Nomic project unveils decentralized bitcoin bridge for seamless BTC transactions in the Cosmos ecosystem.
The Nomic project, a decentralised, non-custodial bitcoin bridge that will make BTC widely available within the Cosmos ecosystem, is one of the most recent stories in the cryptocurrency world.
After it is upgraded, the new bridge built by the Nomic DAO Foundation will enable BTC withdrawals and deposits over the Cosmos network.
Crypto news: Nomic bridge makes Bitcoin available on the Cosmos network
The Nomic DAO Foundation declared that Bitcoin would soon be available to everyone inside the Cosmos ecosystem thanks to Nomic’s decentralised, non-custodial bitcoin bridge.
During Cosmoverse, the major conference of the Cosmos network, Turbofish, the founders and primary contributors of Nomic, presented the project.
Nomic specifically addresses the issue of their being no easy, decentralised ways to integrate Bitcoin into the Cosmos network. Actually, with nBTC, an IBC-compliant token that eliminates the need for users to transfer their BTC into another cryptocurrency, Nomic enables users to bring their BTC into Cosmos.
Because of this, Nomic will soon be updated to enable Bitcoin deposits and withdrawals from any platform or chain inside the ecosystem, anywhere within the Cosmos network.
Regarding this, Nomic’s nBTC interconnected chain upgrade will be operational as of October 30, 2023, according to Matt Bell, CEO of Turbofish.
Crypto News: Nomic’s nBTC allows users to access Bitcoin within the Cosmos ecosystem
In reference to the Cosmos ecosystem, Nomic’s new nBTC will soon be available on Osmosis, the platform’s primary decentralised exchange, enabling users to deposit and withdraw Bitcoin through the Osmosis Zone app.
Osmosis’s co-founder Sunny Aggarwal said:
“I believe the destiny of Cosmos is to become the application layer of Bitcoin; in fact it was that vision that drew me to the ecosystem many years ago in the first place. 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 throughout the Cosmos ecosystem. Bitcoin is in deep need of an application DeFi ecosystem, and Cosmos is in need of a base money asset that can serve as its primary store of value. Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality.”
Users can already utilise BTC in Kujira and Levana, two other Cosmos applications, in addition to Osmosis.
The price of ATOM has increased by 9.5% during the past seven days, but it is still recovering
The native Cosmos cryptocurrency (ATOM) appears to have seen a price boost of +9.5% over the last seven days, while the Cosmos ecosystem embraces bitcoin owing to the native nBTC token.
Regretfully, this pump amounts to nothing more than a “recovery” in the price of ATOM, which is currently trading at $7.03, exactly where it was last month.
However, ATOM is in a severe bear market according to the annual chart, with the current price reflecting a -45.5% dump from $12.60 on October 27, 2022.
With a market worth of more than $2.6 billion, ATOM is the 26th cryptocurrency in terms of market capitalization.
At the moment, it looks like ATOM’s trading volume has dropped by 25%.
