Babylon's BTC mining seems quite good intuitively, but it feels a bit uncomfortable.
- Single transaction amount limit
The first is the limit on the amount of a single transaction, with each address able to store a maximum of 0.05 BTC.
The advantage is that it can discourage lazy large holders and encourage as many retail investors to participate as possible.
The downside is that diligent people will experience relatively high wear and tear.
If everyone can deposit 1 BTC, the fee of 0.000x can be ignored.
However, with only 0.05 BTC, 1 BTC has to be divided into 20 transactions, resulting in a 20x higher fee. Similarly, if 10 BTC is deposited, the fee will be 200x, which is a bit terrifying.
- First come, first served with fees
The advantage is that this is the most fair.
The downside is that the BTC blockchain will really be congested, right?
This is comparable to a DDoS attack, with 1000 BTC, which is 1000÷0.05=20,000 transactions.
The theoretical TPS of the Bitcoin blockchain is 7, theoretically, the Bitcoin blockchain needs 47 minutes to process 20,000 transactions without eating or drinking.
Taking into account:
- The normal transfer volume of Bitcoin;
- The Bitcoin network is still backlogged with over 200,000 transactions;
- Some people may not deposit the full amount;
- There may be more than 1000 BTC;
- People in a hurry may want to cancel the previous transaction and resend it with a higher fee to internalize.
It will take 2-3 hours to easily process the transaction of 1000 BTC.
- 1+2=high wear and tear.
When Bitcoin is congested, $300 is not an exaggeration, right? In other words, the fee for each transaction could be as high as 0.005 BTC, while the principal is only 0.05 BTC, resulting in a wear and tear of up to 10%.
It's hard to say how much reward Babylon is willing to give for 1000 BTC. Referring to Eigenlayer, it could be 30-40% APR over several months, based on the N-layer nesting.
Not to mention, the fees for early withdrawal (Babylon is locked for 15 months); the fees for distributing wallets and collecting wallets…
(I'm not sure) I'm very worried that this wear and tear and mining rewards will "offset each other."
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