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Osmosis, the leading decentralized exchange (DEX) within the Cosmos ecosystem, is set to integrate Bitcoin (BTC) into the inter-blockchain communications (IBC) protocol alongside Nomic and Kujira.
As per an announcement made on October 3 during the Cosmoverse 2023 Conference, users will be able to transfer Bitcoin to the Cosmos network through Osmosis’ Nomic bridge for a fee of 1.5% of the transaction amount. In return, users will receive Nomic Bitcoin (nBTC), a token compatible with IBC, issued by Nomic Chain, on a one-to-one basis. The nBTC can be traded, sold, and utilized for providing liquidity on Osmosis. Additionally, it is usable across over 50 app chains linked to Cosmos.
Native Bitcoin is coming to Osmosis.
Prepare for nBTC from @nomicbtc.
Here’s everything you need to know. pic.twitter.com/YuYX9jQamV— Osmosis ⚡️ (@osmosiszone) October 3, 2023
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The nBTC Interchain Upgrade is scheduled for release on October 27 and is anticipated to go live on October 30. Through a distinct collaboration with the decentralized finance protocol Kujira, users can transfer BTC to the Sonar wallet address of Kujira and manage their nBTC in a self-custodial manner. The same seed phrases can be used to recover both BTC and nBTC wallets. Furthermore, nBTC can serve as collateral for minting Kujira’s native stablecoin USK and for engaging in borrowing and lending activities within the ecosystem. Users will also have the opportunity to bid on liquidated nBTC collateral.
Nomic developers have indicated that during the initial phase of nBTC’s rollout, there will be a limit of 21 BTC for the cross-chain bridge. “Once the bridge reaches its capacity, applications will be unable to create deposit addresses, and users will not be able to deposit additional BTC. This limit will be governed by Nomic DAO in a forthcoming upgrade,” the developers stated.
#Bitcoin is coming to the Cosmos via @nomicbtc at the end of October
We want to inform all of you about the various use cases that will be immediately accessible on the Kujira network, enabling you to utilize your $nBTC effectively upon its arrival.
It’s going to be exciting
pic.twitter.com/DLx2lzz8hs— Kujira (@TeamKujira) October 3, 2023
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