Fisher Yu - Babylon: Bitcoin’s Trustless Open Port - TOKEN2049 Dubai 2025

Hello everyone. Uh what a short day. So yeah, thank you for staying. I promise I will keep it within 15 minutes. Uh my name is Fisher Yu.

I'm the co-founder and CPO of the Bablin project. So today I'm going to share with you my view of uh what the the future of bitcoin and what the problem project and the protocols problem build the the role problem play in this future. Okay. So before I start I would like to invite you to think about from a crypto person's perspective what does the world look like? What does the world uh comprise?

Like what are the different pieces? Okay. Yeah. What does the world looks like? Oh, okay.

Legal disclaimer. So, yeah, the future of uh the crypto world should be very compliant. So, here is our legal disclaimer. Now, back to the world. So, to me, the world consists of three pieces.

First is the mainstream world. Traditional uh trade five, web two, you name it. And then we have the Bitcoin world. Bitcoin itself uh contribute to half of the TVL or value of the entire crypto world. And then we also have the altcoin world.

Okay. So there are three different worlds from a crypto personal perspective. The current trend, Bitcoin is getting mainstream adoption, capturing real world values and users, right? But the outcoin world is falling behind. It's still within this crypto in uh inner cycle.

It has not been gaining too much attract uh attraction in terms of mainstream adoption. Okay. No. So what Babalon tries to do is to build the genuine connection, the genuine bond between Bitcoin and Outcoin to allow the values and uses captured by Bitcoin from the mainstream adoption, channel it to outcoin to make outcoin better and outcoin in return will reward the Bitcoin world. So in in total we our vision is to build a more united crypto world.

Yeah. So that the entire crypto world can get mainstream adoption rather than being in a very exclusive small cycle. Okay. So this is our vision. Then you may ask okay yeah Bitcoin is getting mainstream adoption.

Why would Bitcoin be willing to share its mainstream adoption with alcoin universe? Right? Bitcoin doesn't doesn't care, right? But indeed it cares. Why?

It is because Bitcoin it's an idol asset. It s most of the bitcoins are sitting there doing nothing. You think about it. What can you do with your bitcoin? There are two type of things you can do with your bitcoin.

One is the native use case including um just holding it or use it for simple payment which no one does. These two use cases holding and payment they are the native use cases of bitcoin which means it is safe to use as long as the bitcoin chain is secure as and as long as you as the user you are honest. Okay. Then for any other use case of bitcoin such as lending like borrow against bitcoin trading or bridge it to another chain to do defy you it require you to give your bitcoin to some counterparty third party it could be the lender it could be the multisig bridge like outcoin collector something else. So you need to trust someone else or something else as a counterparty in order to do those use cases.

So those those use cases do not have too much traction. So Bitcoin mostly sitting there idle for the holders. Okay. So so let's consider reconsider about the Bitcoin's utility starting from yield. Okay.

Bitcoin holders of course want yield. So where does the yield come from? There are two directions. Uh first direction is to have bitcoin denominated or bitcoin based yield which basically means bitcoin it's transferred from person A to person B. Okay, this is not a good direction first because Bitcoin is not inflationary.

Someone else gain must come from someone else lost. Bitcoin does not have the program programmability to prove that someone does have done some good things for for the for the other person. So basically it is a zero sum game. It's just evolution. So this direction is not very hopeful.

Okay. So pure Bitcoin based uh utility AU is not token. A much better direction a much better direction is to look outside Bitcoin. Okay, beside Bitcoin, as I mentioned earlier, there is a vast alt outcoin universe out there. We have E, BNB, Solana, Su, L1, L2, LN, DA layer, you name it.

Okay, so a better direction is for BTC to have a good connection with the outcoin universe and allow the outcoin universe to give Bitcoin holder some kind of reward or yield. Okay. Then the question is why? Why do Outcoin universe give Bitcoin something? What can Bitcoin provide in return?

Right. So it turns out that Bitcoin indeed can provide something very useful for the outcoin universe. There go. So the first thing is security. So Bobalong invented trustless and self-custodial bitcoins uh staking.

It allowed the bitcoin the bitcoin the token to be staked and secure other blockchains and rollouts in the same way as how ease is staked how sana staked provide proof of stake slashable proof ofstake security to other blockchains and then collecting staking reward. Okay so this is the staking security and it is trustless self-custodial. So staking is the new hot link because staking also require the bitcoin holder to just put the bitcoin there and don't touch it. Okay. So oblance allow bitcoin to provide meaningful proof ofstake security to all blockchains.

This is one. The second something very important which no one has conferred it is called bitcoin liquidity. Bitcoin currently it's just like gold nugget sitting in a war chest, right? So it will be much better if Bitcoin become like liquid gold that can flow into the altcoin universe and provide liquidity and TV to the outcoin universe which will significantly boost the value and traction of the outcoin universe. Okay.

So Bitcoin liquidity is the next big thing. Then by providing security and liquidity to alcoin, Bitcoin will also bring fresh users to outcoin because Bitcoin is getting mainstream adoption. It gets everyone's mom, dad, uncle is getting Bitcoin, right? So new users can be brought to outcoin from Bitcoin through Bobin. So, Bitcoin can provide security, liquidity and stress lot of users to the outcoin universe.

So that the outcoin universe can pay by staking reward, liquidity, provision, reward and all sorts of reward to the BCholders. So this is the vision of Babylon and we strongly believe this is the future for Bitcoin. So yeah, then our moonshot, okay, of the Bobby moonshot is to build a genuine connection between Bitcoin and Outcoin. So the entire crypto world become more united and become a part of the mainstream world. It's not getting adoption but just not just getting adoption but become part of the mainstream world like crypto is everywhere.

This is our vision. Now what's the role of Barbulum uh in this? So Barbulum we just launched the Boblo genesis which is the first bitcoin secured network. It is also the first blockchain that receive bitcoin security and provide staking reward. But our our next step will be uh allow other blockchains and rollups to integrate with bitcoin staking through bubble and genesis so that every blockchain can enjoy bitcoin security and bitcoin holders can have access to all the all the other blockchains and earn staking reward.

Okay. So on the tech technical side this part is done. We completely solved every problem related to stake. Now what's the next big thing? As I mentioned just now, the next big thing is liquidity, Bitcoin liquidity.

So the next big milestone for Bob will be to solve Bitcoin liquidity problem to enable trustless safe Bitcoin liquidity that can flow to the entire crypto world. So eventually Babylon is not just providing security but security and liquidity and all the other blockchain or rollup networks that integrate with Bobalon and integrate with Bitcoin they are not Bitcoin secure networks but Bitcoin supercharge networks to enjoy both security liquidity and as well as Bitcoin users. Okay. So yeah, if I if I may to use animation to describe Babylon, Bobalong is the trustless open port of Bitcoin. Bitcoin it's a planet, a relatively closed planet that is not open to anyone else.

Bobo is his first and most important port that extract value from Bitcoin and then distribute it to the entire universe. So Bobon is the port and when we design protocols that extract the value of Bitcoin, our first principle is security which means we make sure whatever we develop it's safe to the Bitcoin holders. It's trustless, self-custodial, no counterparty risks. That's why we call Bobalong the trustless open port of Bitcoin. Yeah, we can also draw some uh real world analogy about what Babylon is.

You can also think of it is say uh Singapore or Hong Kong which connect two very big world in in the middle and provide a value channeling uh uh as a as it core value proposition and then it grow its own ecosystem on top of it. Yeah. Legal claimer disclaimer again. Yeah. And that's all for my for me today.

Thank you very much everyone.