BitSong is Now IBC-Enabled, Bringing Cosmos Interoperability and a Brand New BTSG Listing on Osmosis!
It’s been a whirlwind of activity in BitSong for the last two weeks, as we successfully launched the bitsong-2b network after a mammoth effort on the part of our development team and validators. Within only a few days, we issued the proposal to enable IBC, which BTSG holders could vote on in the four days leading up to October 29.
The vote gathered an impressive turnout of over 60% of all BTSG holders, who voted unanimously to pass the proposal. So on Friday, October 29, BitSong officially joined the #IBCGang and became an IBC-enabled blockchain in the Cosmos ecosystem!
What Becoming IBC-Enabled Means
Implementing IBC is a critical component of the ongoing BitSong upgrade, laying the necessary infrastructure to enable liquidity for BTSG and BitSong-issued assets like Fan Tokens and NFTs.
Firstly, IBC allows BTSG to be listed on IBC-enabled decentralized exchanges. So without any delay, we’re pleased to announce a brand-new listing for BTSG on the Osmosis exchange! Osmosis has quickly grown to become a liquidity hub within Cosmos since it launched over the summer. Now, BTSG can be traded with dozens of other tokens such as ATOM, OSMO, DVPN, CRO, and many more.
Liquidity providers can also deposit their BTSG holdings into the Osmosis liquidity pools to earn a share of transaction fees. BTSG is pooled with OSMO and ATOM tokens in pool numbers 573 and 574 on the Pools section of the Osmosis app.
Another critical reason for enabling IBC is the launch of the BitSong Liquidity Module. As the module is powered by Gravity DEX, IBC is a necessary prerequisite for bringing liquidity to the BitSong ecosystem.
The Liquidity Module will ensure a continuous supply of liquidity for Fan Tokens, and NFTs traded on the BitSong marketplace. At its core are automated market maker smart contracts like those used in Uniswap and Osmosis, allowing anyone to swap any token for any other token, with fees fixed at a low rate.
Many Future Opportunities for Collaboration and Integration
In the medium and longer-term, we will seek out and discover more benefits for BitSong being an IBC-enabled blockchain. For example, BitSong assets could become interoperable with other zones in the Cosmos ecosystem, unlocking more features for holders of BTSG, Fan Tokens, and NFTs.
For instance, NFT holders are starting to find platforms that allow them to unlock some of the value in their investments by staking them as collateral. In the future, artists could explore ways to cross-collaborate with creators in other related segments such as blockchain gaming or social media platforms.
And the digital metaverse opens up a world of opportunities for digital creators of all kinds. Interoperability introduces so many new avenues for collaboration and integration; we’re only just beginning to imagine all the possibilities.
Now that the upgrade is well underway, you can expect more news about features and functionality coming soon. We’re also working on an extensive library of documentation and how-to guides to make it easier to navigate the expanding BitSong ecosystem.
So watch this space, more to come very soon!