Babylon Mainnet Phase 1 Activated: A Major Test for Cobo API Performance

On August 22, 2024, the Babylon ecosystem reached a significant milestone with the official activation of the first phase of its mainnet, enabling Bitcoin (BTC) staking on the Babylon network.

This breakthrough not only represents a major advancement in scalability and diversified financial opportunities within the Bitcoin ecosystem but also provides Cobo with an excellent opportunity to showcase its superior technical capabilities.

For security reasons, the Babylon team initially set a staking cap of 1,000 BTC, with a maximum of 0.05 BTC per stake. This limitation posed a unique technical challenge: how to ensure that customers could successfully stake their BTC on Babylon in the face of intense competition within a very short time frame.

In this unprecedentedly fierce competition, Cobo’s Babylon-based BTC Staking API helped customers successfully stake over 700 BTC, accounting for more than 70% of the total.

Cobo’s Babylon BTC Staking API demonstrated outstanding performance in a high-concurrency environment, supporting UTXO splitting, pre-signing of staking transactions, and batch broadcasting.

After multiple rounds of testing and optimization, this API exhibited excellent adaptability and processing efficiency, giving customers a crucial advantage in securing limited staking spots swiftly. The API covers the entire staking process, lowering technical barriers and showcasing significant performance advantages in several areas:

• Secure Custody: Customers can deposit BTC into Cobo’s secure custody environment and seamlessly complete staking via the BTC Staking API, enhancing asset security.
• Pre-signature Optimization: The API supports pre-signing of staking transactions, allowing users to pre-set multi-tiered gas fees, fully preparing for high-concurrency and volatile fee scenarios.
• Efficient UTXO Management: By splitting UTXOs, the API optimizes the transaction-building process, improving overall capital efficiency under the constraints of the Babylon protocol.
• Batch Transaction Broadcasting: This feature excels in handling large volumes of concurrent requests. Upon mainnet activation, the system could process all customer staking requests simultaneously and orderly, ensuring quick and smooth entry of transactions into the Bitcoin network.
• Full-cycle Support: The API supports subsequent unstaking operations, providing users with comprehensive staking and unstaking capabilities, meeting the full lifecycle asset management needs.
• Self-Broadcasting Support: The API allows users to obtain pre-signed staking transactions and, while using Cobo’s batch broadcasting service, independently choose to broadcast transactions through custom nodes, preventing Cobo’s service from becoming a bottleneck in transaction broadcasting.

As a leading provider of digital asset custody and wallet technology, Cobo prioritizes security while ensuring high performance. We employ MPC threshold signatures and enterprise-level risk control strategies, allowing users to customize permission rules, strictly limiting the scope of asset operations, and significantly reducing potential risks.

Cobo’s Multi-Party Computation (MPC) technology offers customers a flexible and secure asset management solution. It not only provides a secure custody environment for staking assets but also designs efficient risk control strategies for the entire staking and custody process, offering complete enterprise-level workflows and risk control support for project teams.

This comprehensive security system ensures that customer assets are protected at the highest level while maintaining performance.

Cobo’s backend is equipped with a comprehensive real-time monitoring system and performance dashboard, capable of instantly detecting and resolving potential issues. The technical team is on standby 24/7 to respond quickly to any anomalies.

The activation of the Babylon mainnet was not only a test of our technical capabilities but also provided us with valuable data and experience. We will continue to optimize the system to prepare for even greater challenges in the future.

The Cobo team remains committed to delivering high-performance, secure, and reliable crypto asset infrastructure services. We look forward to continuing to demonstrate our technical prowess in future blockchain projects, creating greater value for our customers, and promoting healthy industry development.