During the Cosmoverse event in Istanbul, it was announced that the non-custodial Nomic bridge will soon bring Bitcoin into the Cosmos crypto ecosystem. This is a significant development as there are currently no decentralized and secure solutions that allow BTC to be integrated into the chain. The interchain update for Nomic will take place on October 30, 2023.
Matt Bell, the founder of Nomic, made this announcement at the Cosmoverse conference. He stated that his project will universally bring Bitcoin into the Cosmos ecosystem, which is a major innovation in terms of Cosmos interoperability. Currently, there are limited options available for users to interact with Bitcoin on the latest generation chains. The only existing solution is Spaceshift, which allows BTC and other non-EVM currencies to be exchanged within its Metamask wallet.
With the introduction of the Nomic bridge, Bitcoin will be able to land within the contexts of DeFi, solving one of the major challenges of recent years – interoperability. This development positions Cosmos as Bitcoin’s “application layer,” offering unprecedented interoperability while maintaining high security and scalability standards. Sunny Aggarwal, co-founder of Osmosis, commented on this revolution by stating that Nomic will help create a DeFi ecosystem for Bitcoin within Cosmos.
The Nomic bridge represents a milestone in developing interoperability solutions for Bitcoin. Unlike most other cryptocurrencies, Bitcoin is not EVM compatible and does not have a native framework for DeFi usage. While there have been experiments to introduce fungible tokens and NFTs through metadata subscription on individual satoshis, these options do not allow BTC to interact with other chains. The Nomic bridge provides a seamless and secure way to receive BTC within the Cosmos ecosystem.
Hot Take: A Major Step Towards Bitcoin Integration in Cosmos
The announcement of the Nomic bridge bringing Bitcoin into the Cosmos crypto ecosystem marks a significant milestone in achieving cross-blockchain interoperability. With the lack of decentralized and secure solutions for BTC integration, Nomic’s development is highly anticipated. By enabling Bitcoin to land within DeFi contexts, Cosmos offers unparalleled interoperability while maintaining security and scalability standards. This innovation addresses the long-awaited union of a Bitcoin-centric Cosmos ecosystem and an application DeFi ecosystem for Bitcoin. Nomic’s forthcoming upgrades promise to provide the most secure bitcoin bridge in the market today, unlocking exciting DeFi capabilities for any BTC holder in the Cosmos ecosystem.
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