The partnership will bridge non-custodial Chain-Key Bitcoin into Osmosis’ interchain ecosystem.
ZURICH, Sept. 19, 2024 — A strategic partnership has been introduced between the Omnity omnichain hub and the main Cosmos DEX and DeFi hub, Osmosis. The 2 corporations are teaming up to bridge Chain-Key Bitcoin ($ckBTC) via Internet Computer (ICP) to the Cosmos ecosystem.
ckBTC is a non-custodial Bitcoin (BTC) token constructed on the Internet Computer blockchain. It can quickly be out there on Osmosis, a DEX boasting US$35 billion of cumulative buying and selling quantity, an existing BTC liquidity of US$16 million, and greater than 100 linked blockchains on the Osmosis appchain. As essentially the most sturdy resolution to bridge non-custodial BTC to Cosmos, the partnership between Osmosis and Omnity goals to present the very best requirements in safety and integration for holders of ckBTC and increase the token’s attain and performance. The companions additionally hope to begin a affluent connection between ICP and Cosmos, with liquidity and cross-chain performance enriched in each ecosystems.
Omnity’s cross-chain performance depends on Chain Fusion, which permits ICP sensible contracts to signal and submit transactions to different chains straight. Omnity Community leverages this functionality to act as a Bitcoin Asset Hub, seamlessly bridging ckBTC and different Bitcoin belongings to totally different blockchain networks. With the combination of Omnity with Osmosis, ckBTC could be securely transferred throughout a number of blockchains, decreasing transaction prices, minimizing latency, and enhancing safety.
Talking on the combination, Sunny Aggarwal, Co-Founding father of Osmosis mentioned, “Cosmos has reached a state where the technology stack is capable of supporting hyperbitcoinization, and Osmosis will play a significant role in the Bitcoin renaissance by unifying BTC liquidity across the DeFi ecosystem. This joint effort with Omnity and the ICP community supports increased Bitcoin utility and interoperability and lets users do more with their BTC than just hold it.”
By way of the partnership, Omnity has developed an on-chain route to join Osmosis with ICP’s ckBTC subnet by its omnichain hub, enabling safe cross-chain transactions with low charges and quick finality. This route verifies cross-chain messages between the Bitcoin community, together with Layer 2 options and Osmosis, facilitating trustless asset transfers like ckBTC with out counting on off-chain processes. By integrating ICP’s Chain Fusion expertise and leveraging IBC protocol, Omnity strengthens interoperability between Bitcoin belongings and the Osmosis ecosystem.
“Unlocking interoperability and a cross-chain pathway between ICP and Cosmos is an exciting moment for Omnity. Through the use of the on-chain route, we are providing a specialized smart contract that ensures secure and efficient communication between the two networks and is part of our broader interoperability stack,” mentioned Louis Liu, Co-Founder and CEO of Omnity Community.
Talking on the significance of the partnership between Omnity and Osmosis, Founder and Chief Scientist at DFINITY Dominic Williams mentioned, “ckBTC is the first and only trustless bitcoin twin, which is backed by math and native blockchain security, rather than crypto ‘bridges’ whose operators must be trusted. It can be transferred with low-second finality and relatively miniscule fees on the Internet Computer or at the speed and cost of other integrated blockchains. The partnership between Omnity and Osmosis, a widely-used DEX, makes ckBTC available on Cosmos, illustrating the potential of BTC within decentralized finance and advancing the cause of cross-chain interoperability.”
About Internet Computer
The Internet Computer (ICP) is a groundbreaking blockchain platform supporting safe, scalable, decentralized functions. ICP provides a scalable, safe, and cross-chain resolution. Its Chain Fusion technology integrates Bitcoin straight into the community via ckBTC, permitting ICP sensible contracts to learn and write straight to the Bitcoin community. Chain Fusion allows safe, trustless asset transfers and an distinctive person expertise.
Official Channels
Internet Computer Official Website
ICP Hubs Community on X
Internet Computer on Telegram
Internet Computer on Medium
ckBTC on CoinMarketCap
DFINITY Official Website
DFINITY on X
DFINITY on Youtube
DFINITY on Reddit
About Omnity
Omnity is a trustless omnichain hub that may join any Layer 1 (L1), Layer 2 (L2), or Layer 3 (L3) blockchain. Leveraging the Internet Computer’s Chain Fusion and Omnity’s modified IBC technology, Omnity offers a safe, trustless, and extremely scalable multi-chain hub with a 100% on-chain tech stack, enabling steady interactions throughout numerous blockchain ecosystems.
About Osmosis
Osmosis is the premier interchain DEX and DeFi hub for the Cosmos ecosystem and past. Thus far, the Osmosis DEX has facilitated over US$34 billion in buying and selling quantity, and greater than 100 separate blockchains have linked to the Osmosis appchain via IBC. Osmosis is house to an ever-expanding suite of DeFi functions, merging native tooling with highly effective third-party integrations to present a one-stop expertise that raises the bar over centralized change choices.
