After adding support for more Bitcoin accounts like Taproot, the latest imToken update introduces Babylon Bitcoin staking.
Babylon Bitcoin Staking
Babylon is a trustless self-custody staking protocol on the Bitcoin network
Bitcoin, powered by the PoW mechanism, has operated successfully for 15 years, proving its resilience over time. However, under this mechanism, Bitcoin does not support staking, leaving its trillion-dollar native tokens largely idle, with low capital efficiency. Meanwhile, many PoS chains lack sufficient valuable tokens to secure their networks.
Babylon addresses this by enabling Bitcoin staking, converting idle BTC into security support for PoS chains. Throughout the process, Babylon employs a series of stringent mechanisms to ensure the security and flexibility of user staking operations:
- Bitcoin-Based: Staking operations occur on the Bitcoin mainnet, ensuring token security.
- Real-Time Verification: If stakers violate the protocol, the system automatically enforces slashing on the Bitcoin network.
- Flexible Withdrawal: Stakers can retrieve their staked BTC at any time, allowing for convenient token management.
Staking through Babylon puts BTC to better use, allowing stakers to enhance PoS chain security while earning native token rewards.
imToken Now Supports Babylon Bitcoin Staking
imToken now supports Babylon Bitcoin staking, boosting innovation in the Bitcoin ecosystem. By transforming BTC into yield-generating assets, Babylon increases the capital efficiency of Bitcoin. In traditional finance, yield-generating assets account for over 90%, highlighting their importance. As more idle Bitcoin liquidity is activated, the Bitcoin ecosystem is expected to evolve like Ethereum, creating new opportunities and wealth effects.
Go to the "Manage wallets" page in imToken, select "Add," choose Bitcoin, and click the icon in the upper right corner. Then, select "Advanced" and check the Bitcoin address types that support staking (Taproot and Native SegWit). After creating the account, deposit BTC, and visit the Babylon staking DApp in the browser to begin staking.
For detailed instructions, please refer to: How to Stake Bitcoin through Babylon on imToken?