SatLayer, a Bitcoin (BTC) utility and security platform, has launched the “Phase I” of its mainnet, as well as Cube, a Babylon Genesis (BABY) liquid staking solution, according to the latest reports shared with Finbold on Friday, April 11.
Launching with over $250 million in BTC deposited, SatLayer will lay a stronger foundation for Bitcoin decentralized finance (DeFi) and help transform BTC into a programmable asset with more utility in the ecosystem.
By doing so, SatLayer also unlocks trillions of dollars worth of idle Bitcoin to give nation-states, institutions, and individual traders more yield-earning opportunities.
Bitcoin liquidity and security
As a decentralized restaking app on Babylon, SatLayer helps bring BTC liquidity and security characteristic of Layer 1 and (L1) Layer 2 (L2) chains to decentralized applications (dApps) and infrastructure as well.
Starting with Babylon Genesis and preparing to support other leading L1/L2 ecosystems in the future, SatLayer promises use cases such as under-collateralized loans, slashing insurance, and on-chain prime brokerage.
To support the launch of Babylon Genesis and its native BABY token, SatLayer has developed Cube, a Babylon-native liquid staking solution that enables users to liquid-stake BABY and receive cBABY, a liquid staking token.
cBABY token utility
cBABY can be used to earn additional rewards when deposited into SatLayer and downstream DEFI protocols such as Tower, a Babylon Genesis decentralized exchange (DEX), or lending protocols.
Luke Xie, co-founder of SatLayer, also noted the team’s desire to drive adoption with the token:
“Beyond native BABY staking, the introduction of cBABY with the launch of Cube creates a multiplier effect on BABY’s efficiency and yield generation. Our goal is to connect the broader ecosystem in a way that scales security alongside adoption, without requiring a proportional increase in locked capital.”
Since Cube is built natively on Babylon Genesis, users can strengthen the security of the ecosystem by staking while also supporting the growth of both SatLayer and Babylon Genesis and earning rewards.
