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Babylon, a Bitcoin staking protocol, has announced the launch of its testnet, marking a significant milestone in its development. Since its inception in 2022, Babylon has been at the forefront of integrating Bitcoin into the proof-of-stake (PoS) ecosystem. The protocol’s testnet phase, built on BTC Signet, offers a risk-free environment for users to explore its features without the need to stake real Bitcoin.
Testnet Launch: A Step Towards Mainnet
The launching of the Babylon Testnet is a significant milestone in the journey to deploying the mainnet, which is targeted for late 2024. The phased initiative approach of the Babylon framework was highlighted by David Tse, the company’s co-founder. After the testnet, the team plans to introduce post-audit testnets from May to June, which will be followed by the mainnet release. Users will, in addition, be offered a series of stages for staking physical bitcoins and earning the staking points.
Access to the Babylon testnet is obtained through installing a browser plugin and obtaining Signet Bitcoins and Babylon (BBN) testnet coins. The prevailing of this mode of performance guarantees the expected experience including staking protocol functionalities for participants. As a motivational factor, Babylon gives the opportunity for the early stakers to have a “bitcoin pioneer pass NFT.” This personalized NFT compensates users with the ability to unlock unique features within the Babylon ecosystem.
Babylon’s Entry into Bitcoin Staking
Babylon’s entrance into the Bitcoin staking sector is a technical progression and a wise decision to improve the security of PoS networks. Through the selection of staking Bitcoin on PoS networks, Babylon plans to improve the defense systems of PoS networks by using Bitcoin’s robust security model. This invention plays an important role in solving the problem of the distribution of funds among newer chains, which are often at an early stage of providing competitive staking rewards due to high capital requirements, thus limiting this opportunity.
The project has acquired the support of several noted investors in the cryptocurrency world, including Binance Labs, Polygon Venture, OKX Ventures, and Polychain Capital. Raising a total of $26.8 million in funding, the development of Babylon was driven by financial support and partnerships, which made it possible to carry it through. This endorsement emphasizes the belief in Babylon’s aspiration to transform the interaction between Bitcoin and the PoS environment.
Enhancing the Cosmos Ecosystem
In addition, the testnet of Babylon is a critical development for the ecosystem of the Cosmos Hub. By incorporating Bitcoin’s security in Cosmos ecosystem platforms, Babylon can fulfill the expectation for more efficient and sophisticated security systems within the realm. It also allows chains within the Cosmos ecosystem to variate the security model by means of a cost-minimizing trend of integrity while providing them with means to ensure their invariability.
As Babylon moves towards announcing the preparations for the mainnet, the protocol will bring many changes and make a completely new world in Bitcoin staking and PoS security. By merging the Bitcoin and PoS chains, Babylon is mapping the way to a more coherent and safe ecosystem. Employing constant upgrades and maintenance, Babylon is approaching the edge of turning the world of digital assets to the new manner of staking and securing them in different networks.
Read Also: Matrixport Co-Founder Warns of Correction After #Bitcoin Hits $60K
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a significant development for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) has initiated proceedings on Grayscale Investments’ application for a spot Ethereum ETF and extended the decision deadline.
Review Period For Grayscale’s Ethereum ETF
Grayscale’s application, filed with the SEC on October 10, 2023, sought approval for listing and trading shares of the Grayscale Ether Trust on the New York Stock Exchange (NYSE) Arca under the Commodity-Based Trust Shares rule.
The proposed rule change was published for public comment in the Federal Register on October 27. In response, the SEC provided an extended period to approve, disapprove, or institute proceedings on the proposed rule change, similar to the Commission’s steps before approving the Bitcoin Spot Exchange Traded Funds on January 11.
With the initiation of proceedings, the SEC stated that it would “thoroughly” analyze whether to approve or disapprove the proposed rule change. The Commission’s decision to institute proceedings does not indicate any preconceived conclusions.
Instead, it reflects the need for further examination of the legal and policy issues associated with the Ethereum ETF application.
The SEC specifically highlights the need to consider the proposed rule change’s consistency with Section 6(b)(5) of the Securities Exchange Act of 1934, which requires national securities exchange rules to prevent fraudulent and manipulative acts, protect investors, and serve the public interest.
Interested parties are encouraged to provide comments addressing the sufficiency of the Exchange’s statements supporting the proposal and any other concerns related to the proposed rule change.
SEC Requests Feedback
The Commission poses several questions for commenters to address, including the appropriateness of listing and trading the shares under NYSE Arca Rule 8.201-E, given the nature of the underlying assets held by the Trust.
The SEC also references the Exchange’s arguments for listing and trading spot Bitcoin exchange-traded products (ETPs), seeking additional input.
Interested individuals and organizations of Ethereum ETF applications are invited to submit written data, views, and arguments concerning the proposed rule change’s consistency with the Act and its regulations. Although oral presentations are not deemed necessary at this stage, the Commission will consider requests for such presentations.
In light of the recent approval of 11 Bitcoin spot exchange-traded funds, the Commission’s future actions regarding the approval of Ethereum ETF applications remain uncertain.
It is also worth considering the classification of Ethereum as a “security” by the SEC and how this classification might impact the decision-making process of the 12 Ethereum ETF applications. It is important to note that the SEC views Bitcoin as the sole commodity within the cryptocurrency market.
