by Penny Angeles-Tan | Dec 13, 2024 | Business
Ripple Labs achieves a milestone with NYDFS approval for its RLUSD stablecoin, boosting XRP’s price by over 23%. Explore how RLUSD is reshaping the stablecoin market with full transparency, regulatory compliance, and global accessibility.
Ripple Labs has achieved a breakthrough with its stablecoin, RLUSD, receiving approval from the New York Department of Financial Services (NYDFS). This regulatory milestone solidifies Ripple’s position as a key player in the cryptocurrency sector and has significantly impacted the value of its native token, XRP.
RLUSD: A New Challenger to Tether and Circle
Introduced in April, RLUSD is designed to rival popular stablecoins such as Tether’s USDT and Circle’s USDC. Backed by NYDFS approval, RLUSD enters the market with the distinct advantage of full compliance with U.S. financial regulations.
Key features of RLUSD include:
1. Full Collateralization: Backed entirely by U.S. Treasury bonds.
2. Regulatory Compliance: Adheres to GAAP, Basel III, and Dodd-Frank regulations.
3. Transparency: Ripple offers real-time audits to maintain investor confidence.
RLUSD is structured for financial stability, with its underlying assets stored in regulated institutions, ensuring safety and trust for users.
Impact on XRP and Ripple’s Ecosystem
The NYDFS approval fueled a sharp rise in XRP’s value, surging 23% from $2.03 to $2.40 within hours. This increase reflects the market’s optimistic sentiment toward Ripple’s innovation.
At the time of writing this article on December 13, 2024, the price of XRP has decreased by 4.89% to trade at $2.3242. This price is certainly not much different from the highest price of XRP in 24 hours of $2.45.
Ripple CEO Brad Garlinghouse announced plans to make RLUSD accessible on global platforms such as Bitstamp, Uphold, and MoonPay. This accessibility is expected to drive decentralized finance (DeFi) adoption, utilizing RLUSD in liquidity pools and automated market makers (AMMs) on the XRP Ledger.
RLUSD and the Future of Global Stablecoins
RLUSD is projected to reach a $2 trillion market capitalization by 2028, with its growth supported by extensive cross-network testing on Ethereum and XRP Ledger since August.
Crypto analyst Vincent Van Code highlights RLUSD as one of the most transparent and secure stablecoins available. This sets it apart from USDT and USDC, which have faced scrutiny over regulatory gaps.
The Road Ahead: Challenges and Opportunities
While RLUSD has immense potential, it also faces challenges:
1. Competition with Established Players
Competing with USDT and USDC requires Ripple to continually innovate and differentiate RLUSD through unique use cases and partnerships.
2. Market Volatility
As stablecoins are increasingly scrutinized, maintaining transparency and adherence to regulatory standards will be critical for RLUSD’s credibility and growth.
3. Regulatory Landscape
Despite gaining NYDFS approval, Ripple must navigate varying regulations in other jurisdictions to ensure RLUSD’s seamless global adoption.
Political Shifts and Market Support
Recent political developments in the United States are further bolstering Ripple’s momentum. Donald Trump’s re-election and the appointment of crypto-friendly Paul Atkins as SEC Chair signal a more supportive regulatory environment for cryptocurrencies.
At the Bitcoin MENA 2024 conference, Eric Trump announced tax exemptions for U.S.-based cryptocurrencies, including XRP. This initiative aims to position the U.S. as a global cryptocurrency hub, enhancing Ripple’s growth prospects.
Conclusion
With NYDFS approval and a robust framework, RLUSD is poised to become a formidable competitor in the stablecoin market. Its regulatory compliance, transparency, and financial stability give Ripple a significant edge in building a decentralized and inclusive financial ecosystem.
This achievement not only instills renewed hope in the XRP community but also sets a precedent for stablecoins, proving that innovation aligned with regulatory standards is the key to long-term success in the rapidly evolving crypto landscape.
If you think XRP is worth considering as a token that is worthy of being your investment instrument, don’t forget to do in-depth research before buying the token. Take advantage of Bitrue’s various features to find out today’s XRP price and its conversion price from XRP to USD.
