- SatLayer framework launches on Bitcoin-based Babylon mainnet
- Dice liquid staking answer welcomes BABY depositors
New-gen DeFi protocol SatLayer has launched part certainly one of its mainnet, along with Dice, a Babylon-native liquid staking answer for Babylon Genesis’ BABY token. This mix of developments is about to speed up the progress of Bitcoin’s DeFi.
SatLayer framework launches on Bitcoin-based Babylon mainnet
SatLayer, a one-stop DeFi framework for Bitcoin-based Babylon protocol, formally declares the launch of its absolutely purposeful model. The protocol is without doubt one of the first industrial dApps on Babylon’s just lately launched Genesis Mainnet.
SatLayer performs a vital function in bringing Bitcoin’s huge liquidity and financial safety past L1/L2 chains, to functions and infrastructure as properly.
Beginning with apps and infrastructure on Babylon Genesis, and really quickly any main L1/L2 ecosystem, SatLayer unlocks key use instances comparable to under-collateralized loans, slashing insurance coverage and on-chain prime brokerage.
Fisher Yu, cofounder of the Babylon Bitcoin staking protocol, welcomes the brand new addition to its ecosystem of functions:
We’re enthusiastic about SatLayer’s launch on Babylon and what this implies for BTC-powered functions and infrastructure. SatLayer will assist broaden the Babylon Genesis ecosystem, and we’re wanting ahead to seeing what SatLayer and their different integrators will construct on Babylon Genesis.
Launching with over $250 million in BTC deposited, SatLayer is about to offer a robust basis for Bitcoin DeFi and speed up Bitcoin’s transformation right into a programmable asset with broad utility all through the crypto ecosystem.
Dice liquid staking answer welcomes BABY depositors
To help the launch of Babylon Genesis and BABY token, SatLayer has additionally developed Dice, a Babylon-native liquid staking answer that facilitates the staking of Babylon Genesis’ native token, BABY.
Luke Xie, cofounder of SatLayer, highlights the significance of this launch for the whole ecosystem of Bicoin-backed DeFi apps:
Past native BABY staking, the introduction of cBABY with the launch of Dice creates a multiplier impact on BABY’s effectivity and yield era. Our purpose is to attach the broader ecosystem in a method that scales safety alongside adoption, with out requiring a proportional improve in locked capital.
Dice allows customers to simply liquid-stake BABY and obtain cBABY, a liquid staking token that can be utilized to earn extra rewards by depositing it into SatLayer and downstream DeFi protocols comparable to Tower, a Babylon Genesis DEX, or lending protocols. Since Dice is constructed natively on Babylon Genesis, it offers the most effective person expertise with out the necessity for bridging.
This permits customers to strengthen the safety of Babylon Genesis whereas additionally supporting the expansion of SatLayer and Babylon Genesis’ ecosystems and incomes two or extra units of rewards (from Babylon Bitcoin staking protocol, SatLayer and optionally available downstream DeFi protocols).