Babylon Labs and Fiamma, a platform backed by Lightspeed Faction that specializes in leveraging Bitcoin to access real-world assets, are joining forces to progress towards a decentralized world secured by Bitcoin.
According to a press statement, Babylon Labs has made a strategic investment in Fiamma’s project, aiming to help turn the vision into reality.
In their efforts to enhance a Bitcoin (BTC)-backed decentralized financial system, the main objective is to provide developers and blockchain networks with secure, trust-reduced Bitcoin connection points.
Babylon Labs and Fiamma aim to combine zero-knowledge technology with Bitcoin using Fiamma’s BitVM2 system, potentially unleashing new possibilities within Bitcoin’s total supply of 21 million coins.
Following the launch of its Bitcoin bridge’s test network in November 2024, Fiamma has teamed up with another entity. Simultaneously, they introduced a development network for the initial zero-knowledge verification layer for Bitcoin, which employs BitVM2 technology.
Currently, Babylon Labs boasts the biggest Bitcoin staking system yet, having accumulated approximately 57,000 BTC in stakes. As reported by DeFiLlama, the Babylon protocol’s combined worth locked is more than $6 billion at present.
By using Babylon’s non-custodial platform, users can deposit their Bitcoin (BTC) to aid in the security of proof-of-stake blockchains, thereby earning extra returns on their investments. The incorporation of Fiamma’s trustless bridge will extend the practical uses of Bitcoin within Decentralized Finance (DeFi), making it more versatile.
Fiamma’s progress in the boom of practical bitcoin uses involves forming strategic alliances with venture capital firm Hack, re-staking platform Satlayer funded by Castle Island Ventures, and RISC Zero, a platform for zero-knowledge virtual machines.
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2025-01-11 00:05