đēBabypie Introduction
Liquid Staking for Bitcoin
Babypie is a liquid staking platform that allows BTC to be staked on Babylon and utilized across DeFi. Bitcoin holders can deposit their native BTC on Babypie to mint mBTC, which is a ERC-20 token pegged to BTC on a 1:1 basis and does not accrue any underlying yield.
Users can stake their mBTC as smBTC using Babypie to earn yield. smBTC stands for "Staked mBTC" and represents Babypie's yield-bearing, cross-chain, BTC-backed solution for liquid staking on Babylon. smBTC allows users to maintain the liquidity of their assets while the underlying BTC is utilized by Babylon's finality providers to validate new PoS systems. smBTC offers the flexibility to participate and benefit from the DeFi ecosystem while earning staking rewards from Babylon.
Unlocking Bitcoin's Full Potential
Babypie is harnessing Bitcoin's potential by merging it with the DeFi ecosystem. Babypie facilitates yield-generating BTC staked on Babylon to be used across protocols in different networks, increasing the capital efficiency of Bitcoin while nurturing the decentralized finance ecosystem with more TVL.
Innovative Staking with smBTC
Native BTC holders can deposit their assets on Babypie to mint mBTC which can be staked on Babypie to receive smBTC and earn yields from Babylon. smBTC is a liquid staked, yield-bearing version of Bitcoin that grows in value relative to mBTC and is backed by more than 1 BTC staked on Babylon. smBTC allows users to earn yield from Bitcoin staking without any lockup period, providing extra rewards and opportunities for Bitcoin holders. Early mBTC and smBTC holders from Babypie also accumulate Babypie Jewels, securing them an airdrop of our Babypie's BBP token and BBP IDO quota. smBTC will be launched later, after Babylon enables staking yield.
How It Works
Babypie stakes BTC through Finality Providers on Babylon, which use the staked BTC to secure new PoS systems and generate rewards in return. smBTC holders benefit from direct participation in validating these new systems within the Babylon staking protocol, as the value of smBTC will increase in relation to the value of BTC once Finality Providers (validators) start to secure systems. By serving as a native BTC provider for Finality Providers, Babypie offers native BTC holders the advantages of staking on Babylon while supporting the growth of DeFi with Bitcoin's shared security.
Impact
As a top-tier SubDAO developed by Magpie, Babypie focuses on liquid staking services for BTC using Babylon. This innovative approach ensures that Bitcoin can be held as a store of value while simultaneously being used to earn, stake, trade, and engage with DeFi on a global scale.
By leveraging the Babylon staking protocol, smBTC allows BTC holders to earn yields from their underlying staked BTC and opens the doors to secure, flexible, and additional rewards through liquid staking. This broadens the scope of benefits available for both long-term and short-term Bitcoin holders while contributing to the maturity and efficient evolution of the DeFi space.
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