GM Digest #392 — Babylon Mainnet
GM Digest #392 — Babylon Mainnet
Good Morning with Valuable Alpha / News
Babylon Mainnet Launch
• @babylonlabs_io Bitcoin Staking is launching in three phases to allow Bitcoin holders to stake their BTC in PoS systems, enhancing network security without intermediaries
• Phase 1 (Bitcoin Locking): Bitcoin holders lock their BTC in a self-custodial staking script on the Bitcoin blockchain, delegating PoS voting power without transferring BTC ownership
• Staking is capped at 1,000 BTC initially, with minimum and maximum stakes of 0.005 and 0.05 BTC. No slashing occurs in this phase
• Phase 1 also includes a point system instead of rewards, where stakers earn points based on their stake and participation
• Phase 2 (Staking Activation): Babylon PoS chain launches, using locked BTC for crypto-economic security, with Bitcoin timestamping for cross-chain synchronization.
• Phase 3 (Multi-Staking): BTC can be staked across multiple PoS systems simultaneously, earning multiple rewards.
Lombard Launch
• @Lombard_Finance will launch ahead of @babylonlabs_io's Mainnet on Tuesday, offering $LBTC, a yield-bearing Bitcoin LST built on Babylon
• $LBTC allows BTC holders to earn staking yields via Babylon while remaining liquid for DeFi use
• Starting Tuesday, waitlist members can deposit BTC through Lombard's WebApp to immediately redeem LBTC, with no deposit cap
• Lombard aims to stake as much BTC as possible into Babylon's initial 1,000 BTC cap and cover the gas costs. If Babylon's cap is reached, excess BTC will be queued for the next staking window
• Lombard will stay open for LBTC redemptions even if Babylon's cap is full, with public access available after the waitlist phase
Dynex Quantum OS
• @dynexcoin is overhauling its economic structure to boost growth and market value
• The company is expanding beyond quantum computing to develop the Dynex Quantum OS for robots and humanoids, integrating quantum AI for improved performance
• Dynex is also building a developer/app ecosystem around its quantum computing, including Quantum Apps for Web3 users
• The launch of Dynex Quantum Nodes and partnerships with GPU cloud providers aim to increase adoption and revenue
• Additionally, Dynex is introducing a wrapped version of it’s token $DNX on Ethereum to improve liquidity
Lido x BNB Chain
• @LidoFinance announced that they are expanding to @BNBChain and users can now bridge their staked Eth to BNB Chain
• If haven’t done so already, users will have to wrap their stETH into wstETH and then begin bridging from the Portal Bridge website. This bridge will be secured by @axelar and @wormhole
• Soon there will be DeFi opportunities with staked ETH on BNB Chain via protocols such as @VenusProtocol, @PancakeSwap, @beefyfinance and @ThenaFi_
Introducing Abstract
• @AbstractChain introduces Abstract, a highly scalable Ethereum L2 network focused on delivering a seamless consumer-centric blockchain experience
• The L2 will be focused on optimizing the consumer experience by offering the simplest onboarding, top-tier applications, and the most cohesive ecosystem in crypto
• This will be built on 4 main pillars which includes:
⇢ Community and Culture: Building on the legacy of Pudgy Penguins’ Igloo Inc, Abstract will reinforce the culture and foundation laid by Igloo Inc
⇢ Familiar Onboarding Experience: Abstract will leverage advancements in wallet security and account abstraction to deliver seamless onboarding experiences
⇢ App Discoverability: Enabling a better ecosystem curation and network-wide discoverability by giving users a intuitive experience across the ecosystem through a suite of products meant to simplify and abstract the complexities of existing stacks today
⇢ Secure and Scalable: Abstract will be inheriting security properties from Ethereum while utilizing ZK tech stack along with a DA layer from EigenDA to create a scalable, efficient, and low-cost blockchain. Additionally, Abstract is fully EVM compatible
Misc News
• @swellnetworkio announced that snapshot for Voyage participants have been taken