The Nomic DAO Foundation announced the official launch of a fee-free on-and-off ramp for Bitcoin (BTC) on Osmosis, the “decentralized” exchange (DEX) within the Cosmos ecosystem.
Approved by the Nomic DAO and Osmosis DAO through a revenue sharing agreement, Osmosis and Nomic have created a user-centric bridging experience that “eliminates bridge provider fees typically associated with making BTC usable across onchain applications.”
On Osmosis, allBTC is an alloyed asset that represents LP shares of “an onchain BTC pool.”
It functions as a single, fungible token that can be used on Osmosis and aims to “consolidate the liquidity of Bitcoin bridging into the ecosystem.”
Now with Nomic, Osmosis users will be able to bridge their Bitcoin on and off the DEX in a “simple fee-free environment that’s fully decentralized.”
Features include:
- Fee-Free, Trust-Minimized Access: The integration, powered by a unique revenue-sharing agreement, allows Bitcoin holders to move their BTC into Cosmos on Osmosis, without incurring bridge or provider fees.
- Simplified, Single-Step UX: The new user experience minimizes complicated steps by simply providing the user a Bitcoin deposit address to send Bitcoin to, and then depositing allBTC into the user’s Osmosis wallet with no further steps required.
- Fully Audited and Decentralized: Nomic recently underwent an extensive third-party security audit by Trail of Bits, one of the world’s most respected security research firms. The team rated Nomic’s decentralization as “Strong,” and found that “no single actor” can put users’ funds at risk or pause the chain.
Matt Bell, CEO of Turbofish, Nomic’s founders and core contributors said:
“Our integration with Osmosis showcases the potential of decentralized Bitcoin custody and Cosmos appchains to bring about a new era of trust-minimized DeFi. With Nomic’s decentralized custody engine, BTC holders can access DeFi on their terms, without sacrificing security or relying on centralized entities.”
Osmosis ranks among the key protocols within the Cosmos ecosystem, holding over $104 million in total value locked (TVL), as reported by DeFiLlama.
It is also one of the “top” decentralized exchanges across all blockchain networks, boasting a “cumulative trading volume approaching $23 billion.”
This launch aligns with a trend among decentralized finance (DeFi) developers who are seeking ways to “bring Bitcoin — the largest cryptocurrency by market capitalization, valued at $1.5 trillion — into other blockchain ecosystems.”
The Nomic DAO Foundation is a non-profit dedicated to the “growth and integration of the Nomic ecosystem.”
The Foundation supports the goals and objectives of the Nomic DAO (decentralized autonomous organization), is the “initial steward of the Nomic blockchain, and will support and grow the Nomic DAO until it becomes self-sufficient.”