Babylon

Future

Solana

Bitcoin

Cosmos

Yona Network&nbsp;<a style="text-decoration:none" href="https://medium.com/@yona.network/yona-network-integrates-with-btc-restaking-protocol-babylon-chain-8cacebb3237e" rel="noopener noreferrer nofollow">announced</a> integration with&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/binances-latest-investment-what-is-babylon" rel="noopener noreferrer nofollow">Babylon Chain</a> to connect Bitcoin and Solana. This partnership reportedly leverages the strengths of both platforms to enhance the speed, scalability, and security of Bitcoin transactions.
<h2 dir="ltr" id="span-span-yona-network-and-babylon-chain-a-perfect-match-span-span">Yona Network and Babylon Chain: A Perfect Match</h2>
Yona Network is a Bitcoin Layer 2 (L2) , powered by Solana Virtual Machine (SVM). According to an announcement from Yona Network, SVM offers superior performance, processing over 10,000 transactions per second, making it ideal for building decentralized finance (DeFi) infrastructure for Bitcoin assets. This includes money markets, on-chain order books, and oracles.&nbsp;
&nbsp;
Babylon Chain, on the other hand, brings its innovative technology to the table, integrating BTC crypto-economic security delegation into the Yona Network.&nbsp;
&nbsp;
This combination of Bitcoin's economic and decentralized power with Yona and Babylon's technological advancements is expected to push Bitcoin L2's capabilities to new heights.
<h2 dir="ltr" id="span-span-benefits-for-the-yona-ecosystem-span-span">Benefits for the Yona Ecosystem</h2>
Users of the Yona ecosystem will now be able to stake BTC through Babylon to secure Yona Network and other networks, including those in the Bitcoin ecosystem. This enhances BTC utilization and drives the adoption of new technologies and primitives.&nbsp;
&nbsp;
Additionally, as Babylon is a Cosmos-based chain, Yona Network will gain access to the Cosmos network and Inter-Blockchain Communication (IBC) technology through Babylon’s cross-chain integrations. This opens up new avenues for creating and utilizing Babylon-based LRTs, further enriching the Yona ecosystem.
&nbsp;
Moreover, the reliability and value of Bitcoin, combined with Babylon's technology, allow Yona validators to unbind quickly, within hours instead of days or weeks. This creates a complementary synergy, enhancing the overall efficiency and security of the network.
<h2 dir="ltr" id="span-span-financial-backing-and-future-prospects-span-span">Financial Backing and Future Prospects</h2>
In May, Babylon raised $70 million in funding to advance its plans for building staking on the world's largest blockchain. The funding round, led by Paradigm and supported by Polychain Capital and Bullish, aims to enhance the utility of Bitcoin by providing staking opportunities.&nbsp;
&nbsp;
Babylon enables Bitcoin to be staked directly on Proof of Stake (PoS) blockchains, eliminating the need for third-party custodians, bridge technologies, and wrapping services. By using this method, users can earn yields while enhancing the economic security of PoS chains.&nbsp;

Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana

Table of Contents

BSCN

Autres articles publiés le 29 juil. 2024

Trump Fuks Kamala Solana Memecoin Will Surge 19,000%, While Bitcoin Trades Sideways

Key Bitcoin Indicators Reveal Whether This Rally Is When $75K Breaks

Crypto Weekly Recap: Bitcoin, Binance, Ethereum, Solana, Ripple

Coinbase Demands SEC Release Gary Gensler’s Private Emails in New Court Motion

WazirX Reports Breach to FIU, Reaches Out to 500+ Exchanges After $235M Hack

Bitcoin at $69,000: Trump Revived Investor Optimism

Join our free newsletter for daily crypto updates!