Looking back at the BTC ecosystem at Babylon TGE 1/Two factions One faction is "inward looking", represented by the Meta Protocol of Ordinals and BRC-20, which for the first time allows anyone to issue counterfeit assets on BTC, bringing the "BTC ecosystem" into the industry's view; Subsequently, two branches emerged around these new asset services: BTC L2 (scaling/acceleration) and Bitcoin DeFi (leveraging), including lending and borrowing of new assets, stablecoins, DEX, and more. The other faction is the "outward seeking" BTCFi, whose core is not to serve counterfeit assets, but to target BTC itself. Including lending and liquidity collateral around BTC, allowing BTC to be integrated into DeFi and security in other ecosystems. In the past half year, the market has had higher expectations for the second faction, while the first faction is still in the process of recovery. 2/Bilateral market The industry has been tirelessly exploring the liquidity value of BTC. After all, for a trillion dollar asset, getting 1% participation is a DeFi mega project. Broadly speaking, BTCFi can be traced back to assets such as wBTC in 2019, which has been over 6 years. Compared to the centralized bridge, anchoring, and encapsulation solutions of six or seven years ago, Babylon has discovered another completely new technological solution, making it the leading representative of this round of BTCFi new projects. The first is security, Babylon has pioneered a self custody method for native BTC that does not require permission. BTC will not leave the user's wallet. Safety is the confidence of the participation of the giant whale, which is why the giant whale single wallet pledged 10000 BTC (about 1 billion US dollars at that time), becoming the largest native BTC pledge in history. The second is the business model. In April last year, we invited Babylon's CTO @ baby_fisherman to chat about Space on @ ThreeBitcoiners (https://(x.com)/ThreeBitcoiners/status/1774750423427305938). At that time, I asked many questions, and Fisher patiently and clearly introduced Babylon's business model, which is to build a two-sided market. The supply side is the native security, liquidity, and user of the Bitcoin network, while the demand side is other PoS public chains, Rollup scaling solutions, and data availability layers. If Bitcoin is the solar system, then Babylon is a 'galactic guard' that pledges to protect the security of other PoS planets (networks) and gain incentives without increasing energy costs. So Babylon is not just another Bitcoin L2 public chain, but has built the Bitcoin Secure Network (BSN), connecting other PoS public chains and BTC holders. While releasing Bitcoin's security and liquidity, it has also explored a third use case for BTC beyond value storage and payment - staking BTC to obtain incentives from the PoS chain. Babylon Genesis is the first Bitcoin Secure Network (BSN) that operates as an independent L1 blockchain. Developers can develop dApps based on it and it will serve as the security and liquidity coordination control platform for subsequent BSN networks, managing the security and liquidity configuration of the entire ecosystem. 3/Strong demand When Babylon first opened BTC staking in August last year, it attracted high market attention. Half a year has passed, and now over 56000 BTC (over 5.5 billion US dollars) have been pledged. The current circulation of Bitcoin is 19.83 million, but about 3-4 million BTC have been lost forever and cannot be recovered. In total, 0.35% of BTC actually participated in Babylon's staking, which is still a small proportion. For more BTC holders, being able to generate some yield while ensuring safety is a breakthrough from 0 to 1. BTCFi has just begun. At the same time, based on the Babylon staking protocol, other Bitcoin re staking protocols such as PumpBTC and AltLayer have been born, further exploring the security and liquidity value of BTC related liquidity staking tokens (LST). 4/Market Expectations The hardcore technology, team, and market demand have enabled Babylon to successively obtain IDG, Polychain, Hack VC, Paradigm, and other top tier venture capitalists have been favored and have raised over $100 million in multiple rounds of funding. Returning to the two factions of the BTC ecosystem mentioned at the beginning, based on my personal observation and my experience participating in Consensus HK, when the first faction stalls, the market has different expectations for the representative project Babylon TGE of the second faction. It can be said that the price performance of BABY is related to the market's confidence in the entire BTC ecosystem. At present, Babylon has not yet released the complete tokenomics. In terms of valuation, I think there is a chance to benchmark Eigenlayer's 3B FDV and also a good chance to go on Binance, Top tier institutions such as Coinbase. Baby airdrop registration has already started, and many bloggers have provided detailed introductions, so I won't elaborate further. Please note that the registration for airdrops will end on March 15th. Remember to participate in a timely manner to receive airdrops when Babylon Genesis is launched. You can also refer to the official documentation and tutorials released by @ bbd_foundation Babylon reminds people of the Tower of Babylon in the Bible, where humans attempted to build a tower that connected the heavens, symbolizing the unity and common goal of humanity. The Babylon protocol is based on the security of Bitcoin PoW and has provided security for over 50 public chains through the Bitcoin Secure Network (BSN), which is like building a Babylon Tower to unite more PoS chains together.