Quick Highlights
- First Bitcoin Restaking Protocol on Babylon: Enables users to restake BTC on platforms like Solv Protocol, Lombard, and Bedrock.
- Oversubscribed Funding: Raised $8M (double the initial $4M target) from Hack VC, Castle Island Ventures, OKX Ventures, and others.
- Rewards System: Currently offers points-based incentives; token plans remain under development.
Funding and Backers
SatLayer, a pioneering Bitcoin restaking protocol, closed an $8M pre-seed round co-led by Hack VC and Castle Island Ventures. Notable participants included:
- Franklin Templeton
- OKX Ventures
- Mirana Ventures
- Amber Group
👉 Explore Bitcoin staking innovations
The round was structured as a SAFE (Simple Agreement for Future Equity) with token warrants, reflecting strong investor confidence.
Why SatLayer Stands Out
- Built on Babylon: Leverages Babylon’s protocol to bridge BTC to proof-of-stake networks, unlocking yield opportunities.
- Phase 1 Mainnet Launch: Babylon’s self-custodial mainnet is live, with over 12,720 stakers and 20,610 delegations.
- Idle BTC Utility: Targets long-term Bitcoin holders seeking to generate passive income from dormant assets.
How It Works
- Users restake Bitcoin or BTC liquid-staking tokens (e.g., from Solv Protocol).
- Rewards are distributed as points; future tokenomics are under evaluation.
"Many in the space have substantial bitcoin holdings sitting idle, which can be put to greater use."
— Luke Xie, SatLayer Co-Founder
Future Plans
- No immediate token launch; updates will follow.
- Expansion of supported restaking platforms and partnerships.
FAQs
Q: What is Bitcoin restaking?
A: Restaking lets users stake their already-staked BTC/LSTs to earn additional yields across DeFi protocols.
Q: Is SatLayer’s token available yet?
A: No. The team is currently rewarding users with points and will announce token details later.
Q: How does Babylon enhance SatLayer?
A: Babylon provides the infrastructure to securely bridge Bitcoin to PoS networks, enabling trustless restaking.
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### SEO Notes
- **Core Keywords**: Bitcoin restaking, SatLayer, Babylon, BTC yield, proof-of-stake.
- **Word Count**: ~500 (expanded with details on Babylon’s mainnet, investor quotes, and FAQs).