Babylon Chain is the middleware Blockchain that secures Cosmos-based chain with BitcoinJust recently, surpassed $3 billion in deposits.
Dune data shows that Babylon’s deposits, at press time, totaled 36.100 BTC and were worth $3.63billion. Nearly 88,000 depositors delivered the assets. In the last week, Bitcoin deposits have increased by almost 51.4%.
Babylon Chain recorded $1.2B in Bitcoin deposits within 48-hours, including nearly $350M on December 11 and 834M on Dec.10. The number of unique depositors increased from 48,000 to 62230 in one day.
It follows a report from early October that stated at the same time Bitcoin users had stored about 23,000 BTC valued at about $1.4 Billion on Babylon Chain. This project created a marketplace that connected users who wanted to store their Bitcoins in exchange for rewards, with networks seeking valuable assets for their proof-of stake networks.
Babylon Chain is a protocol that attempts to integrate Bitcoin’s security features—its Proof-of-Work time stamping, asset liquidity, and censorship-resistant block space—into other blockchain ecosystems.
Babylon says that its Bitcoin security sharing protocols enable decentralized network to inherit Bitcoin’s robustness, creating an environment of security and reduced trust for proof-ofstake chains, and other decentralized apps.
Binance, the leading crypto exchange in the world, announced on December 9 that it would support yield generation through Babylon Chain. Bitrue, a competing platform, also announced support for Babylon Chain on December 9.
Bitrue research team lead Andri Fauzan Adziima told Decrypt The exchange has decided to include Babylon Chain as it converts Bitcoin “from just a store of value into something that actively supports blockchain security.”
Bitrue also plans to leverage “Babylon Chain’s Bitcoin-backed security model to build trust, increase activity on the platform, and attract institutional investors.”
“When users feel secure, they’re more likely to participate, and that activity brings in more liquidity,” Adziima said.
Stacy Elliott is the editor.