Babylon Sheds $1.3 Billion in TVL After Mass Bitcoin Unstaking

The total value locked (TVL) in Babylon, a Bitcoin staking platform, plunged by a third on April 17 after $1.3 billion worth of BTC was unstaked from the platform. Data from DeFiLlama confirms that Babylon’s TVL dropped to $2.69 billion from just around $4 billion on Apr. 16 . Its recently launched native token, BABY, is down by 14% in the past day, according to Coingecko data . While it’s normal for DeFi protocols to record outflows after their token airdrops have concluded, this is the largest single-day withdrawal since BABY launched last week. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant