Over $21 million worth of Bitcoin was unstaked from the Babylon protocol within 24 hours following its token airdrop, according to blockchain data shared by a developer.
On April 4, Bitfeed developer Mononaut shared that 256 Bitcoin (BTC), valued at approximately $82,976 each, were unstaked from the protocol in the past 24 hours. The unstaking transactions incurred fees totaling 1.35 BTC and consumed around 1.318 Megavirtualbytes (MvB) of blockspace. This suggests that the transactions resulted in high fees, occupying roughly one-third of a complete Bitcoin block.
The surge in activity came after Babylon’s airdrop of 600 million of its native tokens, BABY, was distributed to early users and contributors.
On April 3, the Babylon Foundation announced details of its airdrop program aimed at rewarding early adopters. The initiative targeted Phase 1 stakers, non-fungible token (NFT) holders, and developers who contributed to the protocol’s ecosystem.
The total airdrop comprised 600 million BABY tokens, representing 6% of the overall supply. Specifically, 30 million BABY tokens were allocated to Pioneer Pass NFT holders, and 5 million BABY tokens were reserved for open-source contributors.
The remaining tokens were designated for eligible stakers from Phase 1. This distribution included 30 million BABY tokens for stake participation, 335 million BABY tokens as base staking rewards, and 200 million BABY tokens as bonus rewards for transitioning to Phase 2.
Although the airdrop rewarded early participants, Babylon clarified that wallet campaigns and liquid staking incentives were excluded from this event.
Following the airdrop, cryptocurrency exchange OKX listed the BABY token with a USDT trading pair in pre-market futures. This listing allows investors to speculate on the future price of BABY before it becomes available in spot markets.
According to data from DeFiLlama, Babylon’s total value locked (TVL) stands at $4.29 billion, accounting for 80% of the Bitcoin ecosystem’s total TVL of $5.34 billion.
