The Babylon Foundation, associated with the Bitcoin staking protocol Babylon, has announced an airdrop of its native governance token, BABY.
The Babylon Foundation, associated with the Bitcoin staking protocol Babylon, has announced an airdrop of its native governance token, BABY, coinciding with the upcoming launch of the Babylon Genesis network.
The Foundation revealed that 600 million BABY tokens, representing 6% of the total supply, will be distributed to five reward groups, primarily targeting early supporters.
Of the total airdrop allocation, 585 million BABY tokens will be given to users who have staked Bitcoin with Babylon. The largest share, 335 million BABY, is reserved for participants in Babylon's Base Phase-1 staking, which involved locking up Bitcoin tokens during a series of limited-cap events.
The first of these caps allowed only 1,000 Bitcoin, resulting in increased transaction fees as users hastened to stake their assets.
An additional 200 million BABY tokens will be allocated to users who transition their Phase-1 stakes to Phase 2. Smaller allocations of 30 million and 5 million BABY tokens will be distributed to holders of Pioneer Pass NFTs and GitHub contributors, respectively.
The Foundation has emphasized that tokens will be directly transferred to registered BABY addresses upon the Babylon Genesis network launch, eliminating the need for claims. Users who participated in Babylon staking but have not registered their addresses can still do so during the transition to Phase 2.
Babylon Genesis is a layer-1 proof-of-stake blockchain secured by Bitcoin, utilizing Bitcoin staking to enhance network security and liquidity. This dual-staking model allows users to stake both Bitcoin and BABY tokens.
The Babylon Foundation aims to integrate Bitcoin into proof-of-stake systems, having previously raised over $70 million for this initiative.
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