When it comes to tokenizing bitcoin on other chains, no one has reached any significant scale besides BitGo’s wrapped bitcoin (wBTC). Newer approaches aim to offer a non-custodial option for using BTC off of the Bitcoin blockchain.

The Nomic DAO Foundation is adding Babylon’s bitcoin staking protocol into its decentralized non-custodial Bitcoin bridge to create stBTC, which they call a Bitcoin Liquid Staking Token (LST).

BitGo custodies bitcoin and issues the wBTC token — predominantly as an ERC-20 on Ethereum and its layer-2s. It has amassed a market cap of $10.6 billion, more than fifty times its nearest rival, per CoinGecko.

Nomic’s main goal is to make a more decentralized…

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