Babylon Labs has successfully completed Phase-1 of its Bitcoin staking initiative, amassing deposits of 57,290 BTC. This achievement sets the stage for the upcoming launch of Babylon Genesis, the company's Layer-1 network, alongside the BABY token. The liquid staking ecosystem has seen substantial growth, with liquid staked Bitcoin increasing by 181.7% quarter-over-quarter (QoQ) to a total of 41,032 BTC. Lombard Finance has emerged as a leader in this ecosystem, with its total value locked (TVL) in Bitcoin rising by 158% QoQ to 15,959 BTC. Other protocols, including Solv Protocol and Pumpbtcxyz, have also experienced significant growth, with their TVLs increasing between two to thirty-five times during the same period. Overall, the developments reflect a robust expansion in the Bitcoin staking landscape despite broader market challenges.