The team behind Nomic, a Layer 1 blockchain providing a decentralized Bitcoin bridge, launched a bitcoin liquid staking token (LST) called stBTC. 

Nomic, which has the native token NOM, entered a partnership with bitcoin staking protocol Babylon to launch the LST. Babylon will also help dual-stake Nomic's security by using staked Bitcoin and staked NOM, according to a release from Nomic developers. 

Individuals can use Babylon to stake bitcoin to Nomic, rewarding the user with NOM and nBTC that can redeemed for bitcoin. The cryptocurrency nBTC reflects 1:1 ownership of bitcoin in a token compatible with the Inter-Blockchain Communication Protocol (IBC). This standardized protocol allows many blockchains to transact with each other. Thus, users can use nBTC on the decentralized …