Blockchain Press Releases

Nomic Launches Babylon Bitcoin Staking Smart Contract on Ethereum

Published

2 months ago

October 29, 2024

Bedrock’s uniBTC to Integrate Contract, Enabling Decentralized Babylon Bitcoin Staking

GEORGE TOWN, Cayman Islands, Oct. 29, 2024 /PRNewswire/ — The Nomic DAO Foundation today announced the launch of Nomic’s Babylon Bitcoin Staking Smart Contract on Ethereum, introducing a trust-minimized, decentralized custody solution for Bitcoin staking with Babylon. By leveraging Nomic’s decentralized custody engine, Bitcoin holders and protocols can now stake their BTC on Ethereum via Babylon’s Bitcoin Staking protocol without relying on centralized custodians. Among the first will be Bedrock’s uniBTC, one of the leading Babylon Bitcoin liquid staking tokens (LST) with over 2,000 BTC staked.

Babylon is a pioneering blockchain project whose signature Bitcoin staking solution enables BTC to be utilized to secure proof-of-stake blockchains to earn yield. As a trustless solution, the staked BTC on Babylon remains in the owners’ custody and can be unbonded by them at any time, meaning that projects building liquid staking on top of the Babylon protocol must be built on a custody solution.

Current solutions utilize centralized custodians, resulting in stakers having to sacrifice the permissionless and decentralized nature of their Bitcoin. Nomic now enables any user or protocol to leverage its decentralized custody engine and stake BTC via Babylon in a trust-minimized way.

With this integration, any Bitcoin layer-2 network, LST, or protocol on Ethereum will now be able to interface with Babylon with a simple smart contract call, offering protocols the ability to stake BTC with Babylon that is held in a decentralized manner. Having enabled seamless BTC on-and-off-ramping into Ethereum in a previous upgrade, Nomic provides an end-to-end solution for building Babylon protocols on Ethereum.

Bedrock, a leading multi-asset liquid restaking protocol, will be one of the first Bitcoin DeFi projects to integrate Nomic’s Babylon staking contract. This allows users to stake BTC in Nomic’s decentralized custody via Babylon, enabling them to earn yield while retaining their assets’ liquidity. As a result, uniBTC will become one of the first Bitcoin LSTs to progress towards true decentralization and not be fully reliant on centralized custodians. DeFiLlama reports that uniBTC has over $100 million in TVL.

“The rapidly-growing Bitcoin staking ecosystem is a key space to watch in crypto right now. Projects built on Babylon currently resort to using centralized custodians as a temporary measure, but it is important that the ecosystem grows beyond this.” said Matt Bell, CEO of Turbofish, Nomic’s founders and core contributors. “Now, for the first time, DeFi protocols on Ethereum can directly stake BTC in a truly decentralized way via Nomic.”

Clayton Menzel, Head of BD at Babylon, added that “Nomic’s integration of the Babylon Bitcoin Staking protocol enables trust-minimized Bitcoin staking on Ethereum. This empowers Bitcoin holders to participate in DeFi without compromising on security or decentralization.”

“This collaboration between Nomic and Bedrock will offer users a truly decentralized, trust-minimized way to stake their BTC with Babylon while maintaining liquidity. We’re thrilled for uniBTC to be the first to take this important step towards decentralization, said Zhuling Chen, CEO of RockX, Bedrock’s founders and core contributors.

Nomic’s Babylon Bitcoin Staking Smart Contract is active on Ethereum testnet and will launch on mainnet in advance of Babylon’s Phase-1 Cap-3 increase, and will be launching on additional EVM chains in the coming months.

To learn more, visit nomic.io.

About the Nomic DAO Foundation
The Nomic DAO Foundation is a non-profit dedicated to the growth and integration of the Nomic ecosystem. The Foundation supports the goals and objectives of the Nomic DAO (decentralized autonomous organization), is the initial steward of the Nomic blockchain, and will support and grow the Nomic DAO until it becomes self-sufficient.

View original content:https://www.prnewswire.co.uk/news-releases/nomic-launches-babylon-bitcoin-staking-smart-contract-on-ethereum-302289595.html

Blockchain Press Releases

Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion

Published

3 days ago

December 20, 2024

CISION (PR Newswire)

compass-mining-scales-texas-operations-with-25-mw-bitcoin-mining-facility,-plans-further-expansion

Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025

WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.

