Nomic Project Enables Bitcoin Accessible on Cosmos Network
The Nomic DAO Foundation has announced the development of a decentralised, non-custodial bitcoin bridge that will make BTC universally accessible within the Cosmos ecosystem. The upgraded bridge will allow BTC deposits and withdrawals throughout the Cosmos network. This development will enable users to convert their native BTC into nBTC, an IBC-compatible token, and use it directly within the Osmosis Zone app. Sunny Aggarwal, co-founder of Osmosis, expressed his belief that Cosmos will become the application layer of Bitcoin and highlighted the need for a DeFi ecosystem for Bitcoin and a base money asset for Cosmos. In addition to Osmosis, other Cosmos applications like Kujira and Levana already support BTC.
ATOM Price Shows Signs of Recovery
While the Nomic project brings Bitcoin to the Cosmos ecosystem, the native cryptocurrency of Cosmos, ATOM, has experienced a price increase of +9.5% in the last seven days. However, this surge is seen as a recovery from previous lows rather than substantial growth. Currently priced at $7.03, ATOM remains in a bear market with a -45.5% decrease from its October 2022 value of $12.60. Despite this, ATOM holds the 26th position by market capitalization, with a total market cap exceeding $2.6 billion. Over the past 24 hours, ATOM’s trading volume has decreased by -25%.
Hot Take: Nomic Bridges Bitcoin and Cosmos for Mutual Benefits
The Nomic project’s development of a bitcoin bridge within the Cosmos ecosystem marks an important milestone for both platforms. By allowing BTC to be universally accessible within Cosmos through its decentralised and non-custodial bridge, Nomic opens up new possibilities for Bitcoin users and provides Cosmos with a valuable base money asset. This union of Bitcoin and Cosmos has been eagerly anticipated, and Nomic’s contribution brings it closer to reality. As the Cosmos ecosystem continues to expand and integrate Bitcoin, the potential for a thriving DeFi ecosystem within the Cosmos network grows, benefitting both platforms and their respective communities.
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