One of the latest crypto news is the Nomic project, a decentralized, non-custodial bitcoin bridge that will allow BTC to be universally accessible within the Cosmos ecosystem.
Once upgraded, the Nomic DAO Foundation’s new bridge will enable deposits and withdrawals of BTC via the Cosmos network.
Crypto News: Bitcoin accessible on the Cosmos network thanks to the Nomic bridge
Nomic DAO Foundation has announced that Nomic will soon create the decentralized, non-custodial bitcoin bridge BTC universally accessible within the Cosmos ecosystem.
Bitcoin comes to the #interchain via @nomicbtc
Nomic enables a bridge for Bitcoin, allowing users to convert their original BTC into nBTC, an IBC-compliant token.
nBTC launch estimated for October 30 – Cross-chain expansion continues ⚛️ pic.twitter.com/aa6qSIKyHb
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) October 9, 2023
The project was presented by Nomic’s founders and key contributors, Turbofish, at the Cosmos Network’s flagship conference, Cosmoverse.
Specifically, Nomic addresses the current problem of a lack of seamless, decentralized methods to bring BTC into the Cosmos network. In fact, Nomic allows users to bring their BTC to Cosmos with nBTC, an IBC-compliant token that prevents users from having to convert their BTC into another cryptocurrency.
As a result, Nomic will soon be upgraded to enable BTC deposits and withdrawals via the Cosmos networkfrom any platform or chain in the ecosystem.
In this regard, Matt Bell, CEO of Turbofish, said that Nomic’s nBTC interconnected chain upgrade will be active from October 30, 2023.
Crypto News: Bitcoin is accessible in the Cosmos ecosystem with Nomic’s nBTC
Speaking of the Cosmos ecosystem, Nomic’s new nBTC will soon be launched on Osmosis, Cosmos’ premier decentralized exchange, with the ability to deposit and withdraw Bitcoin directly into the Osmosis Zone app.
Native Bitcoin comes to Osmosis.
Get ready for nBTC from @nomicbtc.
Here’s everything you need to know. 👇🧵 pic.twitter.com/YuYX9jQamV
— Osmosis ⚡️🧪 (@osmosiszone) October 3, 2023
Sunny Aggarwalco-founder of Osmosis, commented:
“I believe Cosmos’ destiny is to become Bitcoin’s application layer; in fact, it was that vision that drew me to the ecosystem in the first place many years ago. However, it has remained a challenge until now to get BTC out of the Bitcoin chain in a secure and decentralized way. Nomic allows users to use Bitcoin natively on Osmosis and across the Cosmos ecosystem. Bitcoin is in great need of a DeFi ecosystem for applications, and Cosmos is in need of a base money that can serve as a primary store of value. Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality.”
In addition to Osmosis, users can already use BTC in other Cosmos applications such as Kujira and Levana.
The ATOM price is up +9.5% over the past seven days, but there is talk of a recovery
While the Cosmos ecosystem welcomes bitcoin thanks to its native nBTC token, the native Cosmos crypto (ATOM) seems to experience a +9.5% price pump over the past 7 days.
Unfortunately, this pump is nothing more than a “recovery” in the price of ATOMwhich as of today is in the same situation as last month, viz $7.03.
However, the annual chart shows ATOM is in a deep bear marketwhere the current price represents a -45.5% dump from $12.60 on October 27, 2022.
However, ATOM is the 26th largest cryptocurrency by market capitalization, with a total market capitalization of over $2.6 billion.
Currently, ATOM trading volume appears to have decreased by -25% over the last 24 hours.