Bitrue also has an event that will give you maximum rewards when buying XRP tokens. Take advantage of this event opportunity to get rewards of up to 66,666 USDT. This event can be followed by anyone by logging in to the Bitrue website and application. Don’t miss it because you can get the maximum benefit from XRP on December 24, 2024.
This Press Release has also been published on VRITIMES
by Penny Angeles-Tan | Dec 11, 2024 | Business
Discover how to maximize your earnings with the Babylon BTC Staking campaign on Bitrue. Learn about the benefits of secure Bitcoin staking, competitive interest rates, flexible participation, transparent asset management, and proportional profit sharing. Find out how to stake BTC effortlessly and unlock new opportunities in the crypto ecosystem with Babylon and Bitrue.
When switching from traditional investment instruments to modern investments such as crypto, there is nothing wrong with looking at Bitcoin, instead of other tokens with cheaper prices. Many crypto exchanges are collaborating, such as Bitrue’s collaboration with Babylon Labs to hold an event about the Babylon BTC Staking campaign so that you can get maximum income from investing in the crypto ecosystem.
In this article, we will specifically discuss the Babylon BTC Staking campaign that Bitrue is carrying out, starting with the benefits and how to stake BTC with Babylon and then going into the details of the benefits you can get. So, read this article until the end.
Main Benefit of Babylon BTC Staking on Bitrue
As the king of crypto, Bitcoin is targeted by many investors. However, Bitcoin staking not accompanied by a smart contract makes many investors hesitate to invest because they want to avoid taking higher risks. A safer BTC staking solution is offered by Babylon Labs.
Babylon provides a sense of security by assuring that BTC staking occurs entirely on the Bitcoin network. That way, the security of user investments is fully protected. Through this collaboration with Bitrue, Babylon BTC staking, in addition to providing a high sense of security, will also offer maximum benefits to users.
Some of the benefits of Babylon BTC staking are:
1. Proven High Security
Babylon provides an innovative protocol on Bitcoin security so that it will protect assets carefully. Investors are guaranteed to always have full control over their assets independently so that the profits obtained are protected by playing from the security and stability of Bitcoin’s decentralized infrastructure.
2. Latest Interest Rates in the Market with Flexible Nature
Babylon BTC Staking campaign currently held by Bitrue will provide maximum income benefits for users. The reason is, the APR that can be obtained by users can reach 2.3% and the user’s APY can also increase by 1.12x. That way, the benefits obtained by staking BTC with Babylon on Bitrue can make you more money.
3. Flexible User Participation
Participating in the Bitcoin staking campaign in Bitrue’s collaboration with Babylon is not at all binding with coercion because you can easily join or even leave at any time. Because the distribution of income is done every day so you can easily monitor the profits you get.
4. Proportional Profit Sharing
Profit sharing is also done proportionally according to the amount of staking you do. You can easily check in the Babylon Points section in My Ownership.
5. Transparent Asset Management
The assets you stake will be managed safely and transparently as you can view them for monitoring at any time in the “My Assets – Spot Assets – Locked Assets” section during your staking period on Bitrue.
How to Stake BTC with Babylon on Bitrue
Bitrue’s Babylon BTC staking campaign has started since December 10th with a system where users who make transactions first will get first-served. Later, when you have successfully staked, on-chain staking will be done on T+1 and point distribution will be done on T+2.
In more detail, here is an explanation of how to stake BTC on Babylon via Bitrue.
- You must connect a Bitcoin wallet that supports the Babylon staking platform.
- Transfer BTC to an available staking contract by initiating an on-chain transaction to lock Bitcoin.
- You can monitor rewards because Babylon will immediately provide you with tools that can be used to track staking rewards according to mining activity updates.
Conclusion: Babylon BTC Staking on Bitrue is an Ideal Choice
It can be seen in the Bitcoin price chart snippet today above. Although the price of BTC has fallen from the throne of $ 100,000, the price of BTC still promises to be a strong investment choice in the future.
If you are still confused about how BTC staking works on Babylon, you can directly access the Bitrue blog and learn various information there. However, you need to know that Babylon BTC staking through Bitrue has advantages that you can consider, including:
- You can directly stake on Bitrue without having to go through on-chain transactions that often provide obstacles.
