Osmosis, a decentralized exchange (DEX) built for the Cosmos blockchain ecosystem, has opened a bridge to the Bitcoin network, as part of a pivot toward the world’s largest cryptocurrency.

The decentralized autonomous organization (DAO) that governs Osmosis voted in favor of adopting Bitcoin bridge Nomic in June. The integration went live on Tuesday.

Nomic’s bridge now enables users to deposit their BTC on the Bitcoin network in return for a token called alloyed BTC (allBTC) on Osmosis.

“In leveraging Nomic’s decentralized custody engine and offering zero-fee transactions, Osmosis is becoming a decentralized Bitcoin exchange,” a spokesperson told CoinDesk in a Telegram message.

The project’s aim is to give traders the user experience of popular centralized exchanges but with decentralized custody of BTC.

Osmosis is one of several projects attempting to leverage the value tied up in BTC, which is by far the largest cryptocurrency by market cap, to bring liquidity to the broader crypto world.

Bitcoin dominance – a measurement of what percent of the total crypto market BTC accounts for – hit 60% last month for the first time since March 2021,

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Author: Jamie Crawley