- The Cosmos DEX Osmosis community is voting on a proposal to adopt a “free” Bitcoin bridge through a decentralized protocol.
- Over 90% of the votes are in favor of bringing Bitcoin liquidity to the Cosmos ecosystem.
- Osmosis co-founder notes that if passed, the proposal will bring a new revenue-sharing business model for bridges.
- Both OSMO and ATOM have added less than 1% to their value on Friday.
Osmosis is an independent Layer 1 blockchain built using Cosmos’ software development kit. Osmosis DAO is set to vote in favor of adopting a “fee-free” bridge to bring Bitcoin to the Cosmos ecosystem.
At the time of writing, 91.88% of voters are in favor of the bridge.
Ratio of votes
Bitcoin “fee-free” bridge could go live with Osmosis, Nomic Protocols shared proposal
Osmosis DAO is set to vote in favor of the “fee-free” Bitcoin bridge, per the proposal discussion in the Osmosis zone. If approved, the upgrade would allow users to move BTC freely into the Cosmos ecosystem and likely attract new liquidity.
Osmosis co-founder notes that the proposal, if approved, to introduce a new revenue sharing business model for bridges. The co-founder behind the username @sunnya97 calls it “rev share” and explains that the protocol wants Bitcoin onboarding to be cheap and frictionless for users.
Sunny Aggarwal notes that the “fee-free” bridge aligns the incentives between Osmosis and its bridge partner. Both Osmosis and Nomic will maximize the trading volume of Bitcoin on the DEX.
Osmosis co-founder comments
Both OSMO and ATOM tokens have added less than 1% to their value on Friday. OSMO is trading at $0.5625 and ATOM at $6.874, at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Shiba Inu could recover as it finds support around key level
Shiba Inu (SHIB) price hovers around $0.000021 on Tuesday after retesting and bouncing off from key support the previous day. Sideline investors looking to accumulate SHIB can do so at support levels from $0.000019 to $0.000021.
Bitcoin recovers after retesting $90K support
Bitcoin’s price recovers and trades at around $95,500 on Tuesday after dipping below $90,000 the previous day. The recent downturn at the start of the week has liquidated over $734 million in total liquidations, more than $152 million specifically in BTC.
Monero bulls remain strong, eyes double-digit gains
Monero price trades in the green, around $204.92 on Tuesday after holding its ascending trendline support the previous day. The technical outlook suggests a reversal ahead as XMR’s MACD indicator shows a bullish signal.
XRP sees high buying pressure as lawyer weighs in on SEC's appeal against Ripple
XRP's strong resilience against the wider crypto market decline was strengthened by increased buying activity across retail and institutional investors. SEC's delay in filing opening brief in appeal over Ripple vs SEC ruling is a normal occurrence in litigation processes.
Bitcoin: Room for a recovery or continuation of the pullback?
Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.