Kraken has integrated with DeFi protocol Babylon to offer bitcoin staking, enabling users to earn up to 1% APY without surrendering custody of their BTC.
Kraken Partners With Babylon to Launch BTC Staking With up to 1% APY
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Staked bitcoin contributes to securing Babylon’s proof-of-stake (PoS) supercharged networks, with rewards paid in BABY tokens. Kraken handles the process end-to-end, ensuring ease and security for users while opening the door to potential future rewards from other networks in the Babylon ecosystem. Presently, the total value locked (TVL) held by Babylon, according to defillama.com stats, is $4.956 billion. This makes the protocol the largest Bitcoin-centric decentralized finance (DeFi) application in terms of TVL.
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WRITTEN BYBitcoin.com News DeskEditorial Desk Reporter
The Bitcoin.com News Desk publishes timely reporting on market developments, protocol updates, regulatory changes, and industry announcements across the cryptocurrency sector.
