis Shortly. In the meanwhile, we have other articles relating to Babylon for you here.
How to buy $BABY Tokens
Before you can stake BABY, you’ll need to acquire the tokens.
Using Binance:
A straightforward way to acquire BABY is through our Binance link, where you’ll receive a USD 600 welcome offer towards trading fees (terms & conditions apply). Navigate to the “Markets” section and search for BABY. Once you’ve located the BABY, purchase the amount you desire.
After buying BABY, transfer it off the exchange by following these steps:
- Navigate to the “Wallet” section in Binance.
- Select “Withdraw” and choose BABY as the token.
- Enter your BABY wallet address
- Set the withdrawal amount and confirm the transaction.
Congrats! Now you should have some BABY in your wallet and are ready for staking!
Using Osmosis:
Osmosis is the largest DEX within the Cosmos Ecosystem. Since Babylon is a Cosmos-Based project, you can easily swap from any asset on Osmosis to BABY.
Here is a quick run-down of how to execute this:
- Navigate to https://app.osmosis.zone/
- Select ‘Swap’ unless you wish to directly ‘Buy’ via an on-ramp
- Select your asset to swap BABY to and enter the amount
- Swap and sign via your Keplr wallet
You now have BABY tokens in your Osmosis Wallet. Make sure to withdraw back to the Babylon network before you can start staking!
Staking $BABY With Simply Staking
We have developed a non-custodial Staking Interface to allow users to stake their BABY tokens with our trusted AAA-rated Validator directly.
- Access the Staking Dashboard – Visit the Simply Staking Interface
- Link Your Keplr Wallet – Click on the ‘Connect Wallet’ button to get started. This will allow our Interface to query your wallet data.
- Input your Desired Stake – Specify the quantity of BABY tokens you wish to delegate.
- Click Stake and Sign the Transaction – Ensure that all the data is correct and sign via your Keplr Wallet.
Please note that while the Transaction will go through, BABY staking happens once an epoch which is roughly 1 Hour. Please ensure that you do not move your funds until you have seen your tokens getting staked otherwise this will cause the transaction to fail.
Staking complete! Enjoy 30% + APR through our Simply Staking Validator which only charges 4.5% Commission!
About Simply Staking
We are a Blockchain Services Provider who operates Validators and Nodes on over 40 Networks with over $1 Billion in Assets Staked. Our journey started in 2018, with Simply entering the Cosmos Hub Testnets, and now have expanded our operations to most major ecosystems including networks such as LIDO, EigenLayer, Oasis Network, Cosmos Hub, Polkadot, and many more, all while being an Oracle Operator on Chainlink.
We offer additional services such as Nodes-As-A-Service (RPCs), Blockchain Development work, Tooling, Governance Services as well as Blockchain Consultancy Services.
More Information on our offerings can be found on our website.
This article is provided for informational purposes only and is not intended as investment advice. Investing in cryptocurrencies carries significant risks and is highly speculative. The opinions and analyses presented do not reflect the official stance of any company or entity. We strongly advise consulting with a qualified financial professional before making any investment decisions. The author and publisher assume no liability for any actions taken based on the content of this article. Always conduct your own due diligence before investing.
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