The Osmosis DAO will vote to approve a "fee-free" bitcoin bridge proposal using Nomic, a decentralized bridge protocol. Currently, 91.7% of voters support the proposal, which aims to enhance bitcoin liquidity on the platform by removing existing bridge fees.
Nomic allows users to deposit bitcoin directly into Osmosis to access its bitcoin-backed asset, nBTC, with an existing deposit fee of 1% and a transfer fee of 0.5%. If the proposal passes, bitcoin bridge fees on Osmosis will be waived, but bitcoin miner fees may still be charged.
In exchange, Nomic will receive a portion of the fees for nBTC and its derivatives transactions, which is 10% of the total nBTC-related transaction fees and a proportional share of its derivatives transaction fees. Osmosis users will therefore benefit from reduced bitcoin transaction costs and be able to integrate bitcoin liquidity directly into the Osmosis ecosystem.
Osmosis to Adopt'Free 'Bitcoin Bridge Through Nomic
2024-06-21 13:08:10
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