Source: Cointelegraph Original: "{title}"
$1.26 billion worth of Bitcoin (BTC) was unstaked on the Bitcoin staking protocol Babylon, leading to a 32% drop in the protocol's total value locked (TVL).
Blockchain analytics firm Lookonchain marked several addresses that unstaked a total of 14,929 Bitcoins from the staking platform on April 17. The security company identified four addresses that unstaked 299, 499, 1,000, and 13,129 Bitcoins, respectively.
One of the addresses holds the majority of the unstaked assets, valued at $1.1 billion. With Bitcoin's price hovering around $84,400, the total value of the unstaked Bitcoins is approximately $1.26 billion.
This unstaking event caused Babylon's TVL to drop by 32%. According to data tracking platform DefiLlama, Babylon's TVL fell from $3.97 billion to $2.68 billion after the unstaking.
Community members are speculating about the entities behind the unstaking. One X user suspects that these Bitcoins may belong to the Chinese government, while another user suggested that it could simply be a rotation, risk reduction, or liquidity acquisition by traders.
While it is currently unclear who is behind the four addresses mentioned by Lookonchain, these fund transfers may be related to a conversion initiated by the decentralized finance (DeFi) protocol Lombard Finance.
During the unstaking, Babylon Labs forwarded an announcement from Lombard stating that it was unstaking Bitcoin as part of a transition to a new batch of final confirmation providers.
Lombard Finance indicated that they chose to unstake at the end of Babylon's first phase cap on April 24 to ensure users would not miss out on rewards. The protocol stated that it would re-stake these assets.
"Once the unbinding is complete, all of these Bitcoins will be re-staked to Babylon," Lombard Finance wrote.
As of the time of publication, Cointelegraph had not received a response from Babylon Labs.
This large-scale unstaking event occurred after Babylon's airdrop aimed at early adopters. On April 3, Babylon announced the details of its early adopter airdrop program. The airdrop targeted first-phase stakers, non-fungible token (NFT) holders, and developers. The protocol allocated 600 million BABY tokens for this airdrop event.
After the airdrop, $21 million worth of Bitcoin was unstaked from the protocol. Bitlayer co-founder Kevin He previously told Cointelegraph that this is a common short-term market behavior representing early redemptions.
Babylon is one of the largest participants in the Bitcoin DeFi space, with its TVL surpassing $6 billion last December. Babylon co-founder Fisher Yu previously told Cointelegraph that the platform makes staking a native use case for Bitcoin without the need to trust other parties during the staking process.
Related: Binance: The surge in Bitcoin DeFi could drive demand and adoption for BTC
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