Chakra and Binance Web3 Wallet Unveil Bitcoin Pre-Staking Campaign for Babylon’s Mainnet Launch

Chakra Teams Up with Binance Web3 Wallet: Pre-Staking is Live!

On 1 August, Chakra proudly announced its integration with the Binance Web3 Wallet, which is utilised by over 200 million Binance users, unveiling a Bitcoin pre-staking campaign for Babylon's Mainnet launch.

This integration empowers Chakra users to stake and settle their Bitcoin (BTC), engage in BTCFi, and earn various yields.

Starting 1 August, users have the opportunity to pre-stake their BTCB on Chakra for early access to Babylon.

Binance Web3 Wallet users are entitled to a staking cap of 20 BTCB and a 10% boost on Chakra Pranas.

New users can join by creating a Binance Web3 Wallet, while existing users can immediately participate using their wallets in BTCFi.

The campaign concludes on 7 August at 11:59 PM UTC (8 August 7:59 AM SGT).

In a nutshell, users can pre-stake BTCB in Chakra's Bitcoin Staking Pool to potentially earn staking rewards from Babylon's Mainnet, with a guaranteed BTC cap and additional Chakra Prana rewards.

The campaign is structured into four phases, each with a cap of 5 BTCB, offering different levels of Babylon staking gas fee sponsorship:

Cap 1: 100% coverage

Cap 2: 75% coverage

Cap 3: 50% coverage

Cap 4: 25% coverage

So why pre-stake BTCB on Chakra?

Potential Babylon Mainnet Rewards: Secure your portion of the Babylon Mainnet staking rewards with a guaranteed 20 BTC cap, aligned with the 20 BTCB cap in the Binance Staking Pool.

Flexible Staking: Users can stake as little as 0.0001 BTCB and up to 0.0005 BTCB per user.

No Addition Fees: Only transaction fees apply; Babylon staking gas fees are subtracted from the rewards.

Chakra Prana Rewards: Earn 1 Chakra Prana for every 0.0001 BTCB staked daily.

Exclusive Boost: Binance Web3 Wallet users receive a 10% Prana boost.

How Modularity Can Revolutionise the Bitcoin Ecosystem

On 19 July, Chakra unveiled a strategic partnership with Nubit, a move that signifies a leap forward in the Bitcoin ecosystem by infusing it with modularity.

This collaboration harnesses the combined strengths of Chakra and Nubit to unlock the full potential of Bitcoin in a modular and efficient framework.

Nubit, serving as a Bitcoin-native data availability layer, integrates KZG commitments with 2D Reed-Solomon erasure codes to deliver efficient data availability commitments.

By transitioning from traditional fraud proofs to KZG commitment-based validity proofs, Nubit enhances the retrieval speeds for light nodes by a hundredfold, thereby boosting the scalability of Bitcoin's second layer.

The high-performance Proof of Stake (PoS) protocol and Babylon's economic security framework ensure that Nubit upholds Bitcoin's core principles of decentralisation, censorship resistance, and security.

Chakra's mission is to tackle settlement challenges, unlocking the vast value of Bitcoin across diverse crypto ecosystems.

Employing ZK-STARKs and a middleware chain, Chakra introduces a modular-native paradigm for the extended BTC ecosystem.

As the inaugural universal modular settlement layer, Chakra allows all Layer 2 solutions to focus on execution, sidestepping the intricate complexities of building BTC settlement infrastructure.

Chakra and Nubit are united in their vision to construct a flexible and accessible modular stack for Bitcoin.

Together, they offer a comprehensive solution for Bitcoin Layer 2 builders, guaranteeing security, liquidity, and scalability.

Nubit provides a highly efficient and scalable data availability infrastructure for Layer 2 solutions, while Chakra offers shared settlement services for Layer 2 builders and decentralised applications (DApps) to capitalise on robust liquidity network effects within a secure, dynamic, and vibrant ecosystem.

