Babylon Launches Eligibility Checker For BABY Airdrop, Allocating 600M Tokens To Reward Early Users
In Brief
Babylon Foundation has announced the details of its BABY token airdrop and released an eligibility checker, allowing users to verify their airdrop allocation across various categories.
Babylon Foundation, an organization focused on developing the Babylon Bitcoin staking protocol, announced the details of its BABY token airdrop and released an eligibility checker. Users can now verify their airdrop allocation from various categories by visiting Cuneiform Asset’s airdrop checker page or using the provided application programming interface (API) to enter their token address.
Cuneiform Assets, a subsidiary of Babylon Foundation, will oversee and conduct the airdrop. Tokens will be automatically transferred to eligible recipients who had previously registered for the airdrop, with no separate claim process required.
According to the announcement, a total of 30 million tokens are allocated to stakers who participated in Phase 1. This reward covers all valid stakes from Phase 1, including both accepted and overflow stakes. For participants in Cap 1, each eligible stake will receive 550 tokens, totaling up to 16.5 million tokens. In Cap 2, each eligible stake will receive 150 tokens, amounting to a distribution of 2.25 million tokens. For Cap 3, each eligible stake will receive 100 tokens, with a total of up to 11.2 million tokens.
In addition, eligible stakers and their delegated Finality Providers from Phase 1 will receive a base staking reward airdrop. This reward is calculated based on a fixed number of tokens allocated per BTC block during the Phase 1 staking period. The reward is distributed among all active stakes in proportion to their stake size at each BTC block, with the airdrop amount being the sum of rewards across all BTC blocks where the stake was active, minus the commission charged by the delegated finality provider.
Furthermore, active stakes as of March 31st will receive a bonus airdrop multiplier, contingent on their successful transition to Phase 2. To qualify for this bonus, users must remain staked, register for staking on Babylon Genesis within four weeks of the network launch, and maintain their stake for at least 100 consecutive days after registration. The 200 million token bonus airdrop will be distributed among all qualifying stakes, in proportion to the base staking reward airdrop they received. Notably, only Phase 1 stakers are eligible for this bonus, and it is in addition to the staking rewards they receive for securing the Babylon Genesis chain.
Moreover, Pioneer Pass non-fungible token (NFT) holders who registered for the airdrop will receive 300 tokens per NFT. A snapshot of eligible NFT holders was taken on February 24th. Any unclaimed tokens from this category will be reallocated to community incentives. Additionally, 5 million tokens are allocated for open-source contributors, with a snapshot taken on February 23rd. Any unclaimed tokens from this category will also be reallocated to community incentives.
What Is BABY Token?
BABY is the native token of Babylon Genesis, and it will play a crucial role in transactions, governance, and ensuring security within the ecosystem. Babylon Genesis aims to be the first Bitcoin Secured Network (BSN), utilizing the crypto-economic security of Bitcoin through the Babylon Bitcoin staking protocol.
According to the tokenomics, 15% of the total 10 billion token supply is allocated for community incentives, 18% for ecosystem funding, 18% for research, development, and operations, 30.5% for early and private round investors, 15% for the team, and 3.5% for advisors.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
