Singapore - August 27, 2024 - The Babylon ecosystem reached a significant milestone with the official activation of the first phase of its mainnet, enabling Bitcoin (BTC) staking on the Babylon network. This breakthrough not only marks a major advancement in scalability and diversified financial options within the Bitcoin ecosystem but also provides Cobo with an excellent opportunity to showcase its outstanding BTC staking API capabilities.

During the mainnet launch, the Babylon team set an initial staking cap of 1,000 BTC, with each stake limited to a maximum of 0.05 BTC. This restriction presented a unique technical challenge: how to ensure that clients could successfully stake their BTC on Babylon amidst intense competition in the shortest time frame?

Despite the difficulties, Cobo's BTC staking API rose to the challenge, outperforming competitors and enabling clients to stake over 700 BTC, accounting for more than 70% of the total 1,000 staking cap.

Cobo’s BTC Staking API excelled in a high-concurrency environment, supporting UTXO splitting, pre-signed staking transactions, and batch broadcasting. After multiple rounds of testing and optimization, our API demonstrated remarkable adaptability and processing efficiency, providing clients with a crucial advantage amidst the fierce competition, enabling them to quickly secure limited staking allocations. Cobo's BTC Staking API facilitates the entire staking process for our clients. It helps to lower technical barriers and incorporates the following key features to improve speed and performance:

• Secure Custody: Clients can deposit their BTC into Cobo's secure custody environment and seamlessly complete staking through the BTC Staking API, enhancing asset security.

• Pre-Signature Optimization: The API supports pre-signed staking transactions, allowing users to set multi-tier gas fees in advance, fully preparing for high concurrency and volatile fee scenarios.

• Efficient UTXO Management: By splitting UTXOs, the API optimizes the transaction construction process, improving overall capital efficiency under Babylon protocol constraints.

• Batch Transaction Broadcasting: This feature performs exceptionally well when handling a large number of concurrent requests. At the moment of mainnet activation, the system efficiently processed all clients' staking requests simultaneously, ensuring swift transaction inclusion on the Bitcoin network.

• Full Lifecycle Support: The API supports subsequent unbinding operations, providing users with complete staking and unstaking capabilities, meeting full lifecycle asset management needs.

• Self-Broadcasting Support: The API allows users to obtain pre-signed staking transactions and, while benefiting from Cobo’s batch broadcasting service, also offers the option to use custom nodes for transaction broadcasting, avoiding potential performance bottlenecks from Cobo’s service.

As an industry leading digital asset custody and wallet technology provider, Cobo is committed to delivering secure, high-performance solutions. Our advanced security measures, such as MPC threshold signatures and enterprise-grade risk controls, empower clients to tailor user roles and permissions, reducing security risks.

Cobo's MPC technology offers a comprehensive asset management solution, ensuring secure custody and efficient risk control throughout the staking and custody process. Our backend support team is equipped with a comprehensive real-time monitoring system and performance dashboard, enabling the team to promptly identify and resolve potential issues. The technical team is on standby 24/7, ensuring rapid response to any anomalies.

The Babylon mainnet launch has provided valuable insights and experience, enabling us to optimize our systems for future challenges. Cobo remains dedicated to providing secure and robust wallet infrastructure, driving innovation and creating value for our clients.