Paradigm-Backed Babylon Sets TGE, Plans 6% $BABY Airdrop to Boost BTCFi via Bitcoin Staking

Babylon, a project backed by Paradigm, has announced the tokenomics for its $BABY token, which will have a total supply of 10 billion. The project plans to airdrop 6% of its total token supply, amounting to 600 million $BABY tokens, to early users. This airdrop is targeted at various groups including stakers, Pioneer Pass NFT holders, and GitHub contributors.

The airdrop distribution includes 30 million $BABY tokens for participants in the first phase of staking, 335 million for basic staking rewards in the first phase, 200 million for those transitioning to the second phase of staking, and additional allocations for other categories. Babylon has previously raised $70 million in a funding round led by Paradigm, with additional support from investors like Polychain, OKX, and Hack VC.

The token distribution strategy also includes allocations for community incentives, ecosystem building, research and development, operations, early private-round investors, the team, and advisors. The $BABY token will serve multiple roles within the Babylon ecosystem, including transaction fees, governance, and staking to enhance network security. Babylon is set to launch its token generation event (TGE) soon, aiming to revitalize the BTCFi sector through its Bitcoin staking and Bitcoin Secured Network initiatives.

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