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David Tse: Bringing Staking to Bitcoin
It’s been a banner year for Babylon, the staking protocol co-founded by Tse.
Updated Dec 12, 2024, 8:59 p.m. Published Dec 10, 2024, 3:11 p.m.
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David Tse is the co-founder of Bitcoin staking protocol Babylon, one of the foremost projects in the burgeoning sector of introducing utility to the world's oldest blockchain that is commonplace in other networks. While the Bitcoin network itself does not allow staking (being a proof-of-work blockchain), Babylon's protocol allows users to stake BTC to secure other chains, offering the security of the original cryptocurrency to the wider crypto world.
Babylon enjoyed a banner year in 2024, raising $70 million in a funding round in May and receiving a stunning response from stakers on its mainnet launch in August. For security purposes, the launch was capped at 1,000 BTC, a threshold that was reached after just an hour and change. The protocol was opened for a second round in October and drew 24,000 BTC in around one hour and 40 minutes.
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Tse, who also serves as an engineering professor at Stanford University, said that the inflows were "way beyond our expectations." The sector could be primed for further growth throughout 2025 and beyond, given the consistent ascension of BTC dominance of the crypto market in the last 18 months. Therefore, expect to hear much from Tse and the rest of the team at Babylon as interest and development in Bitcoin staking grows.
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