Odaily Planet Daily News According to the announcement during the Cosmoverse 2023 conference on October 3, users can transfer Bitcoin to the Cosmos network through Osmosis’s Nomic Bridge at a fee of 1.5% of the transaction amount. Users then receive Nomic Bitcoin (nBTC), an IBC-compatible token issued by Nomic Chain, on a 1:1 basis. nBTC can be bought and sold and used to provide liquidity on Osmosis. They are also available in more than 50 Cosmos-linked application chains. Sunny Aggarwal, co-founder of Osmosis, said: “Bitcoin badly needs an applied DeFi ecosystem, while Cosmos needs a base currency asset as its primary store of value. Nomic will help people create the long-awaited Bitcoin-centric Cosmos The alliance becomes a reality.” The nBTC cross-chain upgrade will be released on October 27th and is expected to be activated on October 30th. Through a separate partnership with decentralized finance protocol Kujira, users can send BTC to the latter’s Sonar wallet address and self-custody their nBTC. The same mnemonic phrase can restore a user’s BTC and nBTC wallets. nBTC can also be used as collateral for minting Kujira’s native stablecoin USK and for lending within the ecosystem. Additionally, users can bid on liquidated nBTC collateral. Nomic developers said: “In the early stages of nBTC’s launch, the cross-chain bridge will have a hard cap of 21 BTC. When the bridge reaches its capacity limit, the application will not be able to generate deposit addresses and users will not be able to deposit more BTC. The Parameters will be controlled by Nomic DAO governance in the upcoming upgrade.” (Cointelegraph)