Osmosis, the largest decentralized exchange (DEX) on Cosmos, will bring Bitcoin (BTC) to its namesake inter-blockchain communications (IBC) protocol with Nomic and Kujira.
According to an announcement made on October 3 during the Cosmoverse 2023 conference, users can transfer Bitcoin to the Cosmos network via Osmosis’s Nomic Bridge for 1.5% of the transaction value. Users then receive Nomic Bitcoin (nBTC), an IBC-compliant token issued by Nomic Chain, on an individual basis. nBTC can be bought, sold and used to provide liquidity on Osmosis. It is also usable across more than 50 Cosmos-related application series.
The original Bitcoin is coming to osmosis.
Get ready for nBTC from @nomicbtc.
Here’s everything you need to know. pic.twitter.com/YuYX9jQamV
— Osmosis (@osmosiszone) October 3, 2023
The nBTC Interchain upgrade will be released on October 27 and is expected to go live on October 30. partnership Using the DeFi protocol Kujira, users can send BTC to the latter’s Sonar wallet address and self-hold their nBTC. The same seed phrases can restore users’ BTC and nBTC wallets. nBTC can also be used as collateral to mint Kujira’s native stablecoin USK and for borrowing and lending within the ecosystem. Additionally, users can bid for liquidated nBTC collateral.
Nomic developers say that during the early stages of the nBTC launch, there will be a cap of 21 bitcoins to bridge across the chain. “When the bridge reaches its maximum capacity, applications will not be able to create deposit addresses and users will not be able to deposit more bitcoins. This parameter will be controlled by Nomic DAO governance in the next upgrade,” the developers wrote.
We want to let all the good people know about the various use cases that will be immediately available on the Kujira network, so you can put $nBTC to work upon arrival.
It will be delicious
– Kujira (@TeamKujira) October 3, 2023
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