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Pencils Partners With Babylon For Bitcoin Staking Integration

13/09/2024 16:03

According to BlockBeats, on September 13, Pencils announced a partnership with Babylon, the first self-custodial Bitcoin staking protocol. Pencils, a leading protocol in the farming sector with LRT Restaking as its core business line, has been actively integrating into the Babylon ecosystem. Before the launch of Babylon's mainnet, Pencils had already supported Solv Protocol, one of the first liquid staking protocols to integrate with Babylon. Currently, over $150 million worth of SolvBTC is staked on the Pencils platform. Following the mainnet launch of Babylon on August 22, Pencils is expanding its protocol integrations, planning to incorporate key Babylon ecosystem protocols such as Lorenzo Protocol, Stakestone, and Lombard Finance. These deep integrations not only provide users with convenient access to Babylon but also enhance the ecosystem's vitality through diversified revenue sources. This strategic move highlights Pencils Protocol's pivotal role in advancing the BTCfi ecosystem centered around Babylon. Moving forward, Pencils aims to deepen its collaboration with Babylon, driving the BTCfi ecosystem to new heights. Currently, Pencils is conducting a token sale, which will officially commence on September 18, with early registration available on the Tokensoft platform.

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