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In summary
- Babylon Chain surpassed $3 billion in deposits with over 36,100 BTC locked by 88,000 unique users.
- In just 48 hours, the platform recorded $1.2 billion in Bitcoin deposits, boosted by new supports from Binance and Bitrue.
- Babylon Chain integrates Bitcoin security into proof-of-stake networks, turning BTC into an active asset for securing blockchains.
Babylon Chain, the middleware Blockchain that secures Cosmos-based chains with Bitcoin, just surpassed $3 billion in deposits.
Babylon has recorded deposits of more than 36,100 BTC, valued at more than $3.63 billion, according to Dune data at the time of writing. The assets were deposited by almost 88,000 unique users. And in the last week, the amount of Bitcoin deposited increased by almost 51.4%.
With nearly $350 million deposited on December 11 and $834 million deposited on December 10, Babylon Chain recorded $1.2 billion in Bitcoin deposits in 48 hours. Unique depositors also increased from approximately 48,000 on December 10 to 62,230 on December 11, adding around 14,250 users in just one day.
This follows a report from early October that indicated that at that time Bitcoin holders had locked approximately 23,000 BTC valued at $1.4 billion on the Babylon Chain. The project established a marketplace that connects users seeking to lock their Bitcoin in exchange for rewards with proof-of-stake networks seeking valuable assets to secure their networks.
Babylon Chain is a protocol that attempts to integrate Bitcoin’s security features—its Proof-of-Work timestamping, asset liquidity, and censorship-resistant block space—into other blockchain ecosystems.
Through its Bitcoin security sharing protocols, Babylon claims to enable decentralized networks to inherit the strong security of Bitcoin, creating a more secure, trust-minimum foundation for proof-of-stake chains and other decentralized applications.
The sudden increase in deposits follows the launch of support for yield generation through Babylon Chain by Binance, the world’s leading Cryptocurrency exchange, on December 9. Similarly, competing platform Bitrue also added network support on the same day.
Bitrue research team leader Andri Fauzan Adziima told Decrypt that the exchange decided to integrate Babylon Chain because it turns Bitcoin “from just being a store of value to something that actively supports blockchain security.”
He also said that Bitrue 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 safe, they are more likely to participate, and that activity brings more liquidity,” Adziima said.
Edited by Stacy Elliott.
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