Ethereum

Future

Bitcoin

Castle

Cosmos

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Nomic and Babylon partner to launch a liquid bitcoin staking token (LST) named stBTC.</li>
 <li>Babylon enables Bitcoin holders to earn rewards by staking assets on proof-of-stake blockchains.</li>
</ul>
<p>Nomic, a Layer 1 blockchain that facilitates a decentralized <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> bridge, has announced the launch of a liquid staking token (LST) dubbed stBTC.</p>
<p>The development is a result of a partnership with Babylon, a Bitcoin staking protocol.</p>
<h2 id="partnership-details">Partnership Details</h2>
<p>The collaboration will allow Babylon to dual-stake Nomic’s security using staked Bitcoin and staked NOM, as per a statement from Nomic’s developers.</p>
<p>Users can leverage Babylon to stake Bitcoin to Nomic, which rewards them with NOM and nBTC that can be exchanged for Bitcoin.</p>
<p>The nBTC cryptocurrency signifies 1:1 ownership of Bitcoin in a token compatible with the Inter-Blockchain Communication Protocol (IBC).</p>
<p>This standardized protocol enables various blockchains to interact, allowing users to utilize nBTC on the decentralized Cosmos exchange Osmosis, the Cosmos Hub, and other DeFi protocols.</p>
<h2 id="future-plans-and-testnet">Future Plans and Testnet</h2>
<p>Nomic plans to hold a funding round later this year. The stBTC is currently undergoing testing but will transition to the mainnet once Babylon does the same.</p>
<p>Turbofish, a blockchain tech firm, is one of Nomic’s main contributors.</p>
<p>Turbofish CEO Matt Bell stated that Nomic and Babylon offer two key elements to Bitcoin: decentralized custody and staking.</p>
<p>Bell believes these innovations have the potential to make Bitcoin DeFi compete with the trading volumes and total value locked of <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> DeFi.</p>
<p>Babylon allows Bitcoin holders to earn rewards by staking their assets on proof-of-stake blockchains.</p>
<p>The platform’s developers launched its first testnet on February 28.</p>
<p>Babylon also secured $18 million in a Series A funding round co-led by Polychain Capital and Hack VC, with additional support from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures and Symbolic Capital in early December 2023.</p>

Babylon Joins Nomic to Launch Bitcoin Staking with Liquidity Features

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