Nomic DAO Foundation, the development team behind Nomic Network, announced the launch of nBTC, a 1:1 Bitcoin-backed token on Berachain, an Ethereum-compatible L1 network. Previously, Nomic upgraded Ethereum to make nBTC natively available as an ERC token on Ethereum and able to be deployed on EVM-compatible chains.
The team said: "This integration allows users to deposit BTC directly to obtain nBTC, bringing a large amount of Bitcoin's liquidity to Berachain's ecosystem, which operates on a unique liquidity proof consensus model. This will enhance Bitcoin's capabilities in Berachain's growing ecosystem, providing developers with the ability to integrate nBTC into DeFi protocols and build BTC-backed applications without relying on centralized intermediaries." (CoinDesk)