Nomic Bitcoin Bridge Update 5
The first mainnet phase of the Nomic Bitcoin bridge launched 5 weeks ago. Today is the start of week six. During this testing phase only 21 bitcoin will be allowed through the Nomic bridge. Full mainnet is scheduled to launch sometime in January. That will be version 8.
If you care to check out the previous updates on Reddit, click for Update 1, Update 2, Update 3, and Update 4 is here on our blog.
Today's Key Takeaways
- Many validators are jailed. Jailed validators do not earn rewards so if your validator is jailed, redelegate.
- More BTC has been bridged into the Cosmos
- nBTC liquidity on Osmosis is mixed from last week
- There is slightly more nBTC liquidity on Kujira
- Kujira nBTC/wBTC liquidity providers are currently earning an astounding 320%
How to redelegate NOM tokens
NOM reward APY is currently over 40%, so claim and restake your NOM as often as you can to compound your stack. Many people stake and then forget about it and that’s not a good idea.
Check in on you delegation because the network is tricky and validators often get jailed. Make a calendar note to check in on your stake regularly. That way you will remember to compound your rewards too.
One way to hedge your risk of downtime is to stake with 2 or 3 validators.
Please consider redelegating to us at Atlas Staking.
Claim your Nomic (NOM) airdrop
1. First, check to see if you have any unclaimed NOM tokens that were airdropped to your wallet. I had 18 NOM tokens waiting to be claimed and it was a fun surprise. Connect your wallet to the Nomic dashboard. Then, click the rewards tab.
2. After you have checked the rewards page, click the “Staking” tab to check in on your staked NOM tokens. Then, click the “inactive” tab up top to see whether or not your validator is jailed.
3. If your validator is jailed, click on the validator name to redelegate. Simply click the box that says, “Redelegate” and then search for Atlas Staking.
Additionally, if you are currently only staking NOM with one validator and want to hedge your risk of downtime by staking with a second validator, we’d be thrilled to have you as a delegator at Atlas Staking.
Nomic nBTC liquidity after 5 weeks
Since last week bitcoin deposits are up around 12% and up around 18% since the start of week 2. Liquidity is slowly growing and that’s a good sign. Issues to consider:
- the 1% bridge fee, which is set to decrease substantially with the next update.
- Incentivized liquidity is beginning to improve.
- Issues with relayers have caused IBC transactions to take far too long, but seem to be less of an issue than in previous weeks.
nBTC liquidity on Osmosis
Osmosis nBTC/USDC liquidity in pool 1253 is down 11.4% since last week and volume is down 45%! Ouch.
Osmosis nBTC/wBTC liquidity in pool 1284 is up 12.7%, but volume is down 32%. So, the results are mixed.
nBTC liquidity on Kujira
nBTC/MNTA liquidity is about flat, so there is really nothing to report. Liquidity in the nBTC/USK pool is up just a tad, but it started to pay an incentive of 2.75%.
Kujira Orca nBTC/xUSDC collateral for sale is up 14.5% and xUSDC pool value is up 167% but the numbers are small.
Kujira Orca nBTC/xUSK collateral for sale is up 10% and xUSk pool value is up 84% but again, the numbers are small.
Conclusion
It was a positive week for Nomic, as Bitcoin deposits into the Cosmos are up 12%. Osmosis trading volume and liquidity is down in the nBTC/USDC pool. Osmosis trading volume is also down in the nBTC/wBTC pool, but the liquidity is up.
Kujira nBTC is a bright spot for DEGENS though, as the nBTC/wBTC pool has slightly more liquidity and now pays 320%! Their nBTC/MNTA pool is mostly flat, but the nBTC/USK pool now pays a modest incentive of 2.75%
Remember to stake and compound your NOM! Thanks for delegating to us at Atlas Staking.
The Atlas Staking Team
Nothing we say is financial advice or a recommendation to buy or sell anything. Cryptocurrency is a highly speculative asset class. Staking crypto tokens carries additional risks, including but not limited to smart-contract exploitation, poor validator performance or slashing, token price volatility, loss or theft, lockup periods, and illiquidity. Past performance is not indicative of future results. Never invest more than you can afford to lose. Additionally, the information contained in our articles, social media posts, emails, and on our website is not intended as, and shall not be understood or construed as financial advice. We are not attorneys, accountants, or financial advisors, nor are we holding ourselves out to be. The information contained in our articles, social media posts, emails, and on our website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided in our articles, social media posts, emails, and the resources on our website are accurate and provide valuable information. Regardless of anything to the contrary, nothing available in our articles, social media posts, website, or emails should be understood as a recommendation to buy or sell anything and make any investment or financial decisions without consulting with a financial professional to address your particular situation. Atlas Staking expressly recommends that you seek advice from a professional. Neither Atlas Staking nor any of its employees or owners shall be held liable or responsible for any errors or omissions in our articles, in our social media posts, in our emails, or on our website, or for any damage or financial losses you may suffer. The decisions you make belong to you and you only, so always Do Your Own Research.
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