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  • ckBTC will soon be connected to the Cosmos ecosystem through the decentralized exchange Osmosis;

  • Concerns have been growing for weeks about the influence that Tron founder Justin Sun has over WBTC, prompting competitors to launch alternatives.

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Chain-key bitcoin (ckBTC), a non-custodial bitcoin token based on the Internet Computer Blockchain (ICP), will soon be connected to the Cosmos ecosystem through the decentralized exchange (DEX) Osmosis.

According to an emailed announcement on Wednesday, this is the “first entry of proven, secure, non-custodial BTC into the Cosmos ecosystem.”

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Currently, more and more decentralized finance (DeFi) developers are looking for ways to export Bitcoin (BTC), which currently has the highest market capitalization of all cryptocurrencies at $1.2 trillion, to other blockchain ecosystems.

Although Cosmos’ ATOM token ranks only as the 19th largest cryptocurrency on the CoinDesk 20 index with a market cap of $1.6 billion, the project has gained huge influence in the industry due to its interconnected network architecture (a blueprint that many other blockchains follow), and its technology has been used as the basis for several major decentralized finance (DeFi) projects.

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Osmosis is working with the Omnity Network, built on ICP, to provide a service to bridge non-custodial BTC to Cosmos.

ckBTC is a Bitcoin token pegged 1:1 to the value of BTC, allowing users to store their wealth in the world’s largest cryptocurrency while spending it on other networks.

The most popular such token currently is the Ethereum-based Wrapped Bitcoin (WBTC), however, in recent weeks concerns have arisen over the influence of Tron founder Justin Sun at BitGo, the custodian of WBTC’s underlying assets.

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Last month, BitGo proposed sharing custody of WBTC with BiT Global, an entity partially controlled by Justin Sun, sparking concerns that the protocol would centralize control over BiT too much.

The fallout from the incident has inspired competitors to offer alternative versions of WBTC, including dlcBTC and Threshold’s tBTC, as well as ckBTC.

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#ckbtc #Cosmos #Osmosis #Omnity #ICP生态


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