Babylon Meets Magpie: Liquid Staking for Bitcoin
The Bitcoin landscape is being radically redefined by the introduction of a pioneering protocol that dramatically boosts Bitcoin’s utility: Babylon Bitcoin staking protocol. This breakthrough vastly increases the potential uses and engagement opportunities for BTC holders in the crypto world. Aligned with the continuous growth of this dynamic industry and driven by our dedication to advancing this ever-changing domain, we are thrilled to announce our integration with Babylon. This effort has led to the establishment of Babypie, a new SubDAO by Magpie dedicated to staking BTC on Babylon. Designed to boost Bitcoin’s development, Babypie enables users to stake their native BTC through Babylon, maximizing their potential rewards. With this strategy, we aim to expand the scope and capabilities of DeFi, creating new opportunities for institutions and retail users to participate.
What is Babylon?
Babylon designs security protocols that scale Bitcoin to secure the decentralized ecosystem. To this end, Babylon utilizes the three primary facets of Bitcoin: Bitcoin the asset, Bitcoin the PoW-secured timestamping server, and Bitcoin the most censorship-resistant blockspace in the world. Through inventing pioneering protocols, Babylon envisions a more secure and Bitcoin-centric DeFi.
Currently, it includes two protocols:
- Bitcoin timestamping: This protocol sends succinct and verifiable timestamps of any data (such as PoS blockchains) to Bitcoin.
- Bitcoin staking: This protocol allows Bitcoin the asset to provide economic security to any decentralized systems through trustless (and self-custodian) staking.
In particular, Babylon Bitcoin staking protocol does not need any third-party custody/bridge/wrapping. It provides slashable economic security guarantees to the PoS chains while ensuring efficient stake unbonding to enhance liquidity for Bitcoin holders. This protocol is designed as a modular plug-in compatible with various PoS consensus protocols and serves as a foundational component for building restaking protocols.
Babypie: Providing Liquid Staking for BTC
Magpie is creating Babypie, a platform intended to offer staking services for Bitcoin tokens using Babylon’s technology. Babypie’s primary goal is to optimize rewards opportunities for active participation while supporting the long-term growth of the Bitcoin ecosystem.
Users can deposit their BTC on Babypie to receive a wrapped version of their assets. This wrapped version allows users to access yield opportunities for their BTC holdings, enhancing both flexibility and capital efficiency.
mBTC
mBTC is a cross-chain wrapped token pegged to BTC on a 1:1 basis and it does not accrue any underlying yield. If you simply hold mBTC in your wallet, you won’t earn additional tokens daily.
To earn yield, users need to stake it as smBTC or provide liquidity for mBTC on a DEX.
smBTC
smBTC is a liquid staked, yield-bearing version of mBTC. By staking mBTC as smBTC, Bitcoin holders can add an rewards layer to their BTC positions.
Upon acquiring smBTC, users will see a gradual increase in their asset value relative to BTC derived from BTC staking on Babylon. Additionally, Babypie enables users to explore further DeFi opportunities through smBTC, thereby enhancing their potential for higher returns. smBTC will be launched after Babylon enables staking yield.
The BBP Token
BBP acts as the governance and reward earning token for Babypie, benefiting directly from the successful expansion and development of the Babypie ecosystem.
Security
Babypie prioritizes user security and trust above all. In our pursuit of transparency and stability, we have rigorously reviewed our protocol, enlisting top industry experts for comprehensive audits. To further secure our platform, we have implemented a robust multi-signature mechanism across all our smart contracts. Enhancing our safety measures, Magpie has formed strategic partnerships with renowned platforms like Pendle Finance, PancakeSwap, EigenLayer, Radiant Capital, Lista DAO, Camelot DEX, and Wombat Exchange, amassing over $1.3 billion in TVL. Babypie is committed to providing the Bitcoin community with a unique, secure, and profitable DeFi experience.
Babypie’s launch is strategically planned to advance the development of Babylon and Bitcoin, while expanding the offerings within the Magpie Ecosystem. We aim to boost user involvement, enhance rewards, and promote interaction with Babylon’s infrastructure. Babypie is committed to optimizing the user experience by providing a refined range of rewards for active participation within a cohesive and streamlined DeFi ecosystem.
Babypie is set to launch a reward point system to recognize and reward its users’ engagement, encompassing both asset depositors and those who bring in new members through referrals.
About Babypie: Babypie is a top-tier SubDAO launched by Magpie that concentrates on liquid staking services for BTC using Babylon. As a liquid staking platform for Bitcoin, Babypie allows users to stake their Bitcoin as mBTC. Created by Babypie, mBTC is a liquid staked version of BTC, enabling users to earn rewards from Bitcoin staking without any required lockup period and expanding opportunities across DeFi.
About Magpie: The Magpie DAO is a suite of protocols that transcends conventional platforms with the goal of enhancing participation and user opportunities across DeFi. Integrated with an array of structures and solutions, Magpie adapts itself to different frameworks with the goal of achieving continuous growth while supporting the core functionalities of the decentralized finance ecosystem. As a Mega DAO composed by various SubDAOs, Magpie focuses on blackholing governance tokens and offering Liquid Restaking Services.
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