Users often need to convert it into other cryptocurrencies like wBTC, relying on centralized custodians. Turbofish's Nomic, a decentralized layer-1 bridging solution, changes this by enabling Bitcoin liquidity in Cosmos through nBTC, a 1:1 Bitcoin-backed token.
At Cosmoverse 2023, Matt Bell, CEO of Turbofish announced that nBTC will be a Cosmos native token, transferable throughout the ecosystem. It's launching on Osmosis, Cosmos' premier decentralized exchange, allowing direct bitcoin deposits and withdrawals within the Osmosis Zone app. Nomic offers bitcoin holders a decentralized option to deploy capital in Cosmos and earn staking yield.
Why a Bitcoin-centric Cosmos could rival Ethereum. Bitcoin provides the liquidity that Cosmos needs to emerge as a top-tier network, and Cosmos provides the exciting DeFi ecosystem that bitcoin lacks.
Why decentralization is the most secure. Nomic, with its decentralized design and emergency dispersal mechanism, provides a more secure way for users to deposit and withdraw their bitcoin in DeFi than centralized solutions like wrapped bitcoin (wBTC).
Nomic can seamlessly onboard bitcoin holders onto Cosmos. Until Turbofish’s Nomic bridge, most solutions to require users to first exchange their bitcoin for a different cryptocurrency before they can even set foot into Cosmos. With Nomic’s nBTC upgrade, user can directly deposit and withdraw their bitcoin in Cosmos, no exchange required.
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