- Bitrue will immediately provide returns that you can predict quickly so that the risk you get is very minimal.
- The Bitrue interface is very user-friendly so it is easy for you to access, especially for staking, even if you are still a beginner in investing in the crypto ecosystem.
However, don’t forget to keep doing in-depth research in every step of your crypto investment. Take advantage of Bitrue’s various features that can make it easier for you to do research.
This Press Release has also been published on VRITIMES
by Penny Angeles-Tan | Dec 10, 2024 | Business
Discover Babylon Bitcoin Staking: a secure, decentralized way to stake BTC, earn rewards, and enhance PoS blockchain security without third-party custody. Join Bitrue’s Babylon BTC Staking Campaign starting December 10, 2024!
Babylon Bitcoin Staking has emerged as an innovative approach in the crypto ecosystem, providing a transformative solution for Bitcoin holders to participate in the security of Proof-of-Stake (PoS) blockchain networks without transferring their assets to third parties.
This groundbreaking protocol empowers Bitcoin to transition from a passive asset to an active player in decentralized finance (DeFi). Here’s an in-depth look at Babylon Bitcoin Staking and the key features that make it a game-changer.
What is Babylon Bitcoin Staking?
Babylon Bitcoin Staking is a protocol designed to integrate Bitcoin into the PoS ecosystem by allowing holders to stake their BTC directly.
Unlike traditional PoS systems that require validators to lock substantial capital, Babylon leverages Bitcoin’s vast market capitalization—over $1 trillion—without requiring asset transfer or bridging.
This approach transforms Bitcoin into a dynamic instrument for securing PoS networks while rewarding participants with staking incentives.
Key Features of Babylon Bitcoin Staking
1. Independent Custody for Full Asset Control
Participants maintain full control over their Bitcoin throughout the staking process, eliminating the need to entrust assets to a third party. This independent custody system reduces risks of asset loss due to errors or external failures, enhancing trust and security.
2. No Bridging or Wrapping
Unlike other cross-chain staking methods, Babylon does not require bridging or wrapping of Bitcoin. By eliminating these steps, the protocol mitigates technical and security vulnerabilities often associated with such processes.
3. Phased Implementation
The protocol adopts a step-by-step approach to ensure smooth integration: (1) Early Stage: Users lock Bitcoin in a self-service vault; and (2) Advanced Level: Participants can engage in PoS consensus across multiple networks, diversifying opportunities and rewards.
4. Layered Security with Penalties
Babylon employs a slashing mechanism to ensure PoS network security. Misbehaving participants face penalties, reinforcing compliance and trust within the ecosystem.
5. Flexible Withdrawals
Participants can withdraw their staked Bitcoin after a standard seven-day period, providing liquidity and maintaining the integrity of the staking process.
6. Timestamping for Enhanced Security
Babylon binds PoS chain data to the Bitcoin blockchain using a timestamping mechanism. This integration ensures data integrity, leveraging Bitcoin’s immutability for added security.
7. Decentralized Governance
The protocol is managed by a treaty committee responsible for oversight, ensuring compliance, transparency, and trust.
8. Reward System with Babylon Points
In its initial phase, Babylon rewards participants through a points-based system rather than direct token payouts. These points, accrued based on the amount and duration of staking, may later convert into native tokens, incentivizing early adopters.
9. Regulatory Compliance
To navigate legal landscapes, Babylon limits access to certain regions, including the United States, Canada, Australia, and Mainland China.
Babylon Points: A Revolutionary Reward Mechanism
Babylon Points represent the cornerstone of the Babylon staking reward system. These points are allocated proportionally based on the Bitcoin staked and the duration of staking, laying the groundwork for a future token-based incentive structure.
Key Benefits of Babylon Points
1. Future Token Rewards: Points may convert into native tokens, offering potential monetary benefits as the protocol matures.
2. Incentives for Early Participation: Early participants receive higher rewards, maximizing their long-term benefits.
3. Fair Distribution: Rewards are allocated proportionally, encouraging long-term engagement and fairness.
Distribution Details
In initial phases, capped Bitcoin volumes ensure equitable distribution. For example, Cap-1 allowed staking of 1,000 BTC with 3,125 points distributed per block, while Cap-2 increased both the staking cap and reward points.
