The incoming deposits should be enough to instantly vault Babylon to the top of the industry leaderboard for Bitcoin DeFi projects, with the Lightning Network a distant second at $321 million of collateral, based on DeFi Llama data. That’s still well below the overall DeFi projects, such as the Ethereum-based liquid staking platform Lido, with $23.7 billion of collateral, or EigenLayer, a retaking project on Ethereum, at $10.9 billion.
Source: https://www.coindesk.com/markets/2024/10/08/bitcoin-protocol-babylon-pulls-in-15b-of-staking-deposits-as-cap-lifted/?utm_medium=referral&utm_source=rss&utm_campaign=headlines