Bitcoin Staking Protocol Babylon saw $ 1.26 billion in BTC without its platform, reducing the total value of the protocol blocked by 32%.
On April 17, Blockchain Analytics Lookonchain marked several addresses that rejected a total of 14,929 Bitcoins (BTC) from the Staking platform. The security company marked four addresses, which had 299 BTC, 499 BTC, 1000 BTC and 13 129 BTC.
One address contained most of the uninterrupted assets worth $ 1.1 billion. Because BTC prices were about USD 84,400, the total regardless of BTC was worth around $ 1.26 billion.
In the case of an undesirable event, the total closed Babylon value (TVL) fell by 32%. According to To track Defillam data, TVL Babylon fell from $ 3.97 billion to $ 2.68 billion after spreading.
Unkapted Bitcoin can be “stopped” to Babylon
The members of the community speculate about the one who fails. One user x Suspicious that bitcoins may belong to the Chinese government, while different he said The transfer can simply be rotation, risk or trader who gets liquid.
Although it is not clear who stands behind four addresses cited by Looconchain, the fund’s movements may be associated with the passage initiated by the decentralized Finance protocols (DEFI) Lombard Finance.
In times of disorder, Babylon Labs Go further The announcement of the pawnshop, saying that he will not lead Bitcoin as part of the transition to a modern set of suppliers of the last resort.
Lombard Finance said that time did not disseminate the end of Cap 1 Babylon on April 1, so that users do not miss the prizes. The protocol stated that he would exchange assets.
“All these BTC will be stopped back to Babylon as soon as the completion is completed,” Lombard Finance wrote.
Cointelegraph contacted Babylon Labs for comments, but did not receive a response by the publication.
Related: Bitcoin L2 “Phase of the Honeymoon” is over, most projects will fail – Muneb Ali
Bitcoin Untaking follows AIRDROP BABY
A huge failure comes from Airdrop Babylon for the first users. On April 3, Babylon announced the details of his Airdrop Farstouse Advents program. Airdrop was assigned due to its seatpost 1, not free different token (NFT) and programmers. The protocol allocated 600 million children’s tokens for the Airdrop event.
After Airdrop, $ 21 million in BTC was rejected from the protocol. Co -founder of Bitlayer, Kevin, said Cointelegraph earlier that it was a common miniature -term market behavior representing early redemption.
Babylon is one of the largest Bitcoin DEFI players in space, and TVL reached over $ 6 billion in December. Co -founder Babylon Fisher Yu had previously told Cointelegraph that the platform allows to become a native case of the utilize of bitcoin, eliminating the need for trust in another event while putting.
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