What to know:
- Cosmos DEX Osmosis’ integration with Bitcoin bridge Nomic is now live, having been approved by its DAO in June.
- “Osmosis is becoming a decentralized Bitcoin exchange,” a spokesperson told CoinDesk.
- “I’m bullish on bitcoin dominance,” Osmosis co-founder Sunny Agarwal said. “That’s the biggest market and so we want to take a big chunk of it.”
As a seasoned analyst with over two decades of experience in the financial markets, I find the recent integration of Cosmos DEX Osmosis with Bitcoin bridge Nomic intriguing. My career has seen me navigate through various market cycles and witness the evolution of cryptocurrencies from their nascent stages to becoming significant players in the global financial landscape.
Osmosis, a decentralized exchange developed within the Cosmos blockchain system, has established a connection to the Bitcoin network – marking a strategic move aimed at tapping into the global dominance of Bitcoin, the world’s leading cryptocurrency.
In June, the governing body of Osmosis, known as a Decentralized Autonomous Organization (DAO), decided to incorporate Bitcoin bridge Nomic. This integration became active on Tuesday.
Now, Nomic’s bridge facilitates the transfer of Bitcoins onto the Bitcoin network, granting users tokens known as Linked BTC (linkBTC) within Osmosis instead.
Using Nomic’s decentralized safekeeping system and facilitating free transactions, Osmosis is transitioning into a peer-to-peer Bitcoin trading platform as reported to CoinDesk via Telegram.
The project’s aim is to give traders the user experience of popular centralized exchanges but with decentralized custody of BTC.
One of many initiatives aims to utilize Bitcoin’s immense market capitalization, being the foremost cryptocurrency, to infuse liquidity across the wider cryptospace through osmosis.
The proportion of the overall cryptocurrency market that Bitcoin represents (known as Bitcoin dominance) surpassed 60% for the first time since March 2021 last month, indicating an unusually high concentration of Bitcoin wealth compared to other assets in the market.
In an interview with CoinDesk, Sunny Aggarwal, a co-founder of Osmosis, stated that he has consistently held a strong personal belief in Bitcoin.
A “Bitcoin maximalist” is simply a person who strongly believes that Bitcoin alone, among all cryptocurrencies or forms of currency, holds sufficient value and purpose.
Aggarwal expressed optimism about Bitcoin’s influence in the market, stating that we aim to capture a significant portion of this large market share.
Aggarwal explains that Osmosis functions as a Decentralized Exchange (DEX) for assets not currently supported by their own DEX, in contrast to tokens developed on platforms like Ethereum and Solana which already have numerous native DEX options available.
As a researcher within our team, I can confidently assert that we occupy a leading position among Decentralized Exchange (DEX) platforms specifically designed for application chains. Given that the majority of these app chains were likely constructed utilizing the Cosmos stack, it’s safe to say that we command approximately 95% of the DEX market share within the Cosmos ecosystem.
As an analyst, I am exploring opportunities in the digital asset space, particularly focusing on those that currently lack their own Decentralized Exchanges (DEXs). In light of this gap, it seems evident that Bitcoin, being the most established and widely-adopted cryptocurrency without its own DEX, is poised to play a more significant role in our strategic plans moving forward.
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2024-12-03 17:26