Nomic Bitcoin Bridge Update 6
The first mainnet phase of the Nomic Bitcoin bridge launched 6 weeks ago. Today is the start of week seven. During this testing phase only 21 bitcoin will be allowed through the Nomic bridge. Version 8 will be full mainnet and is scheduled to launch sometime in January.
If you care to check out the previous updates on Reddit, click for Update 1, Update 2, and Update 3. Updates 4 and 5 are here on our blog.
Nomic week 6 Key Takeaways
- Many validators are still jailed. Jailed validators do not earn rewards so if your validator is jailed, redelegate.
- Slightly more BTC has been bridged into the Cosmos
- nBTC volume on Osmosis is up substantially from last week
- nBTC liquidity on Kujira is up substantially as well
- Kujira nBTC/wBTC liquidity providers are currently earning an attractive 281%
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 token 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 and your validator. 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.
If you are currently only staking NOM with one validator and want to hedge your risk of downtime, consider staking with a second validator. We’d be thrilled to have you as a delegator at Atlas Staking.
I can't redelegate my NOM tokens!
Occasionally an error message appears while trying to redelegate NOM. “Insufficient Balance” is the most common issue people face, even though the gas fee is 0.
If you can’t stake, claim, or redelegate your NOM tokens here’s what to do:
1) Clear your browser’s cache and cookies. Go to Settings, Privacy & security, Clear browsing data, and also Cookies and other site data.
2) Remove the Nomic Snakenet chain from your wallet. If you are using Keplr go to Settings, General, Add/Remove Non-Native Chains.
3) Completely close and then restart the browser.
4) Navigate to the Nomic dashboard and connect your wallet.
Nomic nBTC liquidity after 6 weeks
Since last week bitcoin deposits are up a modest 1.4%, but up around 20% since the start of week 2. Liquidity is slowly growing and that’s a good sign. The 1% bridge fee is a deterrent, but is set to decrease substantially with the next update.
nBTC liquidity on Osmosis
Osmosis nBTC/USDC liquidity in pool 1253 is down about 13% since last week, but volume is up over 800%! People are trading and that’s a great sign.
Osmosis nBTC/wBTC liquidity in pool 1284 is up 6.7% and volume is up 154%. People are trading their wBTC and that’s great to see.
nBTC liquidity on Kujira
Using Kujira BOW you can provide liquidity for nBTC/wBTC, nBTC/MNTA, and nBTC/USK.
nBTC/wBTC liquidity is up 439% since last week, which is another great sign for Cosmos DeFi. The pool incentive has fallen from 328% down to 281% because more people are participating. 281% is still quite attractive, so we are curious to see how the numbers change next week.
There still isn’t much interest in the nBTC/MNTA pool. 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%.
nBTC/USK liquidity is down 49% so the incentive to provide liquidity has risen to 4.47%. USK is struggling to attract stable coin interest.
Kujira Orca nBTC/xUSDC collateral for sale is down, so people are buying the liquidated assets at a discount.
Kujira Orca nBTC/xUSK collateral for sale is flat, so there is not much to report. Getting people to use the USK stable coin is the main challenge for Kujira.
Conclusion
It was a positive week for Nomic as Bitcoin deposits into the Cosmos are up modestly higher and DeFi trading volume is up substantially across the board. DEGENS have got to be happy, especially since the Kujira nBTC/wBTC pool pays an incentive of 281!
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.
