Babylon users unstake $21M in Bitcoin following token airdrop

Over $21 million in Bitcoin was unstaked from Babylon as early users claimed 600 million BABY tokens in the platform’s latest airdrop.

Update April 4, 10:40 am UTC: This article has been updated to insert comments from Bitlayer co-founder Kevin He.

More than $21 million worth of Bitcoin was unstaked from the Babylon protocol in the 24 hours after the platform’s token airdrop, according to blockchain data shared by a developer.

On April 4, Bitfeed developer Mononaut shared that in the previous 24 hours, 256 Bitcoin (BTC) had been unstaked from the staking protocol. Mononaut said that the unstaking transactions paid 1.35 BTC in fees and consumed 1.318 Megavirtualbytes (MvB) of blockspace. This means the transactions generated high fees and occupied roughly a third of an entire Bitcoin block. 

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