# Bitcoin Liquid Staking Tokens Compared: LBTC, xSolvBTC and More

> Bitcoin liquid staking tokens compared: LBTC, xSolvBTC and others by supply, backing, BTC staked on Babylon, yield method, custody and reserve checks.

Markdown copy of https://voltfincrypto.com/apps/bitcoin-liquid-staking-tokens

**Question:** How do bitcoin liquid staking tokens compare on backing, staking and custody?

- Kind: Table in Voltfin Strata
- Topic: [Staking and restaking](https://voltfincrypto.com/topics/staking)
- Chains: Bitcoin, Ethereum, BNB Chain, Base, Arbitrum
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Bitcoin liquid staking tokens let holders stake BTC through Babylon while keeping a token they can use in DeFi. This table compares them side by side: what backs each token, how much of that bitcoin is actually staked on Babylon, how yield reaches holders, who holds the keys and how the backing can be checked.

The tokens look alike but are built differently. Some are minted only against native BTC sent on Bitcoin and others against wrapped BTC on EVM chains; some keep only part of their backing in Babylon staking. Yield may come through an exchange rate, a separate reward or points that pay nothing yet. Reading the columns together shows what a holder owns.

Sort by supply to find the largest tokens or by share staked to see which are fully staked. Filter by custody to compare trust models. Babylon stake is read from staking outputs on Bitcoin and every other figure from the token contracts.

## Blueprint

One row: One row per bitcoin liquid staking token on the latest complete day

- **Token** (`token`): The liquid staking token, linked to its main contract.
- **Issuer** (`issuer`): The protocol that mints and redeems it.
- **Backed by** (`backed_by`): What is deposited to mint it: native BTC, wrapped BTC tokens such as WBTC and cbBTC or another BTC token.
- **Supply** (`supply`, tokens): The token's supply added across every chain it is issued on, counting lock-and-mint copies once.
- **Chains** (`chains`): Chains the token is issued on.
- **BTC staked on Babylon** (`babylon_btc`, BTC): BTC in active Babylon staking outputs attributed to the issuer through its published finality providers or staking keys.
- **Share staked** (`staked_share`): BTC staked on Babylon as a share of the BTC the token represents.
- **How yield is paid** (`yield_method`): A rising exchange rate, a separate reward token, points only or none.
- **Realized yield, 30 days** (`realized_yield`): Annualized change in the token's exchange rate over 30 days, where it has one.
- **Custody** (`custody`): Who controls the bitcoin: a signer consortium, a single custodian or several custodians, from the issuer's documentation.
- **Reserve check** (`reserve_check`): How backing can be checked: published Bitcoin addresses, a proof-of-reserve feed, vault balances or none.
- **Receipt** (`receipt`): The blocks, outputs and reads behind the row.

## How it will be measured

- Supply is each token's totalSupply on every chain at its day-end block, added across chains only where transfers burn and mint; lock-and-mint copies are counted once.
- Babylon stake is found by matching staking outputs on Bitcoin to the finality providers and staking keys each issuer publishes.
- Realized yield compounds the token's exchange rate between two pinned blocks; tokens without a rate show their reward method instead.
- Custody and reserve checks come from each issuer's documentation and are recorded with source and date.

## Data it needs

- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `bitcoin_supply_daily` (to build): Bitcoin issued, supply by coin age band and by output script type (including coins whose public keys are already exposed), supply last moved long ago, and cost-basis measures.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- Source: Each token's totalSupply on every chain it is issued on, at day-end blocks
- Source: Babylon staking outputs on Bitcoin matched to issuers' finality providers and staking keys
- Source: Exchange rate getters of yield-bearing tokens at two pinned blocks
- Source: Issuers' published Bitcoin addresses, proof-of-reserve feeds and vault contracts
- Source: Issuers' documentation on custody and redemption, recorded with source and date

## Questions

### What is a bitcoin liquid staking token?

A token issued against BTC that its issuer stakes through Babylon, so the holder earns staking rewards while keeping a token that can be traded or used as collateral. Babylon itself issues no token; each issuer does, on its own terms.

### Are bitcoin liquid staking tokens the same as wrapped bitcoin?

No. Wrapped bitcoin such as WBTC or cbBTC only represents BTC held by a custodian. A liquid staking token also stakes that BTC, which adds staking rewards and slashing risk, and it often depends on more parties: the issuer, its custodians and the finality provider.

### How do I check that a bitcoin liquid staking token is backed?

Use the reserve check column. Some issuers publish their Bitcoin addresses, which can be read on-chain; some publish a proof-of-reserve feed; some hold wrapped BTC in vault contracts on EVM chains. The table reads whichever exists and says when none does.

### Can a bitcoin liquid staking token lose value if a finality provider is slashed?

Yes. If the finality provider holding an issuer's stake double-signs, part of the staked BTC is sent to Babylon's slashing address on Bitcoin, and the issuer's backing falls unless it covers the loss. The Babylon stake column shows which tokens are exposed and how much.

### Why is part of a token's bitcoin left unstaked?

Issuers keep some BTC unstaked to pay redemptions quickly, may lack staking capacity for every deposit or put part of their backing in other strategies. The share staked column shows the part staked on Babylon at the latest block.

## Glossary

- **Babylon**: A protocol that lets BTC be staked from Bitcoin itself to secure proof-of-stake chains, with slashing enforced by Bitcoin scripts.
- **Lock-and-mint copy**: A token on one chain backed by the same token locked on another; adding both would count the bitcoin twice.
- **Points**: Rewards some issuers record off-chain in place of a yield, which pay nothing until they are converted, if ever.
- **Reserve check**: A way to verify backing: published Bitcoin addresses, a proof-of-reserve feed or vault contracts that can be read.

## Related apps

- [Babylon Bitcoin Staking Tracker: BTC Staked and Finality Providers](https://voltfincrypto.com/apps/babylon-bitcoin-staking-tracker)
- [Lombard LBTC: Supply by Chain, Bitcoin Reserves and Babylon Stake](https://voltfincrypto.com/apps/lombard-lbtc-tracker)
- [Solv SolvBTC: Supply by Chain, Reserves and xSolvBTC Yield](https://voltfincrypto.com/apps/solv-solvbtc-reserves)
- [Wrapped Bitcoin Supply by Chain and Issuer](https://voltfincrypto.com/apps/wrapped-bitcoin-supply-by-chain)
- [Bitcoin DeFi Lending: WBTC and cbBTC on Aave and Morpho](https://voltfincrypto.com/apps/btc-defi-lending-wbtc-cbbtc)
- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F