On August 22, 2024, the Babylon ecosystem reached an important milestone - the first phase of the mainnet was officially activated, initiating the staking of Bitcoin (BTC) on the Babylon network. This breakthrough not only signifies significant progress in the scalability and diversification of the Bitcoin ecosystem, but also provides Cobo with an excellent opportunity to showcase its outstanding technological capabilities.

For security reasons, the Babylon team initially set the staking limit to 1,000 BTC, with a maximum of 0.05 BTC per staking transaction. This limitation presented a unique technical challenge: how to ensure that clients can successfully stake their BTC on Babylon in a very short time amidst intense competition from numerous participants?

In this unprecedentedly fierce competition, Cobo assisted clients in successfully staking over 700 BTC, accounting for more than 70% of the total staked BTC, based on Babylon's BTC Staking API.

Cobo's performance with the Babylon BTC Staking API in a high-concurrency environment was outstanding, supporting UTXO splitting, staking transaction pre-signing, and batch broadcasting. After multiple rounds of testing and optimization, this API demonstrated exceptional adaptability and processing efficiency, creating a crucial advantage for clients in intense competition, enabling them to quickly secure a limited staking quota. This API covers the entire staking process, reducing technical barriers and demonstrating significant performance advantages in multiple aspects:

• Secure Custody: Clients can deposit BTC into Cobo's secure custody environment and seamlessly complete staking through the BTC Staking API, enhancing asset security.

• Pre-signing Optimization: Supports staking transaction pre-signing, allowing users to set multiple-tier gas fees in advance, preparing for high-concurrency and high fee fluctuation scenarios.

• Efficient UTXO Management: By splitting UTXOs, the API optimized the transaction construction process, improving overall capital efficiency within Babylon's protocol limitations.

• Batch Transaction Broadcasting: This feature performed exceptionally well in handling a large number of concurrent requests. At the moment of mainnet activation, the system was able to simultaneously and orderly process all clients' staking requests, ensuring that transactions could quickly and smoothly enter the Bitcoin network.

• Full Lifecycle Support: The API supports subsequent unbinding operations, providing users with complete staking and unstaking capabilities to meet the full lifecycle asset management needs.

• Self-broadcasting Support: The API supports users in obtaining pre-signed staking transactions, allowing them to decide whether to use their own custom nodes for transaction broadcasting while using Cobo's service for batch broadcasting, avoiding the bottleneck of Cobo's service performance becoming the broadcast transaction.

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

Cobo's Multi-Party Computation (MPC) technology provides clients with flexible and secure asset management solutions, not only offering secure custody environments for staked assets but also designing efficient risk control strategies for the entire staking and custody process, providing comprehensive enterprise-level workflow and risk control support for various project parties. This all-encompassing security system ensures that while pursuing performance, client assets are always protected at the highest level.

Cobo's backend is equipped with a comprehensive real-time monitoring system and performance dashboard, capable of promptly identifying and resolving potential issues. The technical team is on standby 24/7, ensuring rapid response to any abnormal situations.

The activation of the Babylon mainnet not only tested our technical capabilities but also provided us with valuable practical data and experience. We will continue to optimize the system and prepare for larger-scale challenges in the future.

The Cobo team will continue to focus on providing high-performance, secure, and reliable infrastructure services for encrypted assets. We look forward to continuing to demonstrate our technological capabilities in future blockchain projects, creating greater value for clients, and promoting the healthy development of the industry.

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