Omnity and Osmosis Partner to Bring Internet Computer to Cosmos
September 18 2024 - 9:00PM
Omnity Network, an omnichain hub built on the Internet Computer
(ICP), announces 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 will create the largest
and most robust solution for bridging non-custodial BTC into the
Cosmos ecosystem, providing unparalleled security and integration
for ckBTC holders. To date, the Osmosis DEX has a cumulative
trading volume of $35 billion and more than 100 separate
blockchains have connected to the Osmosis appchain via IBC and
various bridge providers. By connecting ckBTC to one of the most
popular DEXs, 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 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 ComputerThe Internet Computer
(ICP) is a groundbreaking blockchain platform supporting 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 ChannelsInternet Computer Official
Website: https://internetcomputer.org/ICP Hubs Network on X:
https://x.com/ICPHUBSInternet Computer on Telegram:
https://t.me/+m8tiEFaaNR8xNjNlInternet Computer on Medium:
https://medium.com/dfinityckBTC on CoinMarketCap:
https://coinmarketcap.com/currencies/chain-key-bitcoin/DFINITY
Official Website: https://dfinity.org/DFINITY on X:
https://x.com/dfinityDFINITY on Youtube:
https://www.youtube.com/dfinityDFINITY on Reddit:
https://www.reddit.com/r/dfinity/
About OmnityOmnity is a trustless omnichain hub
that can connect any Layer 1 (L1), Layer 2 (L2), or Layer 3 (L3)
blockchain. Leveraging the Internet Computer’s Chain Fusion and
Omnity’s modified IBC technology, Omnity provides a secure,
trustless, and highly scalable multi-chain hub with a 100% on-chain
tech stack, enabling continuous interactions across diverse
blockchain ecosystems.
About OsmosisOsmosis is the premier interchain
DEX and DeFi hub for the Cosmos ecosystem and beyond. To date, the
Osmosis DEX has facilitated over US$34 Billion in trading volume,
and more than 100 separate blockchains have connected to the
Osmosis appchain via IBC. Osmosis is home to an ever-expanding
suite of DeFi applications, merging native tooling with powerful
third-party integrations to provide a one-stop experience that
raises the bar over centralized exchange offerings.
ContactDFINITY FoundationComms@DFINITY.org
Media
Contactcecilia@yourprstrategist.comsam@yourprstrategist.comdean@yourprstrategist.com
A photo accompanying this announcement is available at
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