The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.

“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”

Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.

About Compass Mining

Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.

Media Contact

BlocksBridge Consulting
[email protected]

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Blockchain Press Releases

Surprises Guaranteed: Bybit Card Dishes Out Rewards in Holiday Giveaway

Published

3 days ago

December 20, 2024

CISION (PR Newswire)

DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be extending the festive fun with lavish virtual gifts for Bybit Card holders. From Dec. 20, 2024 to Jan. 31, 2025, with every swipe of their Bybit Card, users may get a chance to unwrap mystery gift boxes, including 1,000 in USDT and other exciting airdrops from DOGE to BTC—all rewards, no catches.

For each 100 USDT spent in eligible purchases with the Bybit Card, users will receive a lucky draw ticket to redeem a gift box on Bybit. Each gift box promises a crypto reward—from Christmas baubles in DOGE, SOL, ETH, XRP and BTC airdrops, all the way up to the grand prize of 1,000 in USDT. Registration is required and the special Holiday Giveaway ends at the end of Jan. 2025.

For users looking for a convenient way to utilize their crypto assets for daily spendings and debit payments, it is not too late to apply for the Bybit Card. The application and verification process takes minutes, and a virtual card will be issued as soon as the card is approved, enabling seamless digital payment on Apple and Android devices in applicable regions.

“The Bybit Card takes the hassle out of crypto off-ramp for regular users and weaves rewards and benefits into daily spendings. On top of regular cashbacks, we are introducing extra perks as our token of thanks to wrap up an eventful year in crypto,” said Joan Han, Sales and Marketing Director at Bybit.

The Bybit Card made expansive global footprints 2024 as crypto adoption continues to rise in the past year. Trusted and frictionless crypto payment solutions are in demand in various parts of the world, and Bybit is one of the natural habitats of crypto native consumers. Spanning from Buenos Aires to Amsterdam, the Bybit Card community is growing and so are the perks:

Up to 10% cashback in USDT, BTC and ETH on eligible purchases
Zero fees for instant virtual card issuance
Zero annual or hidden fees
Up to 8% APY

Enjoy this festive season in all its splendor. Eligible Bybit Card holders from all regions are welcome; terms and conditions apply: Bybit Card Holiday Giveaway: Swipe, Spend & Sparkle!

#Bybit / #TheCryptoArk #theBybitCard

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media

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Blockchain Press Releases

Bybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa

Published

3 days ago

December 20, 2024

CISION (PR Newswire)

bybit-p2p-unlocks-20,000-usdt-prize-pools-for-select-users-in-south-asia-and-africa

DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be concluding 2024 with lucky spins all around for eligible users on Bybit P2P. With a chance at two grand bonus pools of 10,000 USDT each, select users in parts of South Asia and Africa stand to make the most of their P2P trades at Bybit.

From now to Dec. 31, 2024, eligible users may create their own P2P trading bonus at Bybit and unlock 100% chance of winning:

South Asia: Eligible users in South Asia may sign up for the Grand Spin Extravaganza
Africa: Eligible users may register to enter the P2P Prize Spinner

Successful participants may complete one or more referral, deposit, or trading tasks to earn up to 10 Lucky Draw Tickets. Tasks start at beginner level including a first-time deposit of 10 USDT. With a Ticket, users get to spin the wheel of fortune for a guaranteed airdrop from the 10,000 USDT Prize Pool.

As communities in the Global South start to build and diversify their wealth, millions are in dire need of modernized and inclusive financial infrastructures. The digital asset class offers an alternative for grassroot investors in emerging markets, demonstrating transformative power to shape the future of growth.

Bybit’s peer-to-peer trading platform provides user-friendly and trusted tools for P2P merchants and buyers. Users can compare and execute trades at an optimal price agreed upon by both parties, carried out on Bybit’s ultra smooth trading platform at zero fees. Supporting over 60 fiat currencies and over 300 payment methods, Bybit P2P contributes to democratizing access to the digital economy.

Users who have completed Bybit Identity Verification Level 1 may log in to confirm their eligibility. Terms and conditions apply.

#Bybit / #TheCryptoArk

About Bybit

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media

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View original content:https://www.prnewswire.co.uk/news-releases/bybit-p2p-unlocks-20-000-usdt-prize-pools-for-select-users-in-south-asia-and-africa-302337255.html

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