The Babylon Foundation, an entity tied to the Bitcoin staking protocol Babylon, released tokenomic details for its BABY token Thursday—and revealed an airdrop for early users.
The Foundation will provide 6% or 600 million BABY, the Babylon Genesis Network’s native governance token, to five reward groups and early supporters as part of its airdrop. The vast majority of tokens (585 million) set aside for the airdrop campaign will be provided to those who have staked Bitcoin with Babylon.
“Tokens will be directly transferred to the registered BABY address upon Babylon Genesis launch,” the Babylon Foundation posted on X (formerly Twitter). “No claims needed.”
The largest allocation, 335 million BABY tokens, is for those who participated in Babylon’s Base Phase-1 staking, the locking up of native Bitcoin tokens via Babylon which took place across multiple instances called “caps.”
The protocol launched three total caps of Bitcoin staking, the first of which was held to just 1,000 Bitcoin and led to a major spike in transaction fees as users rushed to be among the first to stake their Bitcoin ahead of anticipated rewards.
Another 200 million BABY is earmarked for users that transition their Phase-1 stakes to Phase-2. Two smaller buckets—of 30 million and 5 million BABY, respectively—will be provided to Pioneer Pass NFT holders and Github contributors.
BABY was first revealed in February, and users were able to create and register a BABY address and connect it to their Bitcoin staking wallet. At the launch of the Babylon Genesis Network, users will automatically receive their airdropped BABY tokens.
Users who have participated in Babylon staking, but have not registered their address, can still do so if they transition their stakes to Phase-2. Other social and wallet campaign airdrops for BABY are also planned by the Foundation.
Babylon Genesis is a layer-1 proof-of-stake blockchain that is secured by Bitcoin, meaning it uses Bitcoin staking to secure and provide liquidity to the network. The network will utilize a “dual-staking” model, allowing users to stake both BTC and BABY tokens.
Babylon previously raised more than $70 million to make Bitcoin the “backbone of proof-of-stake systems”—in other words, making it possible to use the leading crypto asset to help secure proof-of-stake chains like Ethereum or Solana.
Edited by Andrew Hayward
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