Announcing its next staking project, Ferrum Network has revealed it is named the Babylons NFT marketplace. This is the NFT marketplace owned by the community on the Binance Smart Chain, which has the added advantage of fast transactions, an easy-to-use interface, and affordable gas fees. Creators can use this platform to develop unique NFTs, interact with amazing artists, and trade with other players with BABI tokens.
There are a host of benefits associated with the BABI token, including the weekly reward program that will last for the next 364 weeks. The token can also provide the utility of staking on multiple blockchains and it comes equipped with deflationary mechanics. This new launch has come in the wake of the enhanced importance that the staking mechanism has presumed in the space of decentralized finance. It is widely used by investors across the globe to hedge against their losses. According to reports, this particular segment of staking is growing at an enviable rate for quite some time.
Ferrum Network has come up with Babylons built around the theme of flexibility to bridge the gap between the existing solutions available in the market. Participants have a range of options available to them, including staking tokens and earning attractive yields depending upon the staking time. One can also consider this new initiative as a decentralized bank account with a high-yielding feature.
This new launch from the house of Ferrum Network holds strategic importance for the organization. Besides, it is also important for the entire cryptocurrency and blockchain industry as the emergence of marketplaces such as Babylons in this domain is relevant for the growth of decentralized finance and can prove instrumental in infusing a new lease of life to the growth story of the sector.