Babylon Introduces Eligibility Verification Tool for the BABY Airdrop, Allocating 600 Million Tokens to Reward Early Adopters

Babylon Foundation , an organization dedicated to advancing the Babylon Cuneiform Assets, the Bitcoin staking protocol, has announced the specifics of the BABY token airdrop and released an eligibility verifier. Users can check their airdrop eligibility by visiting the Cuneiform Asset airdrop checker page or utilizing the provided application programming interface (API) to input their token address.

Cuneiform Assets, a branch of the Babylon Foundation, will manage the airdrop process. Tokens will be directly granted to recipients who previously registered, so there's no need for a claiming process.

As stated in the announcement, 30 million tokens are reserved for stakers from Phase 1. This allocation includes all verified stakes from Phase 1, comprising both acknowledged and overflow stakes. Those who participated in Cap 1 will receive 550 tokens for each eligible stake, summing up to 16.5 million tokens. In Cap 2, eligible stakes will get 150 tokens, distributing 2.25 million tokens overall. For Cap 3, each qualifying stake will earn 100 tokens, totaling around 11.2 million tokens.

Additionally, stakers from Phase 1 along with their delegated Finality Providers will receive a base reward airdrop. This reward will be calculated based on a specific number of tokens allocated per BTC block during the Phase 1 staking timeline. Rewards will be divided among all active stakes proportional to their size at each BTC block, with the total airdrop amount being the accumulation of rewards through all BTC blocks where the stake remained active, after deducting any fees from the delegated Finality Provider.

Moreover, stakes active as of March 31st will qualify for a bonus airdrop multiplier, dependent on their smooth transition to Phase 2. To gain this bonus, users must keep their stakes active, register for staking on Babylon Genesis within four weeks of the network going live, and maintain their stake consistently for a minimum of 100 uninterrupted days after registration. The 200 million token bonus airdrop will be allocated among all eligible stakes, based on the base staking reward airdrop received. It's important to note that only Phase 1 stakers are eligible for this bonus, and it adds to the staking rewards for securing the Babylon Genesis network.

Additionally, holders of the Pioneer Pass non-fungible token (NFT) who registered for the airdrop will receive 300 tokens for each NFT. A snapshot of eligible NFT holders was captured on February 24th. Any tokens that go unclaimed within this category will be redirected to community incentives. Furthermore, 5 million tokens are designated for open-source contributors, with a snapshot taken on February 23rd. Unclaimed tokens from this group will also be redirected to community incentives.

What Is BABY Token?

BABY is the native token of Babylon Genesis and it will play an integral role in processing transactions, governance, and maintaining the security of the network. Babylon Genesis aspires to be the first Bitcoin Secured Network (BSN), leveraging Bitcoin’s crypto-economic stability through the Babylon Bitcoin staking protocol.

In terms of token economics, 15% of the total 10 billion token supply is reserved for community incentives, 18% for ecosystem development, another 18% for research, development, and operational costs, 30.5% for early and private investors, 15% allocated for the team members, and 3.5% set aside for advisors.