Osmosis DAO backs zero-fee Bitcoin bridge to Cosmos


Osmosis
Decentralized
Autonomous
Organization
(DAO)
is
unanimously
supporting
a
proposal
to
adopt
a
revenue
share
proposal
that
enables
a
zero-fee
Bitcoin
bridge
to
the

Cosmos
ecosystem
via
Nomic.

The
proposal
has

received
overwhelming
community
support,
with
about
92%
of
DAO
members
favoring
the
zero-fee
upgrade.
Meanwhile,
around
6%
of
the
DAO
members
abstained
from
voting,
while
1%
were
against
the
move.

How To Get Free Crypto  

Voting
will
end
by
23:58
UTC
on
June
21.

If
approved:

“Osmosis
users
will
no
longer
be
charged
bridging
fees
or
transfer
fees
for
nBTC
transactions
between
Nomic
and
Osmosis.
This
mechanism
will
be
implemented
through
a
future
software
upgrade
if
approved
by
both
Nomic
and
Osmosis
governance.”

The
initiative
sets
a
new
precedent
in
bridge
business
models.
Traditionally,
bridges
have
struggled
to
capture
value
directly
from
deposits
and
withdrawals.
The
Osmosis
upgrade
addresses
this
issue
by
aligning
Nomic’s
protocol
revenue
with
the
actual
usage
of
its
Bitcoin
bridge.

According
to
the
post:

“This
proposal
signals
the
addition
of
a
protocol
revenue
share
system
that
will
replace
these
bridging
costs
with
a
share
on
taker
fees
gathered
from
trading
activity
on
Osmosis,
resulting
in
Nomic
benefiting
from
increased
adoption
of
nBTC
across
applications
on
Osmosis
rather
than
just
arbitrage
against
the
value
of
native
Bitcoin.”

The
user-centric
upgrade
is
expected
to
enable
users
to
leverage
their
Bitcoin
holdings
for
DeFi
activities
on
Osmosis,
such
as
lending,
borrowing,
and
staking.
It
also
integrates
Bitcoin
into
the
broader
DeFi
ecosystem,
attracting
new
and
existing
users.

Osmosis
co-founder

Sunny
Agarwal
hailed
the
proposal
as
a
major
milestone
in
DAO-to-DAO
deals.
He

stated:

“[The
proposal]
It
provides
a
new
‘rev
share’
business
model
for
bridges,
one
that
is
uniquely
possible
with
appchains
(its
hard
to
replicate
this
in
generalized
blockchains).”

The
development
follows
significant
growth
in
the
trading
volume
on
Osmosis
in
the
fourth
quarter
of
2023.
According
to

Messari,
the
DEX
saw
a
6x
increase
in
trading
volume
on
a
quarterly
basis,
exceeding
$5.3
billion.

The
surge
was
attributed
to
the
introduction
of
new
features
like
volume-splitting
incentives,
recalibrating
epoch
incentives,
targeting
liquidity
towards
high-traffic
areas,
and
introducing
lower-fee
pools.

Mentioned
in
this
article
Posted
In:

Bitcoin,

Crypto

Go to Source
Author: Oluwapelumi Adejumo


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