Nomic brings nBTC to Berachain, enables direct BTC conversions on bArtio testnet
The launch targets streamlining Bitcoin use in decentralized finance on Berachain.
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 validators' liquidity.
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Layer 1 blockchain Nomic is bringing its native nBTC to Berachain, allowing users to convert their Bitcoin (BTC) into 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 bring decentralized Bitcoin to the largest decentralized finance (DeFi) market earlier this month. According to Matt Bell, CEO of Turbofish, Nomic’s founders and core contributors, Bitcoin, accounting for over 50% of the global crypto market cap, is a valuable asset for DeFi applications.
“Bitcoin is the highest-value crypto asset, and Ethereum is the highest-value DeFi ecosystem. I’m excited to see Nomic bring its products to Ethereum, including the native and decentralized nBTC asset, and seamless one-step BTC deposits,” Bell stated previously.
The launch of nBTC on Berachain aims to unlock the potential of Bitcoin within its ecosystem, which operates on a unique proof-of-liquidity consensus model. This model incentivizes validators to provide liquidity to the network, ensuring both security and liquidity are aligned.
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 Berachain’s 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, which indicates strong investor confidence in its potential within the DeFi space. The platform is now equipped to natively support nBTC on its bArtio testnet, effectively bringing Bitcoin’s liquidity into its vibrant DeFi ecosystem.
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