Babylon (BBN)

Stake BTC with Kiln Dashboard in a few clicks!

Babylon is currently in it’s first phase, the locking phase were staking is available only when a cap is open.

Babylon Phase-1 Cap-3 will open on December 10th, 2024 stating from BTC block 874088 and will run for 1,000 BTC blocks (approximately 7 days).

On the /stake/bbn page of the dashboard you can check staking information about the network and stake your BTC in a few clicks with an intuitive onboarding.

Select the Account you want to stake on, the amount of BTC you wish to stake and connect your wallet to stake!

Stake with Fireblocks

Fireblocks is currently the only supported option to stake BTC via the Kiln Dashboard.

Note that Fireblocks doesn't yet support Schnorr signatures which is required for unbonding stakes, this is planned for Q1.

Once you have setup your Fireblocks Vault, you can use your credentials to stake BTC using your Fireblocks Vault.

Connect Fireblocks vault with credentials

Some notes about Fireblocks raw signing:

1. Due to technical limitations in Fireblocks API, the connection goes through Kiln's Fireblocks proxy

2. No Fireblocks account information or associated secrets are stored within any of Kiln's services, including our dashboard

3. We have ensured that no logs capture this sensitive data

4. The operational design guarantees that these secrets are transmitted directly to the Fireblocks API, without any interim storage

5. Please note that upon reloading the dashboard or selecting the 'disconnect wallet' option, the system terminates access to any Fireblocks-related information

Once your Fireblocks vault is connected, enter stake amount: Specify the amount of BTC you wish to stake.

Specify the amount of BTC and stake

Confirm transaction: Review the details and confirm the staking transaction in your Fireblocks console.

Review transaction details

Track your stake: Monitor your staked assets and points directly in Kiln Dashboard.

Monitor your staked assets and points

Some notes on stakes status

• The Dashboard currently displays status information for phase-1 only.

• Stakes begin in a Pending state and remain there until reaching 10 BTC block confirmations. After confirmation, the status changes to either Active or Overflow.

• In Babylon Phase-1 Cap-3, which uses a time-based cap with specific starting and ending block heights, a stake becomes Overflow if it is included in a BTC block after the ending block height. Otherwise, it remains Active.

• Overflow stakes do not generate points and should be unbonded or withdrawn after the timelock period ends.

To avoid having stakes Overflow, staking will be closed in Dashboard outside of Cap-3's 1,000 blocks timeframe.

Unbonding Babylon stakes

• Timelock for all phase-1 stakes are set to 64,000 BTC blocks (approximately 15 months)

• Unbonding period in phase-1 is set to 1008 BTC blocks (approximately 7 days)

Stakes can be unbonded via two approaches:

1. Wait for the existing timeclock to expire and then withdraw

   

   Withdraw stake
2. Submit an unbonding transaction to Bitcoin, which will unlock the BTC and return it to you after the unbonding period

   

Unbonding requires Schnorr signatures - Fireblocks currently doesn't support Schnorr signatures, support is planned in Q1. As a result, unbonding through the Dashboard is not possible at this time.