The total value locked (TVL) in Babylon, a Bitcoin staking platform, plunged by a third on April 17 after $1.3 billion worth of BTC was unstaked from the platform. Data from DeFiLlama confirms that Babylon’s TVL dropped to $2.69 billion from just around $4 billion on Apr. 16.
Its recently launched native token, BABY, is down by 14% in the past day, according to Coingecko data. While it’s normal for DeFi protocols to record outflows after their token airdrops have concluded, this is the largest single-day withdrawal since BABY launched last week.
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