Babylon Chain (N/A)

Babylon Chain is the world’s first native staking protocol that aims to resolve the main issues PoS blockchains face when securing the network against fork and long-range attacks. To achieve this, it utilizes a shared security model, allowing other protocols to leverage Babylonchain’s staking power while implementing Bitcoin-powered timestamps to enhance protocols’ integrity and security.

On the other hand, the platform provides $BTC holders with an opportunity to non-custodially stake their tokens without needing to wrap their assets or bridge them to other networks, while earning APR in altcoins from other PoS networks.

The Babylonchain staking protocol is built with the Cosmos SDK, allowing the platform to divide the node into multiple blocks, which reduces the checkpointing cost. It consists of multiple modules, each playing its own role in powering the security of PoS networks. Read about Babylonchain’s infrastructure here. 

🪙 Babylon Chain token: Currently, there is no public information on whether Babylonchain will release a token or its possible utility. However, considering the  EigenLayer case, which is a similar platform in technology and concept to Babylon Bitcoin staking platform, we assume the Babylon Chain token will power the governance layer of the protocol.

Recently, Babylonchain closed its public testnet and is preparing for the mainnet launch, where it will enable staking BTC. It is most likely that, in the beginning, the project will act as a symbiotic protocol, granting users points for providing liquidity on its platform and protocols built upon it. And the application of a points system means rewards 😉

Considering the upcoming launch of the project’s mainnet, the CoinLaunch team conducted comprehensive research on Babylon Chain and found some major pros and cons of the project:

✅ Babylonchain’s pros:

• Impressive concept and design, with the potential to overtake the market of shared security in the future;
• Over 300K active users who participated in multiple Babylonchain testnet phases;
• Very strong SMM and  influencer marketing performance.
• High scores in PR, SEO, growth marketing, and marketing infrastructure;
• The company managed to garner an impressive $96M from many top-tier funds such as Paradigm, Polychain, Binance Labs, and others;
• Diverse network of partners supporting the project, including Binance Labs, which suggests the project's token has a good chance of being listed on the largest cryptocurrency exchanges;
• Experienced executive team. One of the project’s co-founders is a Stanford University professor with experience in blockchain research and engineering.

❌ Babylonchain’s cons:

• No tokenomics;
• No clear roadmap provided by the team;
• The platform has not been audited by any security company. However, according to the community managers, some top-tier auditors are currently reviewing the protocol.