How the Babylon Protocol Works
Babylon employs a three-layer structure to optimize Bitcoin’s security and decentralization for PoS networks:
1. Bitcoin Network Layer: Utilizes the Bitcoin blockchain for timestamping and transaction integrity.
2. Control Layer: Acts as middleware between the Bitcoin network and PoS chains, managing data, staking rights, and transaction finality.
- Data Layer: Facilitates communication and security integration across multiple PoS chains.
Conclusion: Babylon BTC Staking Campaign
Babylon Bitcoin Staking represents a pivotal moment in the evolution of Bitcoin as a more versatile asset within the blockchain ecosystem.
By enabling secure, efficient, and decentralized staking, Babylon redefines the role of Bitcoin, transforming it from a passive store of value into an active instrument for securing PoS networks.
With its innovative Babylon Points system and user-centric approach, the protocol offers a promising pathway for Bitcoin holders to actively engage and reap benefits in the expanding world of decentralized finance.
For those of you who are interested in Babylon, Bitrue as a global crypto exchange, is holding a “Babylon BTC Staking Campaign” with various rewards. You can stake Bitcoin and get Babylon points as well as up to 2.3% APR on your BTC staking. Check out the details of the event on the Bitrue website because the event starts on December 10, 2024.
This Press Release has also been published on VRITIMES
by Penny Angeles-Tan | Dec 10, 2024 | Business
Unlock Bitcoin’s potential with Babylon and Bitrue! Stake BTC to earn rewards, strengthen Proof-of-Stake networks, and enjoy flexible interest rates up to 2.3% APR. Discover secure, innovative staking today.
Bitcoin (BTC), known as a store of value and the most prominent cryptocurrency, is evolving into a more dynamic financial asset. With the advent of Babylon, BTC holders now have an opportunity to stake their assets to earn rewards while bolstering the security of Proof-of-Stake (PoS) blockchain networks.
In collaboration with Bitrue, Babylon offers an innovative platform for BTC staking, allowing users to unlock the potential of their digital assets. Let’s dive into the key aspects of this partnership, how it works, and why it’s generating buzz in the crypto world.
Staking BTC on Babylon via Bitrue
Bitrue and Babylon enable users to stake Bitcoin seamlessly through a recently announced partnership. This collaboration enhances Babylon’s adoption and provides Bitrue users with easy access to Bitcoin staking and its associated benefits.
Benefits of Staking BTC on Bitrue
There are many benefits of staking BTC on Bitrue, such as:
1. Maximum Yield Results: Earn competitive returns by participating in BTC staking.
2. Safe and Measurable Restaking: A transparent and secure process for reaping rewards.
3. Fast Unbonding: Quick withdrawal of your staked BTC when needed.
4. Daily Rewards: Earn Babylon points and staking rewards directly through Bitrue.
These features make Babylon’s platform user-friendly while providing tangible incentives for staking participation.
Key Advantages of BTC Staking
Staking BTC on Bitrue via Babylon brings two notable rewards:
1. Babylon Points
Babylon points are distributed daily based on the amount of BTC staked by users about the total staking pool. The calculation accounts for factors such as:
– On-chain staking successes or failures.
– Quota returns.
– Commission payments to finality providers.
To track their earnings and optimize staking strategies, participants can monitor their Babylon points through Bitrue’s “My Holdings” section.
2. Flexible Interest Rates
Users can enjoy an Annual Percentage Rate (APR) that starts at 1.3% and increases up to 2.3% through Bitrue’s Flexible Income feature. This flexible interest model incentivizes user participation, with APR increments based on successful referrals:
1 Invite: APR increases to 1.46%.
2 Invites: APR grows to 1.63%.
3 Invites: APR reaches 1.83%.
4 Invites: APR climbs to 2.05%.
5 Invites: Unlocks the maximum APR of 2.3%.
By inviting friends and expanding the Bitrue user base, participants can maximize their earning potential during the promotional period.
What is Babylon?
Babylon is a cutting-edge protocol designed to convert Bitcoin into a productive asset by integrating it into the PoS ecosystem. This transformation supports the security of PoS networks while allowing BTC holders to earn staking rewards.
