What is Babylon?
Babylon is a trustless Bitcoin staking protocol, allowing users to stake BTC in a PoS system and earn rewards on networks like Cosmos, Ethereum, BSC, and Polygon, while maintaining full asset control.
With Babylon's fast unbonding and scalable staking features, Bitcoin stakers can not only enjoy PoS staking rewards but also participate in projects integrated with the Babylon protocol, such as SolvBTC and Bedrock, to earn additional income.
Babylon's Bitcoin staking is rolling out in phases, with the first phase—Bitcoin Locking—now live. You can access the Babylon DApp via imToken and begin staking by submitting a BTC staking transaction on Bitcoin.
Reference: https://babylonlabs.io/blog/babylon-bitcoin-staking-mainnet-launch-phase-1
How to Use Babylon on imToken
Adding an Account
First download and install imToken (https://token.im) to create/import a wallet and add a Bitcoin account. Click to check website certificate security.
If you didn‘t add a Bitcoin account when creating/importing your wallet, please navigate to "My Profile" -> "Manage wallets" -> "Add", select the Bitcoin network, and confirm (the default address type is Taproot, starting with "bc1p"). Return to the wallet home page to access the newly created Bitcoin account.
Note: Only Bitcoin accounts starting with "bc1p" (Taproot) or "bc1q" (Native SegWit) are supported for Babylon staking. Learn more: How to add Bitcoin addresses starting with 1, 3, or bc1q?
Staking
1. Open your BTC account and go to the Browser page. Search for Babylon or enter the URL: https://btcstaking.babylonlabs.io/ to launch the DApp.
2. After connecting your wallet, choose a finality provider (validator) to delegate to. Enter the amount to stake, click "Preview" to review miner fees, staking period, etc., and then click "Stake" to sign and complete the staking.
Note: Finality providers stake BTC and participate in the block validation process, ensuring the chain's integrity and security.
3. After submitting the staking transaction, you can view your staking records in the Stake history section.
Unbonding
1. Open Babylon, connect your wallet, and find your staking record. Click "Unbond" to view the unbonding fee, estimated unbonding period, etc.
2. Click "Proceed" to confirm the miner fee, then click "Sign" to submit the unbonding transaction. Wait for the transaction to be confirmed to complete the unbonding process.
Withdrawing
1. Open Babylon, connect your wallet, find the unbonded (withdrawable) record in Stake history, and click "Withdraw."
2. Click "Proceed" to confirm the miner fee, then click "Sign" to send the withdrawal transaction. After confirmation, the tokens will be withdrawn to your Bitcoin wallet.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.