Nomic a layer-1 bridging solution is introducing a Bitcoin-backed token to increase liquidity in the Cosmos ecosystem. This layer-1 blockchain solution will augment the DeFi capabilities of Cosmos.
Nomic is poised to execute the nBTC Interchain Upgrade on the Nomic layer-1 blockchain by the close of October. This will initiate the launch of a new token, the nBTC, which will act as a native token in the Cosmos ecosystem and will be transferable through the Interchain Blockchain Communication (IBC) protocol.
Upon upgrade completion, apps that are integrated with Nomic, like the Nomic app or Osmosis, a decentralized exchange, will facilitate the issuance and redemption of nBTC for Bitcoin. The blockchain upgrade is planned for October 27, with activation anticipated by October 30.
Matt Bell, CEO of Turbofish and a key member of Nomic’s founding and development team, made the announcement at the Cosmoverse conference in Turkey. In Bell’s words, “Nomic will now unlock the exciting DeFi capabilities of the Cosmos ecosystem for any user holding BTC.”
This advancement addresses the liquidity problem in the Cosmos ecosystem. According to Sunny Aggarwal, co-founder of Osmosis, there was a “need for a base money asset that can serve as its primary store of value.” Aggarwal also noted, “Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality.”
Read Now: Sam Bankman-Fried Pondered $5 billion Offer To Trump To Bow Out Of 2024 Race