Bitcoin Restaking Platform Construction Funded by SatLayer's $8M Pre-Seed Round on Babylon
SatLayer, a groundbreaking Bitcoin restaking protocol, has secured $8 million in a pre-seed round, co-led by Hack VC and Castle Island Ventures. The round was oversubscribed, attracting participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings.
Built on Babylon, a protocol that bridges BTC to yield-bearing proof-of-stake networks, SatLayer is the first Bitcoin restaking protocol in this space. Initially aiming to raise $4 million, SatLayer managed to double that amount, a testament to the growing interest in DeFi and the potential of this innovative protocol.
SatLayer enables users to restake their Bitcoin and Bitcoin liquid-staking tokens from platforms like Solv Protocol, Lombard, and Bedrock. This unlocks idle Bitcoin for productive use in DeFi and other real-world applications, effectively transforming Bitcoin into cryptoeconomic security.
The protocol has yet to formalise plans for a token, currently offering users rewards in the form of points. However, Xie, the founder of SatLayer, mentioned that any details regarding the token will be announced at a later stage if available.
As of the website, Babylon has already locked 12,720 stakers performing over 20,610 staking delegations. This demonstrates the growing adoption of the protocol and the potential for further growth in the future.
SatLayer's mission is to bring Bitcoin into the DeFi ecosystem, enabling users to earn non-inflationary yield while ensuring security via smart contracts integrated with Babylon Chain. The protocol's recent launch of a SlayDrop airdrop and introduction of insurance coverage through Nexus Mutual are steps towards achieving this goal, offering safer institutional adoption of BTC restaking.
Xie stated that many in the space have substantial bitcoin holdings that could be put to greater use. With SatLayer, these holdings can now be used to participate in DeFi, real-world assets, and AI infrastructure, making Bitcoin a more active participant in the digital economy.
[1] SatLayer Whitepaper: [https://docs.satlayer.finance/whitepaper] [2] SatLayer Medium Blog: [https://medium.com/satlayer] [3] Babylon Whitepaper: [https://docs.babylonprotocol.com/whitepaper] [4] Babylon Mainnet Launch Announcement: [https://twitter.com/BabylonProtocol/status/1559501786419726336] [5] SatLayer Announcement of SlayDrop Airdrop: [https://twitter.com/SatLayer/status/1582048431835284480]
- This groundbreaking Bitcoin restaking protocol, SatLayer, not only operates on Babylon, a protocol connecting BTC to yield-bearing proof-of-stake networks, but also aims to bring Bitcoin into the DeFi ecosystem, allowing users to earn non-inflationary yield and participate in DeFi, real-world assets, and AI infrastructure. [SatLayer, Bitcoin, DeFi, earning, participating]
- In the realm of finance and technology, SatLayer's recent $8 million funding round, co-led by Hack VC and Castle Island Ventures, is a significant indication of the growing interest in DeFi and the promising future of this innovative Bitcoin restaking protocol. [SatLayer, finance, technology, DeFi, growing interest, funding round]
