Magpie Plans to Launch SubDAO Babypie for BTC Staking

Bittime - Magpie has submitted a proposal to its community to launch a new SubDAO called Babypie that will focus on staking Bitcoin via the Babylon chain. This move is part of Magpie's strategy to expand DeFi capabilities and increase the value of the MGP token.

Babypie and Bitcoin Staking

Babypie will utilize Bitcoin for staking with a Proof of Stake (PoS) mechanism via the Babylon chain. The PoS mechanism allows BTC holders to earn rewards by locking coins in the network, which contributes to the security and operation of the PoS network.

By launching Babypie, Magpie aims to open up new opportunities for its users to participate in Bitcoin staking, traditionally known as a Proof of Work (PoW) asset.

Benefits of SubDAO Babypie to the Magpie Ecosystem

1. Rewards SubDAO vlMGP: By accepting 20% ​​of Babypie's BBP tokens and locking them in the Magpie treasury, the protocol will increase rewards SubDAO vlMGP. This will provide additional incentives for MGP token holders, increasing the token's intrinsic value.

2. Strategic Expansion: With the launch of Babypie, Magpie expands their DeFi capabilities by leveraging Babylon's advanced Bitcoin staking technology. This not only increases the utility of the Magpie ecosystem, but also attracts a new user base interested in BTC staking.

3. Commitment to Sustainable DeFi: This move is in line with Magpie's commitment to delivering sustainable and efficient DeFi solutions. By utilizing PoS, Magpie supports a more environmentally friendly model compared to PoW.

Approval Process and Community Support

This proposal is submitted for holder approval vlMGP, with voting due to end on June 28 at 09:00. Currently, this proposal has almost full support from the community, with 99.75% voting in favor of launching Babypie. This strong support reflects the community's confidence in Magpie's strategic vision and the potential benefits Babypie brings.

Staking Bitcoin with Babylon

Babylon Chain is known for its advanced technology for Bitcoin staking. This technology allows Bitcoin, which is generally used in PoW mechanisms, to be used in PoS mechanisms. This opens up new opportunities for BTC holders to earn staking rewards in a more efficient and environmentally friendly way.

Advantages of Babylon Chain

1. Energy Efficiency: PoS is significantly more energy efficient compared to PoW, which requires large computing power.

2. Network Security: By staking BTC via Babylon, users contribute to the security of various PoS networks, strengthening the overall blockchain infrastructure.

3. Staking Rewards: BTC holders can earn rewards by locking up their coins, creating a passive source of income.

Magpie's launch of the Babypie SubDAO is a significant strategic step in expanding their DeFi ecosystem. By leveraging Babylon's Bitcoin staking technology, Magpie opens up new opportunities for its users to participate in BTC staking, increasing rewards for vlMGP token holders, and increasing the value of MGP tokens.

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