Omnichain hub built on the Internet Computer (ICP), Omnity Network announced a strategic collaboration with Osmosis, a leading interchain decentralized exchange (DEX) and decentralized finance (DeFi) hub for Cosmos and beyond.
This collaboration will enable the seamless bridging of Chain-Key Bitcoin (ckBTC), a non-custodial Bitcoin token on the ICP blockchain, to the Cosmos network via Osmosis. As a result, it will establish the most extensive solution for integrating non-custodial BTC into the Cosmos ecosystem, offering enhanced security and connectivity for ckBTC holders.
Currently, Osmosis has achieved a cumulative trading volume of $35 billion, with over 100 distinct blockchains linked to its appchain through IBC and a variety of bridge providers. By integrating ckBTC with one of the leading DEXs, this partnership aims to enhance the reach and capabilities of ckBTC. It will also add to the $16 million in Bitcoin liquidity on Osmosis and establish a new link between the ICP and Cosmos ecosystems, thereby improving liquidity and cross-chain functionality.
Omnity Network And Osmosis Collaboration To Enable Secure Cross-Chain Transactions With Low Fees And Quick Finality
Omnity Network’s cross-chain capabilities are powered by Chain Fusion, enabling ICP smart contracts to sign and submit transactions to various blockchains. This functionality allows Omnity Network to serve as a Bitcoin Asset Hub, effectively bridging ckBTC and other Bitcoin assets to different networks. Through its incorporation with Osmosis, ckBTC can now be transferred throughout blockchains, which helps lower transaction costs, reduce latency, as well as improve overall security.
Through this partnership, Omnity Network has created an on-chain pathway that links Osmosis with ICP’s ckBTC subnet via its omnichain hub. This connection allows for secure cross-chain transactions characterized by low fees and quick finality. The route verifies cross-chain messages between the Bitcoin network, encompassing Layer 2 solutions and Osmosis, enabling trustless transfers of assets like ckBTC without depending on off-chain processes. By incorporating ICP’s Chain Fusion technology and utilizing the IBC protocol, Omnity Network enhances interoperability between Bitcoin assets and the Osmosis ecosystem.
Omnity Network serves as a trustless omnichain hub capable of connecting Layer 1, Layer 2, and Layer 3 blockchains. By utilizing the Chain Fusion technology from ICP alongside its own modified IBC technology, it provides a secure, trustless, and highly scalable multi-chain hub. This infrastructure is built entirely on-chain, facilitating seamless interactions across a wide range of blockchain ecosystems.
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