Osmosis, the largest decentralized exchange (DEX) on Cosmos, joins Nomic and Kujira to bring Bitcoin (BTC) to its namesake Inter-Blockchain Communication (IBC) protocol.
According to an October 3 announcement during the Cosmoverse 2023 Conference, users will be able to transfer Bitcoin to the Cosmos network via Osmosis’ Nomic bridge for 1.5% of the transaction amount. The user will then receive his IBC-compatible token, Nomic Bitcoin (nBTC), issued by Nomic Chain, on his 1:1 basis. nBTC can be used to buy, sell, and provide liquidity on Osmosis. These are also available in over 50 Cosmos-linked app chains.
Native Bitcoin is coming to Osmosis.
Get ready for nBTC @nomicbtc.
Here’s everything you need to know. pic.twitter.com/YuYX9jQamV
— Osmosiszone ⚡️ (@osmosiszone) October 3, 2023
The nBTC interchain upgrade will be released on October 27th and will be activated on October 30th. partnership Decentralized finance protocol Kujira allows users to send BTC to the latter’s Sonar wallet address and self-storage nBTC. You can restore a user’s girlfriend’s BTC wallet and his nBTC wallet with the same seed phrase. nBTC can also be used as collateral to mint Kujira’s native stablecoin USK, as well as for lending and borrowing within the ecosystem. Additionally, a user can bid on his liquidated nBTC collateral.
Nomic developers say that in the early stages of nBTC’s launch, cross-chain bridges will have a hard cap of 21 BTC. “Once the bridge reaches its capacity limit, applications will no longer be able to generate deposit addresses and users will not be able to deposit any more BTC. This parameter will be controlled by Nomic DAO governance in future upgrades,” the developers said. writing.
#bitcoin comes to Cosmos via @nomicbtc at the end of october
We want you, good people, to be aware of the various use cases that are readily available on the Kujira network. $nBTC Be ready to work when you arrive.
It will be delicious
— Kujira (@TeamKjira) October 3, 2023
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