Babylon users unstake $21M in Bitcoin following token airdrop

4 days ago

Over $21 cardinal successful Bitcoin was unstaked from Babylon arsenic aboriginal users claimed 600 cardinal BABY tokens successful the platform’s latest airdrop.

Babylon users unstake $21M successful Bitcoin pursuing token airdrop

More than $21 cardinal worthy of Bitcoin was unstaked from the Babylon protocol successful the 24 hours aft the platform’s token airdrop, according to blockchain information shared by a developer.

On April 4, Bitfeed developer Mononaut shared that successful the erstwhile 24 hours, 256 Bitcoin (BTC) had been unstaked from the staking protocol. Mononaut said that the unstaking transactions paid 1.35 BTC successful fees and consumed 1.318 Megavirtualbytes (MvB) of blockspace. This means the transactions generated precocious fees and occupied astir a 3rd of an full Bitcoin block.

The enactment followed Babylon’s 600 cardinal airdrop of its autochthonal token, BABY, which was distributed to aboriginal users and contributors.

Babylon airdrops 600 cardinal tokens to aboriginal adopters

In a erstwhile Cointelegraph interview, Babylon co-founder Fisher Yu said that, dissimilar Ethereum and Solana, Bitcoin staking does not reward stakers successful the chain’s autochthonal asset. Instead, they whitethorn get rewards successful the signifier of the autochthonal token of the blockchain secured by the staked Bitcoin capital.

On April 3, the Babylon Foundation announced the details of the airdrop programme for its aboriginal adopters. The protocol said the airdrop was dedicated to its Phase 1 stakers, non-fungible token (NFT) holders and developers contributing to its ecosystem.

The staking protocol said it was airdropping 600 cardinal BABY tokens, 6% of its full supply; 30 cardinal BABY were allocated to the protocol’s Pioneer Pass NFT holders, portion 5 cardinal BABY were slated for open-source contributors.

The remainder of the tokens were to beryllium distributed among eligible stakers who participated successful the protocol’s Phase 1. This included a involvement information airdrop of 30 cardinal BABY, a basal staking reward airdrop of 335 cardinal BABY and a bonus staking reward airdrop for Phase 2 modulation of 200 cardinal BABY.

While the level distributed an airdrop for its aboriginal adopters, it clarified that it did not see wallet campaigns and liquid staking incentives successful this airdrop event.

In effect to the airdrop, crypto speech OKX listed the BABY token and USDT brace successful pre-market futures. Pre-market futures let traders to speculate connected an asset’s aboriginal price. This allows investors to commercialized BABY futures earlier the plus becomes disposable successful spot markets.

Data level DefiLlama shows that Babylon presently has a full worth locked (TVL) of $4.29 billion. This represents 80% of the Bitcoin ecosystem’s wide TVL of $5.34 billion.