Nomic collaborates with Babylon to launch the Bitcoin liquid staking token stBTC

ChainCatcher news, the Nomic team has partnered with the Bitcoin staking protocol Babylon to launch the Bitcoin liquid staking token (LST) stBTC. Users can stake Bitcoin to Nomic through Babylon, and as a reward, users will receive NOM and nBTC, which is redeemable for Bitcoin. This initiative provides a more practical solution for Bitcoin DeFi. With the launch of the innovative project stBTC, Bitcoin DeFi is expected to compete with Ethereum DeFi. Babylon allows BTC holders to earn rewards by staking assets on a proof-of-stake blockchain, and the platform's first testnet was launched on February 28 of this year.