Ecosystem developers bring Bitcoin to Cosmos network

Osmosis, the largest decentralized speech (DEX) connected Cosmos, volition beryllium bringing Bitcoin (BTC) to the namesake inter-blockchain communications (IBC) protocol unneurotic with Nomic and Kujira.

According to an October 3 announcement during the Cosmoverse 2023 Conference, users tin transportation Bitcoin to the Cosmos web via Osmosis' Nomic span for 1.5% of the transaction value. Users past person Nomic Bitcoin (nBTC), an IBC-compatible token issued by Nomic Chain, connected a one-to-one basis. The nBTC tin beryllium bought, sold, and utilized to supply liquidity connected Osmosis. They are besides usable crossed much than 50 Cosmos-linked app chains.

The nBTC Interchain Upgrade volition beryllium released connected October 27 and is expected to activate connected October 30. Through a abstracted partnership with decentralized concern protocol Kujira, users tin nonstop BTC to the latter's Sonar wallet code and self-custody their nBTC. The aforesaid effect phrases tin reconstruct users' BTC and nBTC wallets. The nBTC tin besides beryllium utilized arsenic collateral to mint Kujira's autochthonal stablecoin USK and for borrowing and lending wrong the ecosystem. In addition, users tin bid for liquidated nBTC collaterals. 

Nomic developers accidental that during the aboriginal stages of nBTC's launch, determination volition beryllium a hard headdress of 21 BTCs for the cross-chain bridge. "When the span reaches its capableness limit, applications volition not beryllium capable to make deposit addresses and users volition not beryllium capable to deposit much BTC. This parameter volition beryllium controlled by Nomic DAO governance successful an upcoming upgrade," developers wrote.

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