This strategic partnership between Chakra and Nubit stands as a pivotal moment in the evolution of Bitcoin's ecosystem, equipping Bitcoin builders with the tools to fully embrace the vision of a modular and interconnected Bitcoin future.

Chakra Jumps on the Meme Bandwagon with Meme Ninja Challenge

Memes have become the lifeblood of the crypto community, bringing together both seasoned enthusiasts and newcomers alike.

Recognising the power of memes, Chakra organised a lively meme contest from 11 to 18 July, aiming to spread awareness about Chakra and celebrate the creativity of its community.

Chakra sought out three Meme Ninjas capable of crafting viral and humourous memes that capture the essence of Chakra and the broader Bitcoin ecosystem.

The contest was open to various forms of creative expression, including artwork, memes, GIFs, and short videos.

To guide participants, Chakra provided examples of memes that met their criteria.

Once the creation phase concluded, Chakra selected the top 10 memes and shared them on X, giving the community from 19 to 22 July to vote for their favourites.

The top three winners, determined by the number of likes, were each awarded a share of the 300 USDT prize.

Their victory was announced and their names were listed in the #memeleaderboard channel on Discord.

What is Chakra?

Bitcoin's market capitalisation has now exceeded $1 trillion, leading to its increasing recognition as a novel form of value storage, often referred to as "digital gold."

However, the majority of Bitcoin remains inactive; it is either stored in cold wallets by users or remains inactive on various exchanges around the world, rather than being utilised within the blockchain network or providing direct benefits to its holders.

To address this, Chakra introduces a ZK-driven, trustless Bitcoin settlement network that incorporates a restaking protocol.

This network is designed to empower participants in the BTC ecosystem with a shared settlement layer that unlocks interconnected liquidity and bolsters economic security.

BTC Layer 2 solutions and decentralised applications (DApps) can leverage robust liquidity network effects within a secure, dynamic, and thriving ecosystem.

Chakra's utilisation of ZK-STARKs and a middleware chain establishes a modular-native paradigm for the extended BTC ecosystem from its inception.

This approach allows other BTC Layer 2 solutions to focus on their core functionalities without the need to navigate the complexities and challenges associated with constructing BTC settlement infrastructure.

Behind Chakra

Not much details can be found about the founding team save for their X account.

And even then, Wang's profile picture is not a real life image of him but a 2D cartoon.

Luke Wang, Co-Founder & CEO

Wang is the founder and CEO of Web3MQ and SwapChat, and has been actively involved in developing socio-technical networks since 2017.

Prior to this, he worked as an AI researcher at the MIT Media Lab and contributed to various other ventures.

His socials: X

Jingyi, Co-Founder

Jingyi is a co-founder of Web3MQ & Chakra and was previously a partner at Fenbushi Capital.

Her socials: X

Chakra's Socials

Website

X

Discord

Telegram

Chakra is Fired Up to Enhance the Bitcoin Ecosystem

“The first Modular Settlement Network backed by StarkWare and Bitcoin OGs," that is what is stated on Chakra's profile on their X account.

Building on this credibility, they recently integrated with Binance Web3 Wallet to launch a Bitcoin pre-staking campaign in anticipation of Babylon's Mainnet launch.

This campaign aims to enhance the security of staked Bitcoins by testing user interactions with the Signet BTC network.

As a lock-only network, it will not operate any PoS chains; only finality providers and Signet Bitcoin stakers will participate.

Like Babylon, Chakra currently uses an indexer to capture events on Bitcoin, which will be featured in the preliminary version, Chakra Chain.

The ultimate version of the Chakra Protocol will employ Zero-Knowledge Proofs (ZKP) to secure event data on Bitcoin.

Coinlive notes that Chakra's mission to provide higher yields for long-term Bitcoin holders and unlock Bitcoin's potential for the entire crypto world is promising.

With that in mind, there is not much information to be found with the regard to the founding duo.

Their position as co-founders of Web3MQ, nonetheless, adds some form of reassurance.