Bitcoin’s staking protocol, Babylon, has once again taken the market by storm. The second staking round reached $1.5 billion in no time. Babylon completed its second round of staking on Tuesday, increasing the deposits to about 24,000 BTC, converted to 1.5 billion dollars. The latest staking, dubbed “Cap-2,” allowed users to deposit up to 10 Bitcoin blocks on the Babylon platform on Tuesday. In order for processing to happen as soon as possible, users had to pay more. This is a prize auction on August 22 launched causing transaction fees to skyrocket for a while. Instead of the usual transaction fees, it was possible to run into an amount of up to 100 dollars on the network. Babylon’s mission is to enable proof-of-stake chains to benefit from Bitcoin’s vast capital reserves. This is a significant initiative amid efforts to increase the utility of the Bitcoin network.
Source: according to