Babylon total value locked drops 32% as wallets unstake $1.2B in Bitcoin

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Coin Telegraph 2d ago

Babylon total value locked drops 32% as wallets unstake $1.2B in Bitcoin - Coin Telegraph

Quick Summary:

While it’s unclear who’s behind the four addresses cited by Lookonchain, the fund movements could be related to a transition initiated by the decentralized finance (DeFi) protocol Lombard Finance. At the time of the unstaking, Babylon Labs retweeted an announcement from Lombard, saying it was unstaking Bitcoin as part of a transition to a new set of finality providers. Lombard Finance said it timed the unstaking with the end of Babylon’s phase 1 cap 1 on April 24 so users would not miss out on rewards.

Bitcoin staking protocol Babylon saw $1.26 billion in BTC unstaked from its platform, reducing the protocol’s total value locked by 32%. On April 17, blockchain analytics firm Lookonchain flagged several addresses that had unstaked a total of 14,929 Bitcoin (BTC) from the staking platform.

Bitlayer co-founder Kevin He previously told Cointelegraph that this was a common short-term market behavior representing early redemption. Babylon is one of the largest Bitcoin DeFi players in the space, with a TVL reaching over $6 billion in December.