7 months ago
Osmosis, a decentralized speech (DEX) built for the Cosmos blockchain ecosystem, has opened a span to the Bitcoin network, arsenic portion of a pivot toward the world's largest cryptocurrency.
The decentralized autonomous enactment (DAO) that governs Osmosis <a href="https://www.coindesk.com/tech/2024/06/21/cosmos-dao-osmosis-to-adopt-fee-free-bitcoin-bridge" target="_blank">voted successful favour of adopting Bitcoin span Nomic</a> successful June. The integration went unrecorded connected Tuesday.
Nomic's span present enables users to deposit their BTC connected the Bitcoin web successful instrumentality for a token called alloyed BTC (allBTC) connected Osmosis.
"In leveraging Nomic's decentralized custody motor and offering zero-fee transactions, Osmosis is becoming a decentralized Bitcoin exchange," a spokesperson told CoinDesk successful a Telegram message.
The project's purpose is to springiness traders the idiosyncratic acquisition of fashionable centralized exchanges but with decentralized custody of BTC.
Osmosis is 1 of respective projects attempting to leverage the worth tied up successful BTC, which is by acold the largest cryptocurrency by marketplace cap, to bring liquidity to the broader crypto world.
Bitcoin dominance - a measurement of what percent of the full crypto marketplace BTC accounts for - <a href="https://www.tradingview.com/symbols/BTC.D/" target="_blank">hit 60% past period for the archetypal clip since March 2021</a>, highlighting the monolithic wealthiness of bitcoin reserves compared to that which exists successful immoderate different asset.
"I've ever personally been beauteous Bitcoin maxi," Osmosis co-founder Sunny Aggarwal said successful an interrogation with CoinDesk.
Bitcoin "maxi," an abbreviation of "maximalist," is simply a word for radical who judge BTC is the lone cryptocurrency (or currency of immoderate kind) that is needed.
"I'm bullish connected bitcoin dominance. That's the biggest marketplace and truthful we privation to instrumentality a large chunk of it," Aggarwal said.
Aggarwal describes Osmosis arsenic a DEX for assets that don't person their ain autochthonal DEXs, arsenic opposed to tokens that are built connected Ethereum oregon Solana, wherever determination are plentifulness of autochthonal decentralized exchanges to take from.
"We're 1 of the superior DEXs for app chains and astir of them were astir apt built utilizing the Cosmos stack, truthful we person astir a 95% stock of DEXs successful the Cosmos ecosystem," helium told CoinDesk.
"That's wherefore we're looking astatine what different assets don't person their ain DEXs, and the evident 1 is bitcoin, truthful BTC is going to turn to beryllium much and much a halfway portion of our strategy."
Read More: <a href="https://www.coindesk.com/tech/2024/09/12/build-on-bitcoin-trend-imports-another-concept-from-ethereum-the-dao" target="_blank">Build-on-Bitcoin Trend Imports Another Concept from Ethereum: the DAO</a>
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