Babylon is a protocol that allows Bitcoin holders to securely stake their Bitcoins on the Bitcoin network and participate in the security of other blockchain networks that use proof-of-stake. The Babylon testnet will go live on 28th February 2024 and early participants will be rewarded! There are also tasks that might help with more Bablyon ($BBN) token airdrop opportunities. Here’s our Babylon ($BBN) token airdrop guide.
Check out our step-by-step guide!
What is Babylon ($BBN)?
Babylon is a project that lets people use their bitcoins to help secure other networks that use proof-of-stake. Proof-of-stake is a way of making sure that the people who run the network follow the rules and don’t cheat. Babylon has a special protocol that can do this without moving the bitcoins to another network, which is risky and expensive. Babylon also has a chain that connects Bitcoin and the proof-of-stake networks, and records important information on both sides. Here are some main features of Babylon:
Bitcoin staking: People can lock their bitcoins in a contract on the Bitcoin chain, and use them to validate blocks on a proof-of-stake network. If they follow the rules, they can earn rewards. If they break the rules, they will lose their bitcoins.
Fully slashable PoS security: Babylon can detect and punish any cheating behavior on the proof-of-stake network, by leaking the private keys of the cheaters and burning their bitcoins. This makes the network more secure and trustworthy.
Staker security and liquidity: People who stake their bitcoins can withdraw them anytime, as long as they are honest. They don’t have to wait for a long time or rely on other people’s agreement. This makes staking more convenient and flexible.
PoS-chain-agnostic: Babylon can work with any proof-of-stake network that uses a BFT consensus protocol, such as Tendermint, Casper, or GRANDPA. Babylon does not change the original protocol, but adds an extra layer of security on top of it.
What is the Babylon ($BBN) token?
The Babylon ($BBN) token is the governance token for the Babylon protocol. It plays a crucial role in ensuring that Babylon is owned by its users. Here are some key points about the BBN token:
Ownership and Governance:
The BBN token gives holders the power to influence decisions related to the Babylon protocol.
69% of the BBN tokens belong to the community, dynamically rewarding stakeholders for their contributions, ideas, curation, and community management based on performance and assets under management (AUM).
Protocol Management:
Babylon operates on the Ethereum network and follows principles of transparency, non-custodial control, and permissionless access.
The protocol’s governance is in the hands of BBN token holders. They vote on proposed changes to the protocol and decide how to utilize the protocol treasury.
Bitcoin Staking Pioneer Pass:
Babylon’s vision is to scale Bitcoin to secure the Proof-of-Stake economy.
By becoming a Bitcoin Staker, users can directly stake their bitcoins on Proof-of-Stake chains without relying on third-party custody or bridging mechanisms.
The protocol ensures security, liquidity, and yield for Bitcoin stakers.
In summary, the BBN token empowers the community to shape Babylon’s future and bridges Bitcoin’s security to the decentralized economy.
How to get the Babylon ($BBN) token airdrop?
Here’s our guide on how to get the Babylon ($BBN) token airdrop
Get OKX and Keplr browser wallets
Download the OKX and Keplr wallets on your Google Chrome extensions. If you don’t have the wallets, you can download it via their website at https://pioneers.babylonchain.io/
Add Babylon testnet network
Add the Babylon testnet to your Kepler wallet by clicking the top left hand corner and “Add more chains”. Then, in the pop-up window, type “Babylon”” in the search and add the Babylon Testnet. Add the Babylon testnet to your Kepler wallet by typing ‘Babylon’ in the search and clicking on ‘Add Babylon testnet’. Then click on the top left hand corner again and go to “Manage Chain visibility”. Search for and select the Babylon chains, and click “Save”.
Get testnet tokens
Join the Babylon Discord channel HERE and go to the #faucet channel. Type “!faucet [Babylon testnet address]”. To find your Babylon testnet address, go to your Keplr wallet and click “Copy Address”. There you will find your Babylon testnet address. The faucet will give you 0.1 testnet $BBN tokens, and you can claim once every 6 hours.
Connect to Signet network on OKX wallet
Connect to Signet network on the OKX wallet by clicking on the top right hand corner and finding the “BTC Signet” network. The Signet network is the Bitcoin test network that runs parallel to the Bitcoin main chain.
Get testnet BTC ($sBTC)
On the OKX wallet page click “Manage crypto” and search “sBTC”. Then click the add button. Afterwards, go to https://alt.signetfaucet.com/ and type in your sBTC address to get some testnet BTC. You may have to click on this multiple times to get your $sBTC because the network is very congested right now. If your request does succeed, the page will say “Processing” and you will be taken to a transaction hash page. There, you will need to copy the transaction ID and submit it on Galxe under the task “Survey: Claim Signet Bitcoin”.
Complete Galxe quests and mint NFT
Go to Babylon’s Galxe page and complete their tasks. These are social tasks, such as following or interacting with their social media accounts. Once you have completed all the Galxe quests, you will be able to mint the Babylon NFT. Make sure to complete the tasks and mint ASAP, because there is a cap of 100,000 NFTs.
Stake testnet Babylon tokens
Go to the Babylon testnet staking page immediately when it goes live in 1 day. Stake your $sBTC and $BBN on the Babylon testnet. Remember to return to this Babylon ($BBN) token airdrop guide when the time comes for more details!
Complete Zealy quests
Connect to Babylon’s Zealy page and complete the tasks. Their Beacons Ambassador Program is relatively easy to complete and requires you to simply create content for Babylon. Upon completing the 8 tasks, you will unlock higher levels and Discord roles, such as Knight and Vanguard. Additionally, this achievement may also serve as an eligibility criterion for any potential airdrops.
Claim Bitcoin pioneer pass NFT
Claim your commemorative Bitcoin pioneer pass NFT during the seven-day claim period at launch. The supply is limited and is first come, first serve.
