-
The
revenue-sharing
agreement
may
address
the
shortcomings
of
blockchain
bridges,
in
which
the
parties
need
to
earn
revenue
directly
from
deposits
and
withdrawals. -
The
goal
is
to
remove
some
of
the
friction
users
may
previously
have
experienced
when
bridging
their
bitcoin
holdings
to
other
ecosystems
for
decentralized
finance-related
activities.
Decentralized
autonomous
organization
(DAO)
Osmosis
voted
to
adopt
a
fee-free
Bitcoin
bridge
to
allow
bitcoin
(BTC)
to
move
into
the
Cosmos
ecosystem.
Key
to
the
process
is
a
revenue-sharing
agreement
with
Bitcoin
bridge
Nomic,
according
to
an
emailed
announcement
shared
with
CoinDesk
on
Friday.
A
bridge
is
a
way
of
improving
interoperability
of
blockchains
by
allowing
users
to
move
crypto
assets
from
one
system
to
another.
The
revenue-sharing
deal
may
address
the
one
of
shortcomings
of
bridges:
how
the
different
parties
earn
revenue
from
deposits
and
withdrawals.
The
proposed
agreement
will
align
Nomic’s
protocol
revenue
with
usage
of
its
bridged
BTC,
the
announcement
said.
The
goal
is
to
remove
some
of
the
friction
users
may
previously
have
experienced
when
bridging
their
bitcoin
holdings
to
other
ecosystems
for
decentralized
finance-related
(DeFi)
activities.
With
less
than
24
hours
remaining
until
voting
concluded,
95%
of
votes
from
the
Osmosis
DAO
community
were
in
favor
of
the
deal.
Nomic’s
bridge
is
part
of
a
trend
of
developers
seeking
to
leverage
the
value
tied
up
in
BTC,
the
largest
cryptocurrency
by
market
cap,
to
bring
liquidity
to
the
broader
digital
asset
industry.
In
April,
Nomic
announced
plans
to
integrate
Babylon’s
Bitcoin
staking
protocol
and
introduce
stBTC,
a
bitcoin
liquid
staking
token.
Read
More:
A
More
Than
$1T
Bitcoin
DeFi
Opportunity