New-gen DeFi protocol SatLayer has launched phase one of its mainnet, together with Cube, a Babylon-native liquid staking solution for Babylon Genesis’ BABY token. This combination of developments is set to accelerate the progress of Bitcoin's DeFi.
SatLayer framework launches on Bitcoin-based Babylon mainnet
SatLayer, a one-stop DeFi framework for Bitcoin-based Babylon protocol, officially announces the launch of its fully functional version. The protocol is one of the first commercial dApps on Babylon's recently launched Genesis Mainnet.
SatLayer plays a critical role in bringing Bitcoin's massive liquidity and economic security beyond L1/L2 chains, to applications and infrastructure as well.
Starting with apps and infrastructure on Babylon Genesis, and very soon any leading L1/L2 ecosystem, SatLayer unlocks key use cases such as under-collateralized loans, slashing insurance and on-chain prime brokerage.
Fisher Yu, cofounder of the Babylon Bitcoin staking protocol, welcomes the new addition to its ecosystem of applications:
We’re excited about SatLayer’s launch on Babylon and what this means for BTC-powered applications and infrastructure. SatLayer will help expand the Babylon Genesis ecosystem, and we’re looking forward to seeing what SatLayer and their other integrators will build on Babylon Genesis.
Launching with over $250 million in BTC deposited, SatLayer is set to provide a strong foundation for Bitcoin DeFi and accelerate Bitcoin’s transformation into a programmable asset with broad utility throughout the crypto ecosystem.
Cube liquid staking solution welcomes BABY depositors
To support the launch of Babylon Genesis and BABY token, SatLayer has also developed Cube, a Babylon-native liquid staking solution that facilitates the staking of Babylon Genesis’ native token, BABY.
Luke Xie, cofounder of SatLayer, highlights the importance of this launch for the entire ecosystem of Bicoin-backed DeFi apps:
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.
Cube enables users to easily liquid-stake BABY and receive cBABY, a liquid staking token that can be used to earn additional rewards by depositing it into SatLayer and downstream DeFi protocols such as Tower, a Babylon Genesis DEX, or lending protocols. Since Cube is built natively on Babylon Genesis, it provides the best user experience without the need for bridging.
This allows users to strengthen the security of Babylon Genesis while also supporting the growth of SatLayer and Babylon Genesis’ ecosystems and earning two or more sets of rewards (from Babylon Bitcoin staking protocol, SatLayer and optional downstream DeFi protocols).
Vladislav Sopov
Dan Burgin