Luganodes X Babylon: Ready for Bitcoin Staking

Introduction

Luganodes is excited to announce our participation in Babylon’s Bitcoin Staking Mainnet Launch: Phase-1, Cap-2, at around 19:20 UTC on October 8, 2024. This phase introduces expanded staking limits and updated parameters, enhancing the staking experience for Bitcoin holders eager to leverage their assets in a decentralized, self-custodial manner.

Babylon Chain

Babylon Chain combines the shared security narrative for Proof-of-Stake (PoS) blockchains and the security of Bitcoin. With Babylon, Bitcoin holders can stake their idle assets without bridging to other chains, unlocking yield by securing PoS networks. Babylon’s Bitcoin staking protocol combines the robust security of Bitcoin’s Proof-of-Work (PoW) with the efficiency of PoS consensus to protect decentralized networks. Stakers maintain full custody of their assets and can quickly unbond, thanks to Babylon’s innovative Extractable One-Time Signature (EOTS) technology.

Supported by notable investors like Hack VC and Polychain Capital, Babylon is paving the way for a new era in decentralized finance by bridging Bitcoin’s security to PoS ecosystems. For a more comprehensive look at Babylon’s vision, check out our full Babylon Guide.

Timeline of Babylon’s Staking

Babylon’s journey from testnet to mainnet reflects its commitment to providing a secure, decentralized staking solution:

• Bitcoin Staking Public Testnet (February 28, 2024): Babylon launched the first-ever trustless Bitcoin staking testnet. This phase introduced Bitcoin holders to staking without bridges or custodianship, marking Bitcoin’s debut as a major staking asset. The testnet allowed participants to experience Bitcoin staking, stake delegation, and on-demand unstaking.

• Babylon Testnet-4 (May 28, 2024): As an improved iteration, Testnet-4 focused on refining the user experience and further testing self-custodial staking through the Bitcoin Signet network. This phase emphasized security and flexibility, allowing stakers to engage with the protocol confidently.

• Mainnet Phase-1, Cap-1: In this initial mainnet phase, Babylon introduced its foundational BTC staking structure, enabling BTC holders to stake within capped limits. Stakers could lock Bitcoin and earn points, setting a new standard for trustless Bitcoin staking.

• Mainnet Phase-1, Cap-2 (Current Phase): Cap-2 expands on Cap-1 by significantly increasing transaction limits and lowering unbonding fees. This phase allows more extensive engagement by Bitcoin holders, strengthening the decentralized staking ecosystem.

Babylon Bitcoin Staking Mainnet Launch: Phase-1, Cap-2

Babylon’s Cap-2 launch is set to open earlier than expected on October 8, 2024, at around 19:20 UTC, bringing some exciting updates for Bitcoin holders interested in staking. During this phase, staking will run across 10 Bitcoin blocks, allowing all transactions within this range to be accepted without a total cap on the amount staked.

In Cap-2, you can stake as little as 0.005 BTC, while the maximum limit has been increased significantly to 500 BTC per transaction, giving larger holders the chance to participate. Additionally, the fee for unbonding (unstaking) has been halved, making it even easier to manage your stake. Babylon has also increased the rewards, with 10,000 points now allocated per Bitcoin block, split among all active stakers during each block.

However, keep in mind that any transactions submitted after the 10-block window will be labeled as overflow and won’t earn points. For full details and updates, you can check out the Babylon Blog.

Luganodes X Babylon

Luganodes has been an avid participant in Babylon’s journey, supporting the project since the first public staking testnet, bbn-test-3. With our institutional-grade services, Luganodes brings secure and reliable staking operations to the Babylon network, making it easy for BTC holders to participate in Babylon’s self-custodial staking protocol.

To join Cap-2 securely, stake with Luganodes using the official staking interface developed by Staking Rewards.

Staking Rewards Interface: Key Details to Remember

With Cap-2 set to go live today around 19:20 UTC, here’s what you need to know for a smooth experience:

• Supported Wallet: The BTC Stake App currently supports OKX Wallet.

• Staking Tips: To boost your chances, wait a few minutes after the window opens, assess mempool activity, and set a competitive fee—last time, the median was 669 sat/byte. Fees may vary depending on demand.

• Preparation: Fund your wallet in advance to avoid delays. Follow Staking Rewards’ step-by-step tutorial for guidance.

Stay Notified: Sign up here to receive a reminder just before the launch.

Babylon Labs Staking Interface

Alternatively, you can stake directly on Babylon’s website, via Luganodes.

Conclusion

The Babylon Bitcoin Staking Mainnet Launch: Phase-1, Cap-2 signifies a pivotal step in Babylon’s mission to combine Bitcoin’s security with PoS flexibility. With Luganodes, you can safely join this decentralized staking revolution, helping secure PoS networks while making the most of your BTC assets.

About Luganodes

Luganodes is a world-class, Swiss-operated, non-custodial blockchain infrastructure provider that has rapidly gained recognition in the industry for offering institutional-grade services. It was born out of the Lugano Plan B Program, an initiative driven by Tether and the City of Lugano. Luganodes maintains an exceptional 99.9% uptime with round-the-clock monitoring by SRE experts. With support for 45+ PoS networks, it ranks among the top validators on Polygon, Polkadot, Sui, and Tron. Luganodes prioritizes security and compliance, holding the distinction of being one of the first staking providers to adhere to all SOC 2 Type II, GDPR, and ISO 27001 standards as well as offering Chainproof insurance to institutional clients.