The post Bitcoin Bridge Nomic Approved Soon by Osmosis DAO To Facilitate Fee-Free BTC Transfers appeared on BitcoinEthereumNews.com.

Key Points: Osmosis DAO has voted to implement fee-free BTC transfers with Bitcoin bridge Nomic. The new agreement will lower transaction costs, allowing direct Bitcoin liquidity integration into Osmosis without additional fees. According to CoinDesk, the decentralized autonomous organization (DAO) Osmosis has voted to adopt a fee-free Bitcoin bridge to help Bitcoin (BTC) integrate into the Cosmos ecosystem. Bitcoin Bridge nomic Is About To Be Integrated Into The Cosmos Ecosystem The strategic move hinges on a revenue-sharing agreement with Bitcoin bridge Nomic. The agreement between Osmosis and Nomic aims to address revenue-sharing issues associated with deposits and withdrawals, aligning Nomic’s protocol revenue with the usage of its bridged BTC. Osmosis users stand to benefit from reduced transaction costs, enabling direct integration of Bitcoin liquidity into the Osmosis ecosystem without incurring additional bridging fees. The proposed mechanism will be implemented during a future software upgrade, pending approval from both Nomic and Osmosis governance. The initial term for this implementation is six months, subject to extension or modification through mutual governance actions. Strong Voter Support Signals Boost for DeFi Activities As of the latest update, 91.88% of the votes are in favor of the proposal, with a voter turnout of 47.43%. Only 0.004309% have opposed the move, while 6.967% have abstained. If approved, the upgrade will allow Bitcoin to move more freely into the Cosmos ecosystem, promoting DeFi-related activities. Bitcoin bridge Nomic is part of a broader trend among developers to leverage Bitcoin‘s value to boost liquidity in the digital asset industry. In April, Nomic announced plans to integrate Babylon’s Bitcoin staking protocol and introduce stBTC, a Bitcoin liquid staking token. Currently, Nomic allows users to deposit Bitcoin directly into Osmosis to receive nBTC, its Bitcoin-backed asset, with a capacity limit of 21 BTC, a 1% deposit fee, and a 0.5% transfer…

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Filed under: News - @ June 21, 2024 6:28 pm