At Cosmoverse 2023, NomicDAO has announced that the Nomic Bitcoin Bridge will soon be fully functional, uniting the Bitcoin and Cosmos ecosystem.
The Nomic DAO Foundation has recently announced that Nomic, the well-known decentralized and non-custodial bridge for Cosmos, will soon allow Bitcoin (BTC) to be universally accessible within the Cosmos ecosystem. The announcement was given in Cosmoverse, Cosmos Network's flagship conference, featuring Nomic's founders and core contributors, Turbofish. Thus, Nomic will be updated to allow BTC deposits and withdrawals, without interruptions throughout the Cosmos Network, from any platform or ecosystem chain that is supported.
The measure is intended to fill the lack of decentralized and optimized methods available for users to introduce BTC into the Cosmos Network. All this thanks to Nomic allowing users to bring their BTC to Cosmos with nBTC, an IBC compatible token, which prevents users from having to convert their BTC into a different cryptocurrency.
An integration with great possibilities
This would be a significant advance for the crypto community, as it would allow both ecosystems to be truly interoperable. Furthermore, the integration of Bitcoin will also drive the adoption of DeFi, by users of both ecosystems. This is because it will be much easier and more affordable for Bitcoin holders to access Cosmos' DeFi applications and services. Thanks to this, Nomic is helping to bring DeFi to the mainstream.
Overall, Bitcoin's Nomic integration into the Cosmos ecosystem is a positive development for the crypto community. It offers a number of benefits for both Bitcoin holders and Cosmos users, and has the potential to accelerate DeFi adoption.
All of this has been presented by Turbofish CEO Matt Bell, who presented Nomic's nBTC Interchain update, scheduled to launch on October 27, 2023 and activate on October 30, 2023, which will unlock a Bitcoin experience truly fluid and interoperable in Cosmos. The update will allow users to deposit, withdraw and transfer BTC from anywhere in the Cosmos ecosystem. Additionally, as demonstrated on stage, nBTC is launching on Osmosis, Cosmos' leading decentralized exchange, with the ability to deposit and withdraw Bitcoin directly within the Osmosis Zone app.
Given this information, Sunny Aggarwal, co-founder of Osmosis, commented the following:
I think Cosmos' destiny is to become the application layer of Bitcoin; in fact, it was that vision that attracted me to the ecosystem many years ago. However, getting BTC off the Bitcoin chain in a secure and decentralized way remained a challenge, until now. With Nomic, users will be able to use native Bitcoin on Osmosis and across the Cosmos ecosystem.
Bitcoin deeply needs an ecosystem of DeFi applications, and Cosmos needs a base monetary asset that can serve as its main store of value. Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality.
In addition to Osmosis, from day one users can deposit and withdraw BTC directly into other popular Cosmos apps such as Kujira and Levana.
Nomic in audit process
To ensure safety, Nomic is currently undergoing an audit process that will test the integrity of the bridge. Following the publication of the audits, an update will transfer the bridge's fee and capacity controls to Nomic DAO, which will control any BTC capacity limits along with deposit and transfer fees and result in an expansion of bridge utilization. These updates represent an important step toward advancing the functionality and accessibility of the Nomic platform.
Matt Bell, CEO of Turbofish, who spoke to Cosmoverse, had this to say about this process:
The Cosmos ecosystem is too important to lack a seamless and secure way to receive BTC. With these upcoming updates, Nomic is poised to be the most secure bitcoin bridge on the market today. We view today's announcement as the beginning of the most seamless and secure way to onboard users to the Cosmos ecosystem with BTC. With these updates, we are delighted that Nomic now unlocks the exciting DeFi capabilities of the Cosmos ecosystem for any user.
With Nomic, instead of simply holding BTC in wallets without active utilization, users can participate in various DeFi markets and products, such as liquidity provisioning (LPing). This approach is designed to maximize the potential benefits of BTC within the Cosmos network, fostering growth and sustainability for both the platform and its users.
Continue reading: Bitcoin, cryptocurrencies and fiat money: Elon Musk and Sergey Nazarov's perspectives on the evolution of money
