The Babylon Testnet has integrated with Injective, paving a novel path towards bringing Bitcoin security into the rapidly expanding Injective ecosystem.
Specifically, Babylon has connected its recently launched testnet with Injective via IBC which directly allows the two chains to communicate with one another. Furthermore, it creates an initial gateway for Injective dApps to borrow security from Bitcoin which is by far the highest value blockchain today. Effectively, this would offer an additional layer of security to dApps by capitalizing on Bitcoin’s network value.
A More Robust DeFi Ecosystem
Injective has operated flawlessly since launch, having processed over 180 million transactions with the fastest block times in the entire Cosmos ecosystem. The collaboration with Babylon can help to bring the network to entirely new heights.
Babylon is a new blockchain built using the Cosmos SDK which sends succinct, verifiable, and adversary-slashing checkpoints to the Bitcoin network for timestamping. Babylon can automatically provide Bitcoin timestamps to all the transactions using checkpointed data from Bitcoin. Since Babylon is as secure as Bitcoin, the timestamps are secure and irreversible as Bitcoin. This results in Babylon enhancing the security of its users by providing a secure and reliable measure of time based on Bitcoin and a verified and irreversible record of the history.
In short, by working with Babylon, Injective can borrow the security of Bitcoin itself which currently is secured by hundreds of billions in network value. This also has a number of downstream usability improvements such as being able to alter unbonding times on PoS networks in a secure manner. Babylon can also serve as a backup solution, ensuring that transactions on Injective are not censored and entered into the ledger.
“We are pleased to announce our integration with Injective, providing users with Bitcoin-grade security and fast stake unbonding. Together, we’re raising the bar for a secure and robust DeFi ecosystem. This integration serves as a starting point for future exploration and collaboration with Injective,” announced David Tse, Babylon’s Co-founder.
The integration also expands Babylon’s technology to a cutting edge PoS network. A number of prominent dApps such as Astroport have also migrated over to Injective in recent weeks, adding further momentum to the network. Babylon can now begin to offer its technologies across a wide swath of dApps building on Injective. As Babylon migrates from testnet, these offerings can begin to be employed by the Injective mainnet as well. The Injective community also plans to operate a node on the Babylon chain, which can lead to new linkages between the two ecosystems.
“Babylon is pioneering a new paradigm within Web3 by enabling blockchains such as Injective to integrate Bitcoin’s security parameters. This heightens not only security but also cryptographic mechanism design as a whole,” said Injective Labs co-founder and CEO, Eric Chen.
Injective is continuing to break new ground with an unrelenting focus towards building truly innovative Web3 technologies that create everlasting industry standards. The integration with Babylon is the latest example of the pioneering work by the Injective ecosystem to create scalable financial infrastructure for all.
About Injective
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
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About Babylon
Babylon is bringing Bitcoin security to Cosmos and beyond. At its core, Babylon is designed to use Bitcoin as a source of trust and a reliable timestamping service to benefit other blockchains in the broader ecosystem. The project is developed by a team of consensus protocol researchers from Stanford and experienced layer 1 developers from around the world.