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- Babypie, a liquid staking solution for Bitcoin, has integrated five Chainlink solutions, with Functions being the first to go live to help verify users’ signatures and Bitcoin transactions.
- Chainlink’s Proof of Reserve, Price Feeds, and Automation are set to go live soon; Babypie will also integrate CCIP to access other networks, including BNB Chain, Base and Arbitrum.
Babypie has announced the integration of Chainlink’s solutions to its liquid staking solution for Bitcoin users, opening up new opportunities in DeFi for the largest crypto.
Babypie is a subDAO for liquid staking developed by Magpie XYZ, a platform that seeks to boost yields for liquidity providers and holders of governance tokens. Magpie boasts over $1.81 billion in total value locked (TVL) across Ethereum, BNB Chain, Optimism and other chains.
Magpie launched Babypie earlier this month to target Babylon, the staking protocol for Bitcoin that, as we reported in February, counts Binance Labs as an investor. Babypie allows users to stake their BTC through Babylon. maximizing their income potential and opening up new opportunities in DeFi.
Now, Chainlink is part of this ballooning network to expand its reach and boost its security and interoperability.
.@Babypiexyz_io is leveraging the #Chainlink platform across @arbitrum, @base, and @BNBChain.
How Babypie is unlocking utility for mBTC with Automation, CCIP, Functions, Price Feeds, and PoR ↓https://t.co/Ym0Kqyodci
— Chainlink (@chainlink) July 30, 2024
In an accompanying blog post, Babypie revealed that it had selected Chainlink as it’s the “industry-standard for decentralized infrastructure in the blockchain industry, providing multiple services to developers to enable more advanced DeFi applications.”
Babypie Integrates Chainlink—Five Key Integrations
Babypie revealed that it’s integrating five Chainlink products, all meant to make the staking process easier, more secure and transparent.
Chainlink Functions was the first to go live on Babypie. Essentially, Functions offers a smart contract with a standardized interface for accessing external off-chain data. According to the development team, Functions is the only Chainlink feature that has gone live on Babypie, with the other four set to launch soon.
One of these features that Babypie will integrate is the Cross-Chain Interoperability Protocol (CCIP), a secure interoperability protocol that connects dozens of networks, including both public and private networks. It allows users to send cross-chain messages, send tokens across networks at a reliable fee and include programmed instructions.
CCIP has become an industry interoperability standard, with several applications and networks relying on it to expand their ecosystems. As we reported, Polkadot’s parachain Astar Network integrated CCIP last week, as did real-world asset tokenization platform Zoniqx.
The other three Chainlink features coming to Babypie are Price Feeds, Proof of Reserve and Automation. These will allow the platform to offer secure and reliable markets for its mBTC/BTC pair and enhance transparency through onchain data.
The team concluded:
By incorporating these advanced Chainlink services, Babypie is committed to delivering our users a secure, transparent, and efficient DeFi experience. Integrating the Chainlink platform will enable Babypie to tap into the largest ecosystem of developers, protocols, enterprise, and capital markets players all leveraging the same critical infrastructure from Chainlink.
LINK trades at $13.2, losing 3% in the past day for an $8.026 billion market cap.
