The partnership will allow the seamless bridging of Chain-Key Bitcoin ($ckBTC), a non-custodial Bitcoin token on the Internet Computer (ICP) blockchain
ZURICH, Switzerland, Sept. 18, 2024 (GLOBE NEWSWIRE) — Omnity Network, an omnichain hub built on the Internet Computer (ICP), today announced its strategic partnership with Osmosis, the premier interchain DEX and DeFi hub for Cosmos and beyond. The partnership will allow the seamless bridging of Chain-Key Bitcoin ($ckBTC), a non-custodial Bitcoin token on the Internet Computer blockchain, to Cosmos through Osmosis.
This partnership marks the largest and most robust solution for bridging non-custodial BTC into the Cosmos ecosystem. The integration will provide unparalleled security and seamless cross-chain functionality for ckBTC holders. With a cumulative trading volume of $35 billion to date, Osmosis is one of the most widely used DEXs in the Cosmos ecosystem. Moreover, over 100 separate blockchains have connected to the Osmosis appchain via IBC and various bridge providers. By connecting ckBTC to Osmosis, the partnership will expand the reach and functionality of ckBTC, contribute to the existing $16M in BTC liquidity on Osmosis, and forge a new connection between the ICP and Cosmos ecosystems, enriching liquidity and cross-chain functionality.
Omnity’s cross-chain functionality relies on Chain Fusion, which allows ICP smart contracts to directly sign and submit transactions to other chains. Omnity Network leverages this capability to act as a Bitcoin Asset Hub, seamlessly bridging ckBTC and other Bitcoin assets to different blockchain networks. With the integration of Omnity with Osmosis, ckBTC can be securely transferred across multiple blockchains, reducing transaction costs, minimizing latency, and enhancing security.
Speaking on the integration, Sunny Aggarwal, Co-Founder of Osmosis, said, “Cosmos has reached a state where the technology stack is capable of supporting hyperbitcoinization, and Osmosis will play a significant role in the Bitcoin renaissance by unifying BTC liquidity across the DeFi ecosystem. This joint effort with Omnity and the ICP community supports increased Bitcoin utility and interoperability and lets users do more with their BTC than just hold it.”
Through the partnership, Omnity has developed an on-chain route to connect Osmosis with ICP’s ckBTC subnet through its omnichain hub, enabling secure cross-chain transactions with low fees and fast finality. This route verifies cross-chain messages between the Bitcoin network, including Layer 2 solutions, and Osmosis, facilitating trustless asset transfers like ckBTC without relying on off-chain processes. By integrating ICP’s Chain Fusion technology and leveraging the IBC protocol, Omnity strengthens interoperability between Bitcoin assets and the Osmosis ecosystem.
“Unlocking interoperability and a cross-chain pathway between ICP and Cosmos is an exciting moment for Omnity. Through the use of the on-chain route, we are providing a specialized smart contract that ensures secure and efficient communication between the two networks, and is part of our broader interoperability stack,” said Louis Liu, Co-Founder and CEO of Omnity Network.
Speaking on the importance of the partnership between Omnity and Osmosis, Founder and Chief Scientist at DFINITY Dominic Williams said, “ckBTC is the first and only trustless bitcoin twin, which is backed by math and native blockchain security, rather than crypto ‘bridges’ whose operators must be trusted. It can be transferred with low seconds finality and relatively minuscule fees on the Internet Computer, or at the speed and cost of other blockchains that integrate. The partnership between Omnity and Osmosis, a widely-used DEX, makes ckBTC available on Cosmos, illustrating the potential of BTC within decentralized finance and advancing the cause of cross-chain interoperability.”
About Internet Computer
The Internet Computer (ICP) is a groundbreaking blockchain platform that supports secure, scalable decentralized applications. ICP offers a scalable, secure and cross-chain solution. Its Chain Fusion technology integrates Bitcoin directly into the network via ckBTC, allowing ICP smart contracts to read and write directly to the Bitcoin network. Chain Fusion enables secure, trustless asset transfers and an exceptional user experience.
Official Channels
Internet Computer Official Website: https://internetcomputer.org/
ICP Hubs Network on X: https://x.com/ICPHUBS
Internet Computer on Telegram: https://t.me/+m8tiEFaaNR8xNjNl
Internet Computer on Medium: https://medium.com/dfinity
ckBTC on CoinMarketCap: https://coinmarketcap.com/currencies/chain-key-bitcoin/
DFINITY Official Website: https://dfinity.org/
DFINITY on X: https://x.com/dfinity
DFINITY on Youtube: https://www.youtube.com/dfinity
DFINITY on Reddit: https://www.reddit.com/r/dfinity/
About Omnity
Omnity is a trustless omnichain hub that can connect any Layer 1 (L1), Layer 2 (L2), or Layer 3 (L3) blockchain.
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