Babylon Labs has unveiled Genesis, the first bitcoin-secured layer-1 blockchain, utilizing its own bitcoin staking technology. This innovation aims to enhance bitcoin's utility, transforming it into a cornerstone for proof-of-stake (PoS) security and liquidity. By August 2024, Genesis had attracted up to 57.5k BTC staked in self-custodial contracts, ranking third by staking market cap while representing just 0.27% of bitcoin's total supply. Key features include dual-quorum staking with native BTC holders maintaining control and functioning as a liquidity hub with decentralized exchanges and restaking. Babylon’s protocol promotes trust-minimized participation, appealing to Bitcoin purists. Furthermore, a trust-minimized bridge is in development, seeking to facilitate seamless BTC bridging without relying on multisigs. The project envisions a robust Bitcoin-native layer for liquidity and security, aiming to unlock significant DeFi activity on Bitcoin.

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