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

Babylon Labs retweeted a post from Lombard Finance stating it is unstaking BTC as part of a transition to a new set of finality providers.

Bitcoin staking protocol Babylon saw $1.26 billion in BTC unstaked from its platform, plunging the protocol’s total value locked by 32%. 

On April 17, blockchain analytics firm Lookonchain flagged several addresses that had unstaked 14,929 Bitcoin (BTC) from the staking platform. The security firm flagged four addresses that unstaked 299 BTC, 499 BTC, 1,000 BTC and 13,129 BTC. 

One address held a majority of the unstaked assets worth $1.1 billion. With BTC prices hovering at $84,400, the total unstaked BTC is worth about $1.26 billion.

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