Osmosis, the largest decentralized exchange (DEX) on the Cosmos network, along with Nomic and Kujira, will bring Bitcoin (BTC) to its eponymous inter-blockchain communications (IBC) protocol.
According to the statement made during the Cosmoverse 2023 Conference on October 3, users will be able to transfer Bitcoin to the Cosmos network for 1.5% transaction value via Osmosis's Nomic bridge. Users will then receive Nomic Bitcoin (nBTC), the IBC-compatible token issued by Nomic Chain. nBTC can be bought, sold and used to provide liquidity on Osmosis. It can also be used across more than 50 Cosmos-connected application chains.
nBTC Interchain Upgrade will be released on October 27th and is expected to be active on October 30th. Thanks to a separate partnership with decentralized finance protocol called Kujira, users can send BTC to Kujira's Sonar wallet address and keep their nBTC themselves. The same seed phrases can be used to restore users' BTC and nBTC wallets. nBTC can also be used to mint Kujira's native stablecoin, USK, and as collateral for lending and borrowing within the ecosystem. Additionally, users can bid for liquidated nBTC collateral.
Nomic developers say that in the early stages of nBTC launch, there will be a cap of 21 BTC for the cross-chain bridge. "Once the bridge reaches its capacity limit, applications will not be able to create deposit addresses and users will not be able to deposit more BTC. This parameter will be controlled by Nomic DAO management in an upcoming upgrade," the developers said.
We would like to hear the opinions of you, our valued followers: What do you think about the introduction of nBTC to the Cosmos network and the use cases on the Kujira network? We are waiting your comments.
According to the statement made during the Cosmoverse 2023 Conference on October 3, users will be able to transfer Bitcoin to the Cosmos network for 1.5% transaction value via Osmosis's Nomic bridge. Users will then receive Nomic Bitcoin (nBTC), the IBC-compatible token issued by Nomic Chain. nBTC can be bought, sold and used to provide liquidity on Osmosis. It can also be used across more than 50 Cosmos-connected application chains.
nBTC Interchain Upgrade will be released on October 27th and is expected to be active on October 30th. Thanks to a separate partnership with decentralized finance protocol called Kujira, users can send BTC to Kujira's Sonar wallet address and keep their nBTC themselves. The same seed phrases can be used to restore users' BTC and nBTC wallets. nBTC can also be used to mint Kujira's native stablecoin, USK, and as collateral for lending and borrowing within the ecosystem. Additionally, users can bid for liquidated nBTC collateral.
Nomic developers say that in the early stages of nBTC launch, there will be a cap of 21 BTC for the cross-chain bridge. "Once the bridge reaches its capacity limit, applications will not be able to create deposit addresses and users will not be able to deposit more BTC. This parameter will be controlled by Nomic DAO management in an upcoming upgrade," the developers said.
We would like to hear the opinions of you, our valued followers: What do you think about the introduction of nBTC to the Cosmos network and the use cases on the Kujira network? We are waiting your comments.