Babylon Chain Surpasses $3.7 Billion in Bitcoin Deposits

Babylon Chain, a protocol that enhances the security of Layer 1 Proof-of-Stake chains through integration with the Bitcoin (BTC) network, has now surpassed $3.7 billion in total deposits. The total, which amounts to more than 37,800 BTC, represents a 4.81% increase in deposits within the past 24 hours and a 58.31% increase over the past week, according to data from Dune . Nearly $350 million was deposited on Dec. 11 alone, following $834 million on Dec. 10, bringing Babylon Chain’s BTC deposits to around $1.2 billion in just two days. Babylon’s surge in deposits comes after cryptocurrency exchanges Binance and Bitrue rolled out support for yield generation through Babylon Chain on Dec. 9. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant