Why didn't anyone talk about Babylonlabs for staking BTC?

[Savannah180]

No one ever talks about how easy it is for one to lose their $BTC in the process of wrapping or pegging all in a bid to stake it.

Imagine the pain of loosing your assets while in the process of trying to make gains on it. Talking about this seems personal to me because I have experienced it first hand. And I would've given up on staking if not until a trade buddy told me about Babylonlabs that enables you stake without pegging or wrapping and you have custody of your assets.

What's worrisome is that fact that a lot of you knew about this staking platform but never talked about it. How did I know? I know because most of you are participating in the $BABY airdrop and even that on BingX so why didn't anyone say a thing about it?
Lol you never thought you'd be helping someone by talking about good platforms you've used for one purpose or another right?

Phew! Some things needs to be talked about more in this space, so that others can learn or take precautions. 

[memehunter]

Babylonlabs that enables you stake without pegging or wrapping and you have custody of your assets.

I have never heard of it. Just to clarify things more, are you saying that you will have custody of your coins the whole time while staking? I mean, almost every genuine platform has a process of unstaking. What is the use of staking for the platform in question if they cannot use funds?

[Savannah180]

Babylonlabs that enables you stake without pegging or wrapping and you have custody of your assets.

I have never heard of it. Just to clarify things more, are you saying that you will have custody of your coins the whole time while staking? I mean, almost every genuine platform has a process of unstaking. What is the use of staking for the platform in question if they cannot use funds?

I'm sure you're not the only one who doesn't know about this staking platform. Like I mentioned I only knew about it from this event on BingX and then I did my own research on the project.
Pre-register link: https://forms.gle/NX2VEKqX2ga3ihrU6 [nofollow]
https://bingx.com/en/rewards/ [nofollow]


Now to your question,  I read through the FAQ on the platform site, and this is what I found.

Does my BTC leave my wallet once staked?
Technically, your BTC has not left your custody. However, your wallet will not show the BTC you staked in your available balance once that BTC is locked. Current wallet implementations do not yet know how to display staked BTC that is still in your custody. When staking, you do not send the BTC to a third party. It is locked in a self-custodial Bitcoin Staking script that you control. This means that any subsequent movement of the BTC will need your approval. You are the only one who can unbond the stake and withdraw.

To your second question regarding what use it is to the platform if they can't use your money......
Transaction fees are being paid so I guess they don't need to use staked BTC assets.

[memehunter]

When staking, you do not send the BTC to a third party. It is locked in a self-custodial Bitcoin Staking script that you control. This means that any subsequent movement of the BTC will need your approval. You are the only one who can unbond the stake and withdraw.

There you go. You will need to send BTC to someone at some point, and then it can never be in self-custody the whole time during staking. I think the platform in question is misleading people, and that is often not a good sign.

To your second question regarding what use it is to the platform if they can't use your money......
Transaction fees are being paid so I guess they don't need to use staked BTC assets.

What does that even mean?

[Savannah180]

When staking, you do not send the BTC to a third party. It is locked in a self-custodial Bitcoin Staking script that you control. This means that any subsequent movement of the BTC will need your approval. You are the only one who can unbond the stake and withdraw.

There you go. You will need to send BTC to someone at some point, and then it can never be in self-custody the whole time during staking. I think the platform in question is misleading people, and that is often not a good sign.

To your second question regarding what use it is to the platform if they can't use your money......
Transaction fees are being paid so I guess they don't need to use staked BTC assets.

What does that even mean?

You know, you could be right or not. You can maybe go over the website yourself for more clarity. My major point of attraction to this project was the fact that I do not have to wrap any token before staking $BTC.

I'll look into it some more before using the platform.

[memehunter]

My major point of attraction to this project was the fact that I do not have to wrap any token before staking $BTC.

Even if there is a high possibility of platform scamming you? IMO, credibility should be the main focus.