Babylon mainnet first phase activation, Cobo API performance test

On August 22, 2024, the Babylon ecosystem reached an important milestone: the first phase of the mainnet was officially activated, opening up Bitcoin (BTC) staking on the Babylon network. This breakthrough not only marks a major step forward in the scalability and diversified financial management of the Bitcoin ecosystem, but also provides Cobo with an excellent opportunity to demonstrate its superior technical strength.

For security reasons, the Babylon team set the initial pledge limit to 1,000 BTC, and each pledge is limited to 0.05 BTC. This limitation brings a unique technical challenge: how to ensure that customers can successfully pledge their BTC on Babylon in a very short period of time amid fierce competition from many participants?

In this unprecedentedly fierce competition, Cobo assisted its customers in successfully staking more than 700 BTC based on Babylons BTC Staking API, accounting for more than 70%.

Cobo is based on the Babylon BTC Staking API and performs well in high-concurrency environments, supporting UTXO splitting, staking transaction pre-signing, and batch broadcasting. After multiple rounds of testing and optimization, the API has demonstrated excellent adaptability and processing efficiency, creating a key advantage for customers in the fierce competition, enabling them to quickly grab limited staking quotas. This API covers the entire staking process, lowers the technical threshold, and demonstrates significant performance advantages in many aspects:

• Secure Custody: Customers can deposit BTC into Cobo鈥檚 secure custody environment, and then seamlessly complete staking through the BTC Staking API to improve asset security.

• Pre-signature optimization: Supports pre-signature of staking transactions, allowing users to set multi-tiered gas fees in advance, and be fully prepared for scenarios with high concurrency and high fee fluctuations.

• Efficient UTXO management: By splitting UTXO, the API optimizes the transaction construction process and improves overall funding efficiency within the constraints of the Babylon protocol.

• Batch transaction broadcast: This feature performs well when handling a large number of concurrent requests. At the moment of mainnet activation, the system can process all customers pledge requests in an orderly manner at the same time, ensuring that transactions can enter the Bitcoin network quickly and smoothly.

• Full-cycle support: The API supports subsequent unbinding operations, providing users with complete staking and unstaking capabilities to meet asset management needs throughout the entire life cycle.

• Self-broadcast support: The API supports users to obtain pre-signed staking transactions. While using the Cobo service for batch broadcasting, they can decide to use custom nodes for transaction broadcasting to avoid the single-point performance of the Cobo service becoming a bottleneck for broadcasting transactions.

As an industry-leading digital asset custody and wallet technology provider, Cobo always puts security first while ensuring high performance. Through MPC threshold signatures and enterprise-level risk control strategies, we allow users to customize permission rules, strictly limit the scope of asset operations, and significantly reduce potential risks.

Cobos multi-party computing (MPC) technology provides customers with a flexible and secure asset management solution. It not only provides a secure custody environment for pledged assets, but also designs efficient risk control strategies for the entire pledge and custody process, providing complete enterprise-level workflow and risk control support for each project. This all-round security system ensures that while pursuing performance, the security of customer assets is always protected at the highest level.

Cobo backend is equipped with a comprehensive real-time monitoring system and performance dashboard, which can immediately detect and solve potential problems. The technical team is on call 24/7 to ensure that they can respond quickly when encountering any abnormal situation.

The Babylon mainnet activation is not only a test of our technical capabilities, but also provides us with valuable practical data and experience. We will continue to optimize the system and prepare for larger challenges in the future.

The Cobo team will continue to be committed to providing high-performance, secure and reliable crypto asset infrastructure services. We look forward to continuing to demonstrate our technical strength in future blockchain projects, creating greater value for our customers and promoting the healthy development of the industry.

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