By leveraging advanced cryptographic techniques and self-custody mechanisms, Babylon ensures users retain full control of their funds during staking.
Core Features of Babylon
Some of the key features of Babylon are:
1. Unmediated Operations: Completely permissionless and decentralized, Babylon removes intermediaries from the staking process.
2. Bitcoin Script Compatibility: Utilizes Bitcoin scripts to enable staking and slashing mechanisms.
3. Economic Stability: Strengthens PoS networks while providing financial incentives to users.
Babylon’s innovative approach is reshaping how Bitcoin operates within the broader blockchain landscape.
Meet the Babylon Team
Babylon’s team includes experts from academia, engineering, and business sectors, such as:
1. David Tse (Co-Founder): Stanford University professor leading algorithm development.
2. Mingchao Yu (CTO): Oversees technical aspects and protocol efficiency.
3. Xinshu Dong (Chief Strategy Officer): Focuses on partnerships and market opportunities.
4. Adam Ettinger (Chief Legal Officer): Ensures compliance with crypto regulations.
The team’s diverse expertise ensures the protocol’s reliability, security, and growth in the blockchain ecosystem.
Babylon Ecosystem and Strategic Partners
Babylon collaborates with over 87 strategic partners, including DeFi platforms, digital wallets, custodians, and the Cosmos ecosystem. These partnerships enable seamless integration between Bitcoin and PoS networks, expanding Babylon’s reach and utility.
For instance:
1. Integration with Cosmos enhances interoperability for Bitcoin staking across multiple blockchains.
2. Support from digital wallets ensures security and accessibility for users.
Babylon’s network is pivotal in bridging Bitcoin’s potential with the DeFi world.
Security and Future Potential
Babylon employs robust security measures, including a decentralized sequencing system and advanced time-stamping protocols, to create a secure staking environment. As adoption grows, its security features inspire confidence among users.
The $1.5 Trillion Opportunity
Babylon has already achieved significant milestones, with 24,000 BTC (~$1.5 billion) staked in its second round. This reflects the untapped potential of Bitcoin staking in DeFi. With a secure protocol, Babylon aims to activate dormant Bitcoin reserves, increasing market liquidity and furthering Bitcoin’s integration into decentralized finance.
How to Get Started
Starting December 10, 2024, at 11 AM UTC, you can begin staking BTC via Bitrue. Follow these steps:
1. Ensure you have Bitcoin in your Bitrue account.
2. Visit the staking section on the Bitrue platform for a detailed guide.
3. Study the risks involved and proceed confidently.
Conclusion
Babylon’s partnership with Bitrue marks a turning point in Bitcoin’s journey from a passive store of value to a dynamic, profit-generating asset. By offering secure and efficient staking solutions, Babylon empowers BTC holders to participate in the evolving DeFi ecosystem.
Whether you’re an experienced crypto enthusiast or new to staking, this innovative platform provides an accessible way to grow your assets while contributing to blockchain security.
This Press Release has also been published on VRITIMES
by Penny Angeles-Tan | Dec 9, 2024 | Business
Discover Babylon, Transforming Bitcoin (BTC) into a dynamic asset that secures Proof-of-Stake blockchains while earning rewards. Explore staking benefits, seamless integrations, and enhanced DeFi utility for BTC holders.
Babylon is a groundbreaking project aimed at reshaping the utility of Bitcoin (BTC) by enabling its holders to enhance the security of Proof-of-Stake (PoS) blockchains while earning yield.
This innovative approach allows Bitcoin to transcend its traditional role as a store of value or medium of exchange and become an active participant in the decentralized economy.
What is Babylon?
Babylon introduces a staking protocol that allows Bitcoin holders to secure PoS blockchains without needing to bridge, wrap, or hold their BTC in custody.
By leveraging Bitcoin’s inherent strengths—its timestamping service, blockspace, and asset value—Babylon unlocks new possibilities for integrating Bitcoin into decentralized finance (DeFi).
This protocol is particularly impactful for PoS ecosystems like Cosmos, Polygon, and Bitcoin Layer 2s, offering enhanced economic security and scalability. By doing so, Babylon positions Bitcoin as a critical asset for securing the broader blockchain ecosystem.
