The Next Big Bet - Satlayer’s $8M Pre-Seed Round and Babylon’s Mainnet Launch Set the Stage
BTC restaking will be one of the biggest narratives in H2 2024 now that Babylon rolled out their mainnet launch
@satlayer gathered over 100 $BTC in 1 day and closed a $8M pre-seed round, backed by @FTI_US , @okx and @mirana.
A thread on the biggest beta play on Babylon 🧵👇
Imagine Babylon and Satlayer on Bitcoin playing a similar role to what Eigenlayer did for Ethereum earlier this year.
The potential is huge.
With their mainnet launch rolling out last week, Babylon is set to spark a new wave just as Eigenlayer did in the first half of 2024.
Cap is already filled near instantly and if you like to stake more here you can only do so through here
https://x.com/babylonlabs_io/status/1826584639147848087
Last week, Satlayer made waves by announcing the close of an $8M Pre-Seed funding round.
The round was led by Hack VC and Castle Island Ventures, with big names like Franklin Templeton, OKX Ventures, and Mirana also jumping on board.
What is Satlayer?
Satlayer is a project that is on a mission to harness the immense power of Bitcoin by building a universal security layer.
The platform enables $BTC stakers to secure any Proof-of-Stake (PoS) networks or applications through a Bitcoin Validated Service (BVS).
The foundation of Satlayer is Babylon, the leading restaking protocol within the Bitcoin ecosystem.
With similarities to EigenLayer, Babylon introduces restaking to the world’s most secure crypto network, letting users stake their $BTC directly on the Bitcoin Network and then restake it to help secure BVSs.
Inside the Ecosystem
Satlayer’s setup is pretty slick, and it’s designed to make the most of Bitcoin’s security for PoS networks.
Here's a quick rundown of the key players:
Restakers: These are the users who restake their $BTC using wrapper assets on Satlayer.
Operators: They’re the ones picking which BVSs to secure, earning rewards for their work.
BVSs: These are the PoS networks or apps that hook into Satlayer to tap into Bitcoin’s security.
Moreover, they’ve already on-boarded some of the top players in the industry including @Pendle_fi
That’s not all.
Mantle has announced support for SatLayer with their EcoFund.
Users will be also be stake their $FBTC on SatLayer to earn rewards.
https://x.com/0xMantle/status/1827165395549102129
The Need for Satlayer
Securing PoS networks isn’t exactly easy or cheap.
You need a lot of capital—think native tokens to stake—and you’ve got to offer incentives to get people on board.
But with over $1.1B in Bitcoin floating around, and it being the most secure network out there, it’s the perfect candidate for restaking.
Here’s a closer look at what Satlayer offers:
Native Bitcoin Staking: Users can stake their Bitcoin directly on the Bitcoin Network, utilizing Babylon’s protocol.
Restaking Mechanism: Once staked, Bitcoin can be restaked to secure various PoS networks and decentralized applications, enhancing their security while earning rewards.
Early Bird Rewards: To encourage early participation, Satlayer’s new rewards program offers incentives for those who deposit liquidity on the platform.
How to Stake?
To make the best out of SatLayer, you'll need to deposit specific $BTC wrapper assets on the Satlayer platform.
Here are some ways you can get involved:
Ignition: Convert $FBTC to $satFBTC and deposit it to earn rewards.
Pump: Convert $PumpBTC to $satPumpBTC and make your deposit to participate.
Lombard: Use $LBTC to get $satLBTC and add it to your deposits.
And more…
You can head over to here to get started.
If you're bullish on the Bitcoin restaking narrative, now’s a great time to get involved with Satlayer.
It’s hands down one of the best beta plays.