Babylon, the surging Bitcoin staking protocol, has broken into the top 10 DeFi protocols by total value locked (TVL) after opening up to deposits for the third time. On Dec. 17, Babylon’s Cap3, which allowed users to deposit BTC to Babylon for 1,000 Bitcoin blocks starting Dec. 10, came to a close. The initiative attracted roughly 33,290 BTC ($3.5 billion) from more than 112,000 users, including a single user that staked 10,000 ($1.04 billion). Kairos Research, a cryptocurrency analysis company, noted that Babylon deposits outpaced inflows to spot Bitcoin ETFs from Dec. 10 through Dec. 12. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
