Key Points
- Bitrue and Babylon Labs have launched a Bitcoin staking opportunity for their users.
- The dual reward system provides Babylon points and up to 2.3% APR on staked Bitcoin.
Bitrue, a well-established and diverse trading platform, has announced a new partnership with Babylon Labs. The collaboration aims to offer a Bitcoin staking opportunity, allowing users to earn on-chain rewards.
Bitcoin Staking Opportunity
The staking opportunity will run for nine days, beginning on Monday, December 9. Unlike other cryptocurrencies, Bitcoin does not have native staking due to its Proof-of-Work mechanism. However, Bitrue and Babylon Labs have devised a way for users to stake their Bitcoin and earn rewards.
Users staking their Bitcoin on Bitrue during the dual rewards program will receive compensation. The rewards include earning Babylon points and getting up to 2.3% Annual Percentage Rate (APR) on the staked Bitcoin. Babylon points can later be redeemed for rewards.
The 2.3% APR earned on the staked Bitcoin will be credited to the participants’ accounts daily. This frequent return could benefit those planning to hold their Bitcoin for a long time and maximize their earnings.
To participate in the Babylon Points program, users can navigate to the Bitrue platform and stake their Bitcoin with a few clicks. Users without Bitcoin can acquire some through the platform’s BTC/USDT trading pair.
Babylon Labs: Connecting Bitcoin and DeFi
Babylon Labs’ creative team facilitated the dual reward system. Despite Bitcoin’s traditional lack of staking, they found a way to integrate Bitcoin with Decentralized Finance (DeFi). From December 9, participants can start earning 2.3% daily on their staked Bitcoin.
Babylon Labs has conducted staking in the past. In February, Binance Labs, the development arm of Binance, invested in Babylon. Their staking protocol allows users to stake without needing native tokens, enabling Bitcoin holders to earn directly without third-party custody.
In another collaboration with the Nomic DAO Foundation, Babylon provided an opportunity for users to participate in Bitcoin liquid staking (stBTC). This allowed users to use their BTC holdings as security on other chains and receive compensation in alternative cryptocurrencies.