In line with Bitcoin’s trajectory, Ethereum (ETH) has undergone a significant correction, witnessing a decline of over 14% in the last 14 days and 11% in the past seven days. As a result, its current price stands at $2,217.
Featured image from Shutterstock, chart from TradingView.com
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Binance coin has pushed above $295
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Crypto critic Roubini has accused a “shady” Binance
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The cryptocurrency could hit $330 soon, and $360 next
Binance (BNB/USD) pushed above $295, setting the cryptocurrency on the course above $300. The area around $295 has been a minor resistance zone, although BNB has since fallen back to $292. Investors would be curious whether the current slowdown is a correction back, with a price of $330 in sight. But then, Binance has also come under sharp criticism.
Renowned crypto critic Nouriel Roubini thinks the Binance crypto exchange is the same as collapsed FTX. He says Binance is “much worse and shady.” Roubini, nicknamed “Mr. Doom,” accurately predicted the 2008-2009 financial crisis. Thus, his words may have weight in some quarters.
Roubini opines that Binance has never revealed its head office. In his view, BNB is an even more dangerous investment than FTT, given that FTX already had a known head office in the Bahamas. Describing BNB as the “same scammy vaporware,” Roubini warns that 87% of the cryptocurrency is hidden in a single wallet. He has also raised questions about the control of crypto stashes of Binance.
Further, Roubini has raised concerns over Binance’s audit. He says that the exchange is audited by the same entity as FTX. The economist believes Binance may not have any audits. Roubini points out that recent calls for crypto reserves by Binance CEO are just gimmicks. He warns that Binance customers will lose their money for good.
Amid the harsh words, Binance has shown resilience. A potential recovery of BNB could be underway amid the intra-day correction.
BNB corrects slightly to the $295 zone
On the daily chart, BNB is correcting after scathing attacks by Roubini. The cryptocurrency trades at or slightly below a minor resistance-turned-support.
The technical indicators are bullish. The MACD indicator initiated a bullish crossover. The RSI has shifted above the midpoint on the entry of buyers.
What next for BNB?
The latest attacks on Binance add pressure, but that could diminish soon. BNB price could stay bullish and eyes $330 next. From there, the next level for the cryptocurrency is $360.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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Binance has announced a string of developments in a bid for global expansion
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BNB is recovering amid positive development
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The upside looks sustainable, but BNB faces resistance at $300
Binance BNB/USD trades at $291, recovering from the September bottom of $260. As of press time, BNB had gained 2.12% in a day amid small recoveries in the broader crypto sector. The gains come when Binance is scoring major wins in global expansion.
On September 28, Binance signed an agreement with Kazakhstan for the shared development of the crypto sector in the country. According to Kazakhstan president Kassym-Jomart Tokayev, Binance will create a “hub for the entire region.” The latest development comes after Binance was, in August, authorized to operate in the country. Kazakhstan remains a key crypto market, coming second in bitcoin mining hash rate after the US.
On October 3, Binance again opened two new offices in Brazil. The move is expected to expand the crypto exchange’s footprint in South America. The exchange recently unveiled a new office in New Zealand and eyes expansion in Italy, France, and Spain.
While we cannot ascertain whether the latest developments are responsible for BNB gains, they add a positive sentiment. A brief technical overview shows the price rally could continue, at least in the short term.
BNB recovers from the $260 support
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Source – TradingView
A technical outlook shows that BNB has initiated a breakout from a descending triangle. The bullish reversal occurred as the price settled at the $260 support. From the MACD indicator, the momentum is bullish and increasing.
Concluding thoughts
BNB looks poised for further gains after a breakout. However, $300 resistance remains a key level to watch. The cryptocurrency must overcome the resistance to find room for the next move to $330.
One of the biggest Ethereum whales in existence just bought a large bag of Dogecoin competitor Shiba Inu as SHIB becomes the most widely held altcoin among the largest ETH investors.
First spotted by blockchain tracking service WhaleStats, the entity known as BlueWhale0073 scooped up over 220 billion SHIB worth over $5,781,999.
The whale’s wallet is now worth over $4,657,849,480 at time of writing.
?? ETH whale “BlueWhale0073” just bought 223,761,580,609 $shib ($5,781,999 USD).
Ranked #5 on WhaleStats: https://t.co/RBupemZyZX
Transaction: https://t.co/v2U1IdkLjN#SHIB #ShibArmy
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) April 15, 2022
For many months, FTT, the native token on crypto exchange FTX, has been the number one holding among Ethereum whales, excluding ETH itself. At time of writing, however, Shiba Inu has claimed the number one spot, with Ethereum whales holding an average allocation of 15% of SHIB.
Other recent whale transactions include the utility and governance token MKR of the decentralized lending platform Maker, GRT, the token that powers indexing protocol The Graph, as well as the tokens for decentralized exchange Uniswap (UNI) and metaverse platform Decentraland (MANA).
- 1,799 MKR worth $3,548,566 by Tom Riddle
- 6,000,000 GRT worth $2,210,106 by Bluewhale0088
- 200,000 UNI worth $1,950,002 by Bluewhale0088
- 4,300,000 MANA worth $9,202,000 by Bluewhale 0079
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Timofeev Vladimir
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