Babylon Bitcoin staking drives BTC fees higher as mainnet launches
Babylon’s Bitcoin staking launch on August 22 drove transaction fees to $132-$137. Over 12,700 stakers quickly filled the “locking-only phase” of Babylon’s program. Babylon raised $70M in May 2024, following an $18M Series A in December 2023. On August 22, Babylon, a pioneering Bitcoin staking system, marked a significant milestone with the launch of the first phase of its self-custodial mainnet. The self-custodial mainnet allows Bitcoin (BTC) to be staked via smart contracts, extending its utility beyond its traditional roles as a medium of trade and a store of wealth. Bitcoin transaction fees rise from under $1 to $137 The debut of Babylon’s staking program led to a notable surge in Bitcoin transaction fees. Early on August 22, the average fee was under $1, but it skyrocketed to between $132 and $137 as the staking system went live. This dramatic increase was driven by a rush of users eager to participate, resulting in a fee...