#Babylon currently has $7B in TVL, but only 4% utilization — meaning just $280M is actively used in BTC-backed loans, while the remaining $6.7B sits idle farming $BABY tokens at 5.5% yield.

The real test comes in January 2026, when emission cuts hit. That’s when we’ll see whether Kraken’s 20,000 $BTC and other institutional capital stay for the tech — or exit with the rewards.

BABY

0.01599

+9.14%

BTC

74,660.71

-0.73%