BingX Labs Partners with Babylon to Secure Bitcoin Staking and Boost PoS Networks

• BingX Labs partners with Babylon to enhance Bitcoin staking security using UTXO-based locking and PoS networks.
• Babylon simplifies Bitcoin staking while boosting PoS chain security, addressing DeFi participants’ need for safer solutions.
• BingX’s ALTCOIN Index allows users to track altcoins easily, with tiered leverage for smarter, efficient trading.

Babylon, a new project in the Bitcoin DeFi and Layer 2 ecosystem, has announced a strategic cooperation with BingX Labs, the innovation-driven branch of BingX. Through the partnership, BingX Labs will use its $100 million Ecosystem Fund to contribute $5.3 million to Babylon’s development. The goal of this collaboration is to combine the advantages of Proof-of-Stake (PoS) networks with the security of Bitcoin. As a result, PoS chain resilience is increased and Bitcoin holders can safely stake their holdings.

Enhancing Security with UTXO-Based Locking

The primary objective of Babylon is to integrate Bitcoin into PoS ecosystems while maintaining security. To guarantee that Bitcoin owners maintain complete control over their assets, the project employs UTXO (Unspent Transaction Output) native locking. 

This approach is a more dependable and safe way to engage in the DeFi ecosystem since it enables users to receive staking rewards without transferring their Bitcoin. Additionally, Babylon boosts PoS chain security by preventing long-range attacks, which are a common concern in PoS networks.

Furthermore, Babylon simplifies access to staking opportunities for both Bitcoin holders and Web3 users. The platform facilitates a seamless experience for those looking to engage in DeFi activities while benefiting from Bitcoin’s security and PoS chain features. Hence, this partnership addresses the growing demand for security and accessibility in the crypto ecosystem.

BingX Labs Expands Offerings with the ALTCOIN Index

BingX on 20 December also rolled out a new ALTCOIN Index tracking multiple altcoins, including ETH, XRP, SOL, ADA, DOGE, and SHIB, among others. It excludes Bitcoin and stablecoins and focuses on altcoins with market cap. This tool allows users to monitor market trends without purchasing individual tokens or ETFs. Traders can buy or sell USDT trading pairs alongside altcoins on the index.

This new offering enhances BingX’s platform, enabling traders to assess altcoin markets with tiered leverage options. With competitive rates, this tool simplifies decision-making by helping traders assess broader market movements. Moreover, the ALTCOIN Index provides a more efficient way for users to manage their portfolios and mitigate volatility risks.