BTC Staking · BABY · $3B TVL. Screen grades as of November 12, 2026: Solvency B, Legitimacy BBB, Growth BB. Novel BTC staking primitive; heavy unlock schedule; economic security model young.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $4B | $3B |
| 12-month TVL change | -40% | -48% |
| Worst 90-day drawdown | 50% | 14% |
| Drawdown scored | 50% (90-day only, v1.0) | 48% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | B · 40.8 | B · 40.8 |
| Growth | BB · 52.8 | BB · 52.8 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at B (40.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 14% and 12-month TVL change is -48%. TVL stability is scored on the 12-month decline of 48%, because it is worse than the latest 90 days. Sustainability ratio (0.5x), unlock pressure (20%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (63.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (52.8 / 100), unchanged from the July 27, 2026 screen. TVL is $3B, -48% over twelve months (it was -40% at the previous screen). Category share (75%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency B. Legitimacy is BBB and the Growth outlook is BB; the weakest axis is Solvency. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Babylon survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Solvency.
Babylon is the dominant venue for native bitcoin staking — a genuinely novel primitive that lets BTC secure proof-of-stake systems without bridging or wrapping. It commands ~75% of its young category at $4B TVL, but the screen scores it as a thesis still paying for itself with emissions.
Solvency screens at B, the second-weakest in the universe. The sustainability ratio (~0.5x) reflects security-budget revenue that has not yet materialized at scale, the unlock schedule is the heaviest in the screen (~20% of supply over twelve months), and TVL halved from peak. The staking contracts themselves are conservative — the deduction is economic, not architectural.
Legitimacy screens at BBB. The cryptography is peer-reviewed and the team is academically credible; audits are adequate for the protocol's age. Governance is embryonic (4/10) and the economic security model — what happens to staked BTC across fault conditions on consumer chains — is young enough that delivery is scored on promise partially kept.
Growth screens at BB: overwhelming category share, weak absolute trajectory. The BTC-fi narrative pulled enormous deposits in, and the retracement shows how much was points-motivated. Momentum is soft until secured chains begin paying meaningful fees.
Composite B. The screen's read: the most important unproven idea in the universe. If shared bitcoin security develops a real fee market, every input improves at once; until then the unlock schedule against thin revenue is the dominant credit fact.
