The Cosmos Osmosis DAO ecosystem is set to introduce a fee-free Bitcoin Bridge, joining forces with Nomic to enable users to transfer assets across various DeFi applications without any bridge fees. This groundbreaking initiative has garnered overwhelming support from the Osmosis DAO community, with 95% voting in favor of the proposal. By eliminating the friction of bridge fees, this partnership paves the way for a more interoperable future in the blockchain industry, allowing users to seamlessly move their assets between different platforms and participate in a wider range of DeFi applications.
The integration of Nomic’s bridge aligns with the growing recognition among developers of the immense liquidity potential of Bitcoin. Osmosis aims to tap into this valuable resource and drive further growth within the DeFi space by bringing BTC into the Cosmos ecosystem. This move also coincides with Nomic’s efforts to expand its presence in the crypto ecosystem, as it recently integrated Babylon’s staking protocol and introduced stBTC, a Bitcoin liquid staking token.
The implementation of the fee-free Bitcoin bridge by Osmosis DAO, in collaboration with Nomic, marks a significant milestone in enabling seamless Bitcoin movement and integration into the DeFi space. This development solidifies Osmosis’ position as one of the leading and most successful decentralized exchanges (DEX) in the Cosmos ecosystem, as evidenced by its ranking as the sixth-largest chain in terms of total value locked (TVL) according to DefiLlama. With over $123 million in cumulative trade volume, Osmosis has established itself as a major player in the Cosmos ecosystem.
Despite recent market volatility, Bitcoin is currently experiencing a rebound, with a 1.2% increase in the past day, trading at $64,307. However, the trading volume has decreased by 28% to $19 billion, while the market cap remains at $1.2 trillion. Analysts anticipate a substantial price increase for BTC, as evidenced by the flow of Bitcoin options on Deribit, which heavily favor call options at strike prices above the current market rate.
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