Paradigm-Backed Babylon Sets TGE, Plans 6% $BABY Airdrop to Boost BTCFi via Bitcoin Staking

Babylon, a project backed by Paradigm, has announced the tokenomics for its $BABY token, which will have a total supply of 10 billion. The project plans to airdrop 6% of its total token supply, amounting to 600 million $BABY tokens, to early users. This airdrop is targeted at various groups including stakers, Pioneer Pass NFT holders, and GitHub contributors. The airdrop distribution includes 30 million $BABY tokens for participants in the first phase of staking, 335 million for basic staking rewards in the first phase, 200 million for those transitioning to the second phase of staking, and additional allocations for other categories. Babylon has previously raised $70 million in a funding round led by Paradigm, with additional support from investors like Polychain, OKX, and Hack VC. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io