Key takeaways
- Nomic’s nBTC enables direct BTC conversions on Berachain’s bArtio testnet.
- Berachain uses a proof of liquidity model to align security with the liquidity of validators.
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Layer 1 blockchain Nomic is bringing its native nBTC to Berachain, allowing users to convert their Bitcoin (BTC) to nBTC directly on Berachain’s bArtio testnet, according to a recent announcement shared by the Nomic DAO Foundation.
The move follows Nomic’s announcement to support Ethereum and introduce decentralized Bitcoin to the largest decentralized finance (DeFi) market earlier this month. According to Matt Bell, CEO of Turbofish, founders and main contributors of Nomic, Bitcoin, representing over 50% of the global crypto market cap, is a valuable asset for DeFi applications.
“Bitcoin is the most valuable crypto asset, and Ethereum is the most valuable DeFi ecosystem. I’m excited to see Nomic bring its products to Ethereum, including native, decentralized nBTC asset, and seamless, single-step BTC deposits,” Bell said previously.
nBTC launch on Berachain aims to unlock the potential of Bitcoin within its ecosystem, which operates on a unique consensus model of proof of liquidity. This model incentivizes validators to provide liquidity to the network, ensuring alignment of security and liquidity.
For developers, the integration presents exciting opportunities, the Nomic team noted. Nomic’s Interchain Deposits feature simplifies the process of integrating nBTC into DeFi protocols, allowing developers to generate BTC deposit addresses that automatically commit nBTC to Berachain addresses.
The deployment of nBTC is also expected to pave the way for the creation of additional BTC-backed assets within the Berachain ecosystem without the need for centralized intermediaries. This opens up new possibilities for innovative DeFi products and services.
The new development comes after Berachain successfully raised $100 million in a Series B funding round, indicating strong investor confidence in its potential in the DeFi space. The platform is now equipped to natively support nBTC on its bArtio testnet, bringing Bitcoin liquidity into its vibrant DeFi ecosystem.
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