Babylon is a protocol that allows Bitcoin holders to securely stake their Bitcoins on the Bitcoin network and participate in the security of other blockchain networks that use proof-of-stake. The Babylon testnet will go live on 28th February 2024 and early participants will be rewarded! There are also tasks that might help with more Bablyon ($BBN) token airdrop opportunities. Here’s our Babylon ($BBN) token airdrop guide.
Check out our step-by-step guide!
What is Babylon ($BBN)?
Babylon is a project that lets people use their bitcoins to help secure other networks that use proof-of-stake. Proof-of-stake is a way of making sure that the people who run the network follow the rules and don’t cheat. Babylon has a special protocol that can do this without moving the bitcoins to another network, which is risky and expensive. Babylon also has a chain that connects Bitcoin and the proof-of-stake networks, and records important information on both sides. Here are some main features of Babylon:
- Bitcoin staking: People can lock their bitcoins in a contract on the Bitcoin chain, and use them to validate blocks on a proof-of-stake network. If they follow the rules, they can earn rewards. If they break the rules, they will lose their bitcoins.
- Fully slashable PoS security: Babylon can detect and punish any cheating behavior on the proof-of-stake network, by leaking the private keys of the cheaters and burning their bitcoins. This makes the network more secure and trustworthy.
- Staker security and liquidity: People who stake their bitcoins can withdraw them anytime, as long as they are honest. They don’t have to wait for a long time or rely on other people’s agreement. This makes staking more convenient and flexible.
- PoS-chain-agnostic: Babylon can work with any proof-of-stake network that uses a BFT consensus protocol, such as Tendermint, Casper, or GRANDPA. Babylon does not change the original protocol, but adds an extra layer of security on top of it.
What is the Babylon ($BBN) token?
The Babylon ($BBN) token is the governance token for the Babylon protocol. It plays a crucial role in ensuring that Babylon is owned by its users. Here are some key points about the BBN token:
- Ownership and Governance:
- The BBN token gives holders the power to influence decisions related to the Babylon protocol.
- 69% of the BBN tokens belong to the community, dynamically rewarding stakeholders for their contributions, ideas, curation, and community management based on performance and assets under management (AUM).
- Protocol Management:
- Babylon operates on the Ethereum network and follows principles of transparency, non-custodial control, and permissionless access.
- The protocol’s governance is in the hands of BBN token holders. They vote on proposed changes to the protocol and decide how to utilize the protocol treasury.
- Bitcoin Staking Pioneer Pass:
- Babylon’s vision is to scale Bitcoin to secure the Proof-of-Stake economy.
- By becoming a Bitcoin Staker, users can directly stake their bitcoins on Proof-of-Stake chains without relying on third-party custody or bridging mechanisms.
- The protocol ensures security, liquidity, and yield for Bitcoin stakers.
In summary, the BBN token empowers the community to shape Babylon’s future and bridges Bitcoin’s security to the decentralized economy.
How to get the Babylon ($BBN) token airdrop?
Here’s our guide on how to get the Babylon ($BBN) token airdrop
- Get OKX and Keplr browser wallets
Download the OKX and Keplr wallets on your Google Chrome extensions. If you don’t have the wallets, you can download it via their website at https://pioneers.babylonchain.io/
- Add Babylon testnet network
Add the Babylon testnet to your Kepler wallet by clicking the top left hand corner and “Add more chains”. Then, in the pop-up window, type “Babylon”” in the search and add the Babylon Testnet. Add the Babylon testnet to your Kepler wallet by typing ‘Babylon’ in the search and clicking on ‘Add Babylon testnet’. Then click on the top left hand corner again and go to “Manage Chain visibility”. Search for and select the Babylon chains, and click “Save”.
- Get testnet tokens
Join the Babylon Discord channel HERE and go to the #faucet-test-bbn channel. Type “!faucet [Babylon testnet address]”. To find your Babylon testnet address, go to your Keplr wallet and click “Copy Address”. There you will find your Babylon testnet address. The faucet will give you 0.1 testnet $BBN tokens, and you can claim once every 6 hours.
