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The second phase of Babylon staking has ended: 23,000 BTC get on board, institutions become the market makers.
Bitcoin Staking Protocol Babylon Phase Two Staking Ends: Reasons Behind the Calm and Main Participants
Recently, the second phase (Cap-2) staking activity of the Bitcoin staking protocol Babylon has come to an end. Although the staking lasted only 10 blocks, it still attracted approximately 23,000 BTC to participate. However, compared to the first phase (Cap-1), the community discussion heat and on-chain transaction fees for this staking activity have significantly decreased. What exactly is the reason for this difference? Who performed most actively in this round of staking? Let's analyze these questions together.
Why is the Cap-2 stage stake so calm?
Looking back at the Cap-1 stage stake, users experienced a surge in Bitcoin network transaction fees, which soared to over 1000 satoshis/byte in order to stake BTC into Babylon, with transaction Gas losses even exceeding 4% of the principal. Ultimately, within more than 3 hours, the staking limit of 1000 BTC was reached, with approximately 12,700 participating addresses.
In contrast, the on-chain activity during the Cap-2 phase appears much calmer. Although the total stake reached 22,891 BTC with 12,570 participating addresses, the average network transaction fee during this period only maintained around 30 satoshis/byte. The main reasons for this difference are as follows:
1. Changes in staking rules
Cap-2 staking adopts a "limited time unlimited amount" mechanism, removing the staking limit while increasing the single staking limit from 0.05BTC to 500BTC. This change not only alleviates users' FOMO but also better meets the needs of institutions and re-staking projects.
2. Staking points are diluted
In Cap-2, the points generated by each block increased to 10,000, but due to a significant increase in the total stake amount, the points earned per BTC were severely diluted. This somewhat affected users' enthusiasm for participation.
3. The staking power is shifting towards institutions and project parties.
According to statistics, the number of addresses participating in Cap-2 stake is basically on par with Cap-1, and even slightly decreased. However, the proportion of re-staking projects in the total stake has further increased, approaching 90%. This indicates that the main battleground for Babylon stake has shifted towards institutions and re-staking projects.
Main Participants Analysis
By statistically analyzing the staking conditions of 7 mainstream Babylon re-staking protocols in Cap-1 and Cap-2, we found that:
The Development and Potential Risks of the Re-staking Protocol
As the re-staking ecosystem continues to develop and grow, users have gained more convenience. However, this has also sparked discussions about fund security and the original intention of Babylon:
Security considerations: The current re-staking protocols generally adopt custodial solutions, which may contradict the trustless and self-custody concepts advocated by Babylon and BTC.
Potential Risks: The previous attack on Bedrock, which resulted in a loss of approximately $2 million, has raised user concerns about the security of the re-staking protocol.
Low native staking ratio: If the proportion of native stakers continues to decline, it may affect the level of decentralization in the Babylon ecosystem.
Although the re-staking protocol provides users with additional income and convenience, users still need to weigh the benefits against potential risks when choosing to participate. At the same time, the re-staking protocol also needs to continuously improve security to ensure the safety of user funds and maintain the healthy development of the Babylon ecosystem.