Crypto exchange Kraken has launched bitcoin BTC staking through a new integration with Babylon, as decentralized finance on BTC picks up.
Babylon is a Bitcoin-native protocol that enables BTC to secure proof-of-stake (PoS) networks without leaving the blockchain.
The service allows Kraken users to stake their bitcoin directly, locking it in a custodial vault on the native chain. The staked bitcoin is then delegated to PoS networks via Babylon, and rewards are paid in BABY, the token of Babylon Genesis, a bitcoin-secured Layer 1, Kraken said.
Bitcoin has historically been used as a store of value and a medium of exchange. The advent of novel security sharing protocols has made BTC staking a third native use case, bitcoin DeFi, for the world’s largest cryptocurrency.
The Bitcoin network is „evolving into a broader decentralized finance ecosystem with the emergence of Bitcoin DeFi,” Binance Research said in a report in March.
Only ~0.8% of the bitcoin supply is currently being used in De
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