- Connect to Signet network on OKX wallet
Connect to Signet network on the OKX wallet by clicking on the top right hand corner and finding the “BTC Signet” network. The Signet network is the Bitcoin test network that runs parallel to the Bitcoin main chain.
- Get testnet BTC ($sBTC)
On the OKX wallet page click “Manage crypto” and search “sBTC”. Then click the add button. To find your $sBTC address, open your OKX wallet and click on $sBTC to find your BTC Signet address.
Afterwards, go to https://alt.signetfaucet.com/ and type in your sBTC address to get some testnet BTC. You may have to click on this multiple times to get your $sBTC because the network is very congested. If your request succeeds, the page will say “Processing” and you will be taken to a transaction hash page. There, you will need to copy the transaction ID and submit it on Galxe under the task “Survey: Claim Signet Bitcoin”.
UPDATE: Babylon has set up their own Signet BTC faucet! To get sBTC, connect to the Babylon Discord channel HERE and go to the #faucet-signet-btc channel. Type “!faucet [sBTC address]”. It may take over 6 hours to get your 0.0005 $sBTC - Complete Babylon Series 1 Galxe tasks and mint NFT
Go to Babylon’s Galxe page and complete the Babylon Series 1 tasks. These are social tasks, such as following or interacting with their social media accounts. Once you have completed all the tasks, you will be able to mint the Babylon Beacon NFT. We note the team recently removed the minting cap for the NFT!
- Stake testnet Babylon tokens
Go to the Babylon testnet staking page immediately when it goes live in 1 day. Stake your $sBTC and $BBN on the Babylon testnet. Owing to the many people unsuccessfully trying to claim testnet tokens, the Babylon team have reduced the minimum staking amount to 0.0002 sBTC and 1,000 satoshis in fees. Note you are required to stake your $sBTC and $BBN for at least 7 days. Remember to return to this Babylon ($BBN) token airdrop guide when the time comes for more details!
- Complete Zealy quests
Connect to Babylon’s Zealy page and complete the tasks. Their Beacons Ambassador Program is relatively easy to complete and requires you to simply create content for Babylon. Upon completing the 8 tasks, you will unlock higher levels and Discord roles, such as Knight and Vanguard. Additionally, this achievement may also serve as an eligibility criterion for any potential airdrops.
- Claim Bitcoin Pioneer Pass NFT
Claim your commemorative Bitcoin Pioneer Pass NFT during the seven-day claim period at launch. The supply is limited and is first come, first serve. The deadline for minting the Bitcoin Pioneer Pass NFT is 6th March 2024.
- Complete Babylon Series 2 Galxe tasks
Note you must have the Babylon Bitcoin pioneer pass NFT before you can complete the Babylon Series 2 Galxe tasks.
- Optional: Run a Babylon node
Running a node on Babylon can be difficult as it requires coding knowledge, and you need resources to do so as it needs to be operational 24/7. Running a node can cost around US$20-30 per month. The nodes need to be operational all the time because projects may not reward inactive nodes or those that are not selected as validators. However, the rewards may be substantial.
Learn how to set up a Babylon node with our two-part series! PART 1 & PART 2
Frequently Asked Questions (FAQs)
To get the $BBN airdrop, you will need to complete a series of tasks and quests on various platforms, such as Galxe, Zealy, and Babylon’s own testnet. You also need to have OKX and Keplr browser wallets and get some testnet tokens from faucets.
Open your Kepler wallet, click the top left corner and select “Add more chains.” Then, search for “Babylon” and add the Babylon Testnet. Once done, return to the top left corner and choose “Manage Chain visibility.”
Search for and select the Babylon chains, then click “Save.”
To find your Signet BTC ($sBTC) address, open your OKX wallet and click on $sBTC to find your BTC Signet address.
To find your Babylon testnet ($BBN) address, go to your Keplr wallet and click “Copy Address”. There you will find your Babylon testnet address.
The minimum staking amount to 0.0002 $sBTC and 1,000 satoshis in fees.
