Among the latest crypto news is the Nomic project, a decentralised, 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 allow BTC deposits and withdrawals throughout the Cosmos network.
Crypto news: Bitcoin accessible on Cosmos network thanks to Nomic bridge
The Nomic DAO Foundation announced that Nomic’s decentralised, non-custodial bitcoin bridge will soon make BTC universally accessible within the Cosmos ecosystem.
The project was presented by Nomic’s founders and main contributors, Turbofish, during the Cosmos network’s flagship conference, Cosmoverse.
Specifically, Nomic responds to the current problem of a lack of seamless, decentralised methods for bringing BTC into the Cosmos network. In fact, Nomic allows users to bring their BTC into Cosmos with nBTC, an IBC-compliant token that saves users from having to convert their BTC into another cryptocurrency.
As a result, Nomic will soon be upgraded to allow BTC deposits and withdrawals throughout the Cosmos network, from 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 30 October 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, the main decentralised exchange of Cosmos, with the possibility to deposit and withdraw Bitcoin directly within the Osmosis Zone app.
Sunny Aggarwal, co-founder of Osmosis, commented:
“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.”
In addition to Osmosis, users can already use BTC in other Cosmos applications such as Kujira and Levana.
ATOM price up +9.5% in the last 7 days, but it’s a recovery
While the Cosmos ecosystem welcomes bitcoin thanks to the native nBTC token, the native Cosmos crypto (ATOM) seems to be experiencing a price pump of +9.5% over the last 7 days.
Unfortunately, this pump is nothing more than a “recovery” in the price of ATOM, which as of today is in the same situation as last month, namely $7.03.
On the annual chart, however, ATOM is in a deep bear market, with the current price representing a -45.5% dump from $12.60 on 27 October 2022.
However, ATOM is the 26th crypto by market cap, with a total market cap of over $2.6 billion.
Currently, ATOM’s trading volume appears to have decreased by -25% over the past 24 hours.