Follow this step-by-step guide to stake your Bitcoin (BTC) to the Babylon protocol via 01node’s Finality Provider.
Important to note
The initial staking cap for Babylon’s Phase 1 is 1,000 BTC. This cap will fill very quickly (estimation is between 20 – 40 mins).
It is recommended that you have Step 1 prepared ahead of time, to be ready for when BTC staking goes live.
Bitcoin (BTC) staking on Babylon will be activated once the BTC block height passes 857909. At this exact point, the “Stake Now” button will be activated in the Stake App and BTC staking transactions can be submitted.
The cap will be raised in Phase 2, which is expected to begin 4 weeks after Phase 1 ends.
Step 1: Prepare your OKX Bitcoin Wallet
For the Babylon’s Phase 1 mainnet, the Stake App will only support BTC staking via OKX Wallet. Install the OKX wallet browser extension and deposit your BTC before proceeding to the next step.
Note: When setting up and funding your wallet, it is important to:
(1) not use a hardware a wallet (such as Ledger), aside from Keystone QR code either directly or through other software wallets and
(2) not use a wallet that holds any Bitcoin Inscriptions.
(3) choose either Native Segwit or Taproot format
Step 2: Start staking BTC
Navigate to the 01node’s BTC Staking Interface.
Step 3: Connect your Bitcoin wallet
Connect your wallet. If you’re visiting the website for the first time, you will need to sign the signature request to get your wallet connected.
Step 4: Enter your BTC amount
Input the amount of BTC you want to stake. During Babylon Phase 1, you have the option to stake between 0.005 and 0.05 BTC per transaction.
Select or switch the address format in your wallet.
Step 5: Determine the transaction fee
Next you can choose to keep the current network fee or prioritize your delegation by increasing the transaction fee.
Reminder: The cap for phase 1 will fill very quickly (around 20 – 40 mins). The higher you set your fee, the higher the likelihood your BTC will be staked to the next block, before the cap is filled.
If your stake arrives after the cap is filled, then it will be in the “overflow” status and you will need to unbond and withdraw your BTC.
Step 6: Stake BTC
Finalize the staking process by clicking “Stake” and confirm the transaction in your wallet.
Step 7: Complete the process
Congratulations you have successfully staked your BTC to Babylon via 01node’s Finality Provider. You can now track your staked position via the Staking Terminal