Source: Cointelegraph Original: "{title}"
Updated at 10:40 AM UTC on April 4, this article has been updated to include comments from Bitlayer co-founder Kevin He.
According to blockchain data shared by a developer, over $21 million worth of Bitcoin was unstaked from the Babylon protocol within 24 hours after the platform's token airdrop.
On April 4, Bitfeed developer Mononaut shared that 256 Bitcoin (BTC) were unstaked from the staking protocol in the past 24 hours. Mononaut stated that the unstaked transactions paid a fee of 1.35 Bitcoin, consuming 1.318 megavirtual bytes (MvB) of block space. This means these transactions incurred high fees, occupying about one-third of an entire Bitcoin block.
This activity occurred after Babylon airdropped $600 million worth of its native token BABY to early users and contributors.
Babylon airdropped 600 million tokens to early adopters
In a previous Cointelegraph interview, Babylon co-founder Fisher Yu stated that unlike Ethereum and Solana, Bitcoin investments do not reward investors in blockchain-native assets. Instead, they may receive rewards in the form of blockchain-native tokens backed by Bitcoin capital.
On April 3, the Babylon Foundation announced the details of its airdrop plan for early adopters. The protocol stated that the airdrop is dedicated to stakeholders in its first phase, non-fungible token (NFT) holders, and developers who contributed to its ecosystem.
The protocol indicated that it will airdrop 600 million BABY tokens, accounting for 6% of its total supply; 30 million BABY will be allocated to holders of the protocol's Pioneer Pass NFTs, while 5 million BABY will be allocated to open-source contributors.
The remaining tokens will be distributed to eligible stakeholders participating in the protocol's first phase. This includes airdropping 30 million BABY for staking participation, 335 million BABY for base equity reward airdrops, and 200 million BABY for second-phase transition bonus reward airdrops.
While the platform distributed the airdrop to its early adopters, it clarified that it does not include wallet activity and liquid staking rewards in this airdrop event.
In response to the airdrop, cryptocurrency exchange OKX listed BABY tokens against USDT in pre-listing futures. Pre-listing futures allow traders to speculate on the future price of an asset. This enables investors to trade BABY futures before the asset enters the spot market.
Babylon users unstaking is a "common" short-term behavior
Despite millions of Bitcoin not being staked after the airdrop, the effect may be minimal. Bitlayer co-founder Kevin He told Cointelegraph that this is "common short-term market behavior."
The executive stated that this merely represents early redemption. Additionally, he noted that the high transaction fees stem from Babylon's initial design and will not affect its long-term value.
He added that Babylon has gained significant attention with its symbolic economy and airdrop, fostering community engagement. The executive stated that the protocol plays a "key role" in Bitcoin DeFi, pushing Bitcoin beyond mere value storage.
Data platform DefiLlama shows that Babylon currently has a total value locked (TVL) of $4.29 billion. This accounts for 80% of the total TVL in the Bitcoin ecosystem ($5.34 billion).
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