How Does Babylon Work?
Babylon has several main components, here is a detailed explanation that you can study in more depth.
1. Bitcoin Staking Protocol
Babylon’s staking protocol allows Bitcoin holders to stake their BTC directly to secure PoS chains, app chains, and dApps. Unlike traditional staking, Babylon’s approach does not require Bitcoin to be bridged or held by third parties, significantly reducing risks.
– Security: Staked BTC remains safe and withdrawable, provided participants act in good faith. The protocol also ensures prompt unbonding of staked assets using the Bitcoin timestamping protocol, eliminating delays and social consensus dependencies.
– Compatibility: Designed as a modular plug-in, the protocol integrates seamlessly with various PoS chains, making it a versatile solution for enhancing blockchain security.
2. Bitcoin Timestamping Protocol
This protocol timestamps blockchain events onto the Bitcoin network, borrowing Bitcoin’s robust security features to enhance PoS network integrity.
– Long-range Attack Prevention: By tying PoS blockchain data to immutable Bitcoin timestamps, Babylon protects against malicious forks and chain manipulation.
– Efficiency: It supports fast stake unbonding, reduces security costs, and facilitates cross-chain synchronization without social consensus.
3. Bitcoin Data Availability Protocol
This protocol uses Bitcoin’s blockspace to provide a censorship-resistant layer for PoS chains, ensuring critical data remains accessible and secure. It enhances blockchain reliability, making Babylon an invaluable tool for decentralized applications.
Key Benefits of Babylon
1. Expanding Bitcoin’s Utility
Babylon transforms Bitcoin from a passive store of value into an active financial tool. BTC holders can now earn rewards while contributing to the security of PoS networks.
2. Strengthening PoS Blockchain Security
Babylon leverages Bitcoin’s Proof-of-Work (PoW) security to enhance the resilience of PoS chains against attacks, particularly in their early stages of development.
3. Increasing Capital Efficiency
The protocol enables BTC holders to stake their assets without compromising liquidity, thereby increasing the capital efficiency of Bitcoin within the DeFi ecosystem.
4. Fast and Flexible Unbonding
Unlike traditional staking systems, Babylon offers a swift unbonding process, ensuring users can access their funds promptly while maintaining flexibility.
Funding and Partnerships
Babylon’s vision is supported by a robust team, including co-founders David Tse and Fisher Yu, alongside expert advisors. The project has garnered significant funding, raising over $18 million in December 2023 from leading investors such as Polychain Capital, OKX Ventures, and Polygon Ventures.
Babylon’s growing ecosystem boasts partnerships with Lombard, Akash Network, Binance Web3 Wallet, Injective (INJ), and others, further solidifying its market position and expanding its integration potential.
Implications for the Blockchain Ecosystem
1. For Bitcoin Holders
Babylon offers a secure, self-directed custodian mechanism for staking BTC, providing a passive income stream while maintaining control over their assets. This setup eliminates the risks associated with third-party custody, making staking accessible and safe.
2. For PoS Networks
Babylon’s protocols address critical challenges like long-range attacks and data availability, ensuring PoS networks remain secure and efficient. This is particularly beneficial for new chains, which often face security vulnerabilities during their early stages.
3. For Decentralized Finance
By integrating Bitcoin into PoS networks, Babylon enhances cross-chain interoperability and opens new avenues for Bitcoin’s role in the decentralized economy.
Conclusion
Babylon represents a paradigm shift in blockchain security and Bitcoin utility. Its innovative protocols enable Bitcoin holders to actively participate in securing PoS ecosystems while earning rewards.
By bridging Bitcoin’s PoW strengths with PoS flexibility, Babylon is poised to redefine the decentralized economy, fostering greater security, efficiency, and interconnectedness across blockchains.
As the blockchain space continues to evolve, Babylon stands out as a pioneer, unlocking Bitcoin’s potential to safeguard the decentralized future.
For additional information, if you want to stake Babylon, you can join the campaign that is being held by Bitrue. You can get dual rewards by earning Babylon points while getting 2.3% APR on your BTC.
This Press Release has also been published on VRITIMES
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