{"id":481675,"date":"2025-05-26T03:00:58","date_gmt":"2025-05-26T02:00:58","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=481675"},"modified":"2025-05-25T23:42:28","modified_gmt":"2025-05-25T22:42:28","slug":"understanding-bitcoin-yield-staking-liquid-staking-tokens-and-vaulted-strategies","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/understanding-bitcoin-yield-staking-liquid-staking-tokens-and-vaulted-strategies\/","title":{"rendered":"Understanding Bitcoin yield: staking, liquid staking tokens and vaulted strategies"},"content":{"rendered":"<p><em>The following is a guest post and analysis from Vincent Maliepaard, Marketing Director at Sentora.<\/em><\/p>\n<p class=\"p1\">The <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> market cap recently surpassed $2 trillion, and with over 50 million bitcoin addresses with a balance, the value of the asset is becoming undeniable. However, where traditional currencies like dollars or euros typically pay interest on holdings, Bitcoin provides no such rewards for simply holding the asset. More recently though, two distinct pathways have emerged to change that picture:<\/p>\n<ol class=\"ol1\">\n<li class=\"li2\"><b>Native Bitcoin \u201cstaking\u201d<\/b> \u2013 lock BTC in the Babylon protocol and earn fees.<\/li>\n<li class=\"li1\"><b>Liquid\u2011staking tokens (LSTs)<\/b> \u2013 mint a tradable receipt such as <b>LBTC<\/b> that keeps the staking rewards flowing while restoring liquidity.<\/li>\n<\/ol>\n<p class=\"p1\">These two solutions provide a viable route to earning stable yield on your Bitcoin. Let\u2019s dive into what this entails and how it works.<\/p>\n<h2 class=\"p3\">From Proof\u2011of\u2011Stake to Proof\u2011of\u2011Bitcoin<\/h2>\n<p class=\"p1\">Babylon went live on mainnet in late\u20112024, letting BTC holders time\u2011lock coins on the Bitcoin chain and delegate them to so\u2011called <i>Bitcoin\u2011Secured Networks<\/i>. The networks pay out fees in BTC, producing a <b>yield of roughly 1\u202f\u2013\u202f2\u202f%<\/b> currently.<\/p>\n<figure id=\"attachment_481678\" aria-describedby=\"caption-attachment-481678\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-481678 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/btc-tvl-1024x74.jpg\" alt=\"\" width=\"1024\" height=\"74\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/btc-tvl-1024x74.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/btc-tvl-300x22.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/btc-tvl-768x56.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/btc-tvl.jpg 1239w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-481678\" class=\"wp-caption-text\"><strong><a href=\"https:\/\/btcstaking.babylonlabs.io\/\">Babylon Staking Statistics<\/a><\/strong><\/figcaption><\/figure>\n<p class=\"p1\">The idea has caught on quickly: Babylon reports more than <b>$4\u202fbillion in BTC <\/b>staked on the protocol <span class=\"s1\">since last year<\/span>.<\/p>\n<p class=\"p1\"><b>Key features<\/b><\/p>\n<ul class=\"ul1\">\n<li class=\"li2\"><i>No wrapping or bridges:<\/i> BTC never leaves its native chain.<\/li>\n<li class=\"li2\"><i>Main risks:<\/i> a protocol bug or \u201cslashing\u201d if a delegated validator misbehaves.<\/li>\n<li class=\"li3\"><i>Drawback:<\/i> staked coins stay immobile until an unbonding timer expires.<\/li>\n<\/ul>\n<h2 class=\"p4\">Liquid staking: LBTC puts mobility back on the menu<\/h2>\n<p class=\"p1\">Lock\u2011ups are a deal\u2011breaker for many traders. Liquid\u2011staking tokens fix that by issuing a transferable asset that represents the underlying stake plus its future rewards.<\/p>\n<p class=\"p1\">An example of such a liquid staking token for Bitcoin is <b>LBTC from Lombard Finance<\/b><\/p>\n<ul class=\"ul1\">\n<li class=\"li2\"><b>1:1 minting:<\/b> stake BTC through Lombard\u2019s Babylon contracts and receive LBTC on an EVM chain. (<a href=\"https:\/\/www.lombard.finance\/?utm_source=chatgpt.com\"><span class=\"s1\">Lombard<\/span><\/a>)<\/li>\n<li class=\"li2\"><b>Seven\u2011day exit:<\/b> burn LBTC to trigger the same unbond period as native Babylon staking, <a href=\"https:\/\/www.stakingrewards.com\/journal\/guides\/how-to-stake-bitcoin-with-lombard?utm_source=chatgpt.com\"><span class=\"s1\">about a week<\/span><\/a>. Nonetheless, users can easily exit LBTC by trading it on DEXs.<\/li>\n<li class=\"li2\"><b>Real liquidity:<\/b> daily on\u2011chain volume averages more than <b>$200 million<\/b>, and liquidity is large enough to facilitate transactions up to $30 million without significant slippage; enough for most portfolio\u2011sized exits.<\/li>\n<li class=\"li1\"><b>Custody trade\u2011off:<\/b> holders must trust Lombard\u2019s mint\u2011and\u2011burn smart contracts and the Babylon validator set.<\/li>\n<\/ul>\n<figure id=\"attachment_481679\" aria-describedby=\"caption-attachment-481679\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-481679 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/transaction-volume-1024x243.jpg\" alt=\"\" width=\"1024\" height=\"243\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/transaction-volume-1024x243.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/transaction-volume-300x71.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/transaction-volume-768x182.