The partnership will bridge non-custodial Chain-Key Bitcoin into Osmosis’ interchain ecosystem.
ZURICH, Sept. 19, 2024 — A strategic partnership has been announced between the Omnity omnichain hub and the leading Cosmos DEX and DeFi hub, Osmosis. The two companies are teaming up to bridge Chain-Key Bitcoin ($ckBTC) via Internet Computer (ICP) to the Cosmos ecosystem.
ckBTC is a non-custodial Bitcoin (BTC) token built on the Internet Computer blockchain. It will soon be available on Osmosis, a DEX boasting US$35 billion of cumulative trading volume, an existing BTC liquidity of US$16 million, and more than 100 connected blockchains on the Osmosis appchain. As the most robust solution to bridge non-custodial BTC to Cosmos, the partnership between Osmosis and Omnity aims to provide the highest standards in security and integration for holders of ckBTC and expand the token’s reach and functionality. The partners also hope to start a prosperous connection between ICP and Cosmos, with liquidity and cross-chain functionality enriched in both ecosystems.
Omnity’s cross-chain functionality relies on Chain Fusion, which allows ICP smart contracts to sign and submit transactions to other chains directly. 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-second finality and relatively miniscule fees on the Internet Computer or at the speed and cost of other integrated blockchains. 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 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 Channels
Internet Computer Official Website
ICP Hubs Network on X
Internet Computer on Telegram
Internet Computer on Medium
ckBTC on CoinMarketCap
DFINITY Official Website
DFINITY on X
DFINITY on Youtube
DFINITY on Reddit
About Omnity
Omnity 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 Osmosis
Osmosis 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.
