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Axelar Network, the leading Web3 interoperability platform, has announced a collaboration with Babylon Genesis, a blockchain that supports native Bitcoin staking. This integration brings Babylon Genesis into over 70 blockchain networks. Bitcoin holders can now stake their Bitcoin across multiple decentralized systems and earn rewards.
The Babylon Genesis and Axelar collaboration aims to transform decentralized finance by leveraging Bitcoin’s stability and liquidity. The Babylon Genesis staking protocol ensures that Bitcoin holders can earn rewards without the need for third-party storage, bridging or wrapping services. This development integrates Bitcoin’s high level of security into PoS networks, layer 2 solutions, and data availability layers, further enhancing Bitcoin’s utility in a decentralized world.
Several teams in the Babylon ecosystem, including EtherFi, Kinza, Lorenzo, and Tower, have already integrated Axelar into their platforms. The integration enables the development of Bitcoin-based decentralized applications that benefit from improved scalability, security, and cross-chain interoperability.
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