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/transaction-volume-1536x364.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/transaction-volume.jpg 1691w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-481679\" class=\"wp-caption-text\"><a href=\"https:\/\/app.intotheblock.com\/coin\/LBTC\/deep-dive?group=network&subgroup=transactions\">Daily Transaction volume of LBTC<\/a><\/figcaption><\/figure>\n<p class=\"p1\">While LBTC inherits the base staking reward, its real super\u2011power is capital efficiency: users can post LBTC as collateral, spin it into DeFi pools or simply sell it on a DEX while the original BTC keeps working.<\/p>\n<h2 class=\"p2\">Vaulting the yield curve<\/h2>\n<p class=\"p3\">While this sounds enticing, earning a notable return with your Bitcoin LST can be complicated. As a retail user, you have to understand complex dynamics in DeFi related to risk and return of different protocols and strategies.<\/p>\n<p class=\"p3\">Even if you do have a basic understanding of these factors, users must still actively manage their positions, as returns often fluctuate depending on the markets. That means that to sustain a notable APY, users have to occasionally switch strategies or take action to keep their position profitable.<\/p>\n<p class=\"p3\">Fortunately, there are other options. Lombard offers a variety of vaults that aim to simplify this process and keep earning yield on Bitcoin as straightforward as possible. Let\u2019s take a look at one recently launched vault; the Sentora DeFi vault.<\/p>\n<p class=\"p3\">Sentora, born from the merger of IntoTheBlock\u2019s with Trident\u2019s Digital, <a href=\"https:\/\/x.com\/Lombard_Finance\/status\/1919780791896441197\"><span class=\"s1\">launched a <b>BTC Yield Vault<\/b><\/span><\/a> on Lombard recently. The product accepts either wBTC or LBTC and targets an APY of ~6\u202f%, significantly more than plain staking.<\/p>\n<h3 class=\"p4\">How it earns the spread<\/h3>\n<p class=\"p3\">The vault automatically executes several different strategies in different capacities depending on the market conditions. This is all automated and requires no manual action from users or vault managers. Some of these strategies include the following:<\/p>\n<ol class=\"ol1\">\n<li class=\"li5\"><b>Over\u2011collateralised lending<\/b> \u2013 lends BTC\u2011derived assets on lending markets like Aave for interest.<\/li>\n<li class=\"li5\"><b>Pendle yield trading<\/b> \u2013 splits and sells future yield streams, front\u2011loading extra return.<\/li>\n<li class=\"li3\"><b>Delta\u2011neutral borrows<\/b> \u2013 borrows other assets such as stablecoins to deploy in delta-neutral high yield strategies<\/li>\n<\/ol>\n<p class=\"p3\">Every one of these strategies is plugged into Sentora\u2019s real\u2011time <a href=\"https:\/\/sentora.com\/platform\/risk-management\"><span class=\"s1\">DeFi risk engine<\/span><\/a>; the same data institutions use to monitor risk exposure across DeFi. Positions that drift beyond preset limits are automatically rebalanced.<\/p>\n<h3 class=\"p4\">Risk\u2011reward snapshots<\/h3>\n<ul class=\"ul1\">\n<li class=\"li5\"><b>Native staking:<\/b> tight risk surface, modest return. Ideal for cold\u2011storage purists who can tolerate lock\u2011ups.<\/li>\n<li class=\"li5\"><b>LBTC alone:<\/b> same base yield, but tokens stay liquid, at the cost of smart\u2011contract and bridge exposure. Users can amplify yield by interacting with DeFi protocols.<\/li>\n<li class=\"li1\"><b>Sentora Vault:<\/b> broader risk because multiple DeFi venues are involved, but mitigated by automated risk management and hedges.<\/li>\n<\/ul>\n<h2 class=\"p2\">What to watch next<\/h2>\n<p class=\"p3\">Holding Bitcoin can finally pay off beyond price appreciations. With different options available for different needs and risk appetites, Bitcoin holders can finally benefit from advancements in DeFi. And with the recent increases in LBTC volume, it is becoming feasible for larger institutional trading desks to utilize these strategies, likely further pushing innovation in the Bitcoin staking area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The following is a guest post and analysis from Vincent Maliepaard, Marketing Director at Sentora. The Bitcoin market cap recently surpassed $2 trillion, and with over 50 million bitcoin addresses with a balance, the value of the asset is becoming undeniable. However, where traditional currencies like dollars or euros typically pay interest on holdings, Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1492,"featured_media":481817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,46940,25891,36,77923],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Bitcoin yield: staking, liquid staking tokens and vaulted strategies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/understanding-bitcoin-yield-staking-liquid-staking-tokens-and-vaulted-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Bitcoin yield: staking, liquid staking tokens and vaulted strategies\" \/>\n<meta property=\"og:description\" content=\"The following is a guest post and analysis from Vincent Maliepaard, Marketing Director at Sentora. 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