Osmosis DAO Votes To Adopt Fee-Free Bitcoin Bridge Proposal

According to BlockBeats, on June 21, Osmosis DAO is set to adopt a 'fee-free' Bitcoin bridge proposal through a vote. The proposal, which has garnered the support of 91.7% of voters, aims to enhance Bitcoin liquidity on the platform by eliminating existing bridge fees. Nomic, a decentralized bridging protocol, allows users to directly deposit Bitcoin into Osmosis to obtain its Bitcoin-backed asset, nBTC. The current deposit fee stands at 1%, with a transfer fee of 0.5%. If the proposal is approved, Bitcoin bridge fees on Osmosis will be waived, although Bitcoin miner fees may still apply. In exchange, Nomic will receive a portion of the fees from nBTC and its derivative transactions. Specifically, it will receive 10% of the total fees from nBTC-related transactions and a proportional share of the fees from derivative transactions. As a result, Osmosis users will benefit from reduced Bitcoin transaction costs and will be able to directly integrate Bitcoin liquidity into the Osmosis ecosystem.