Yeah, this is a No from our end until there is a clear timeline on when Nomic will go live.
If they are not even sure if the chain is safe for their token how can an agreement like this exist?
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The Nomic DAO Foundation supports this proposal for revenue sharing on Osmosis. nBTC is currently live and both deposits and withdrawals are fully integrated into Osmosis. Currently, while Nomic undergoes auditing, there is a capacity limit of 21 BTC.
Should this proposal be approved by both Nomic and Osmosis governance, this can be implemented and the capacity limit would still apply. We will be able to support implementation and estimate it would take 1-2 months.
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Would the limit be higher in the future? Since in theory when everything is successful a limit of 21 BTC can be limited.
Further, is the limit bi-directional? Or 21 BTC per direction?
For transparency: I validate both Osmosis and Nomic, but voted against for now, since there is still so much unclear. Not up to commit to a feature which has not been finished and fully tested for integration yet. For all we know it might prove this is not even possible, leaving us stuck with a commitment which canât be fulfilled. And other projects wonât try due to this commitment.
The cap is a fixed amount - not sure how this would be bi-direction since that would mean that Nomic could mint bitcoin that it didnât have in exchange for nBTC?
I get the impression that this cap is during the audit to limit the impact of any issues and would either be lifted or raised after this.
However, there isnât much point in having a cap of more than a percentage increase on current supply in the long run. Plus the cap is irrelevant right now since it looks like there are only around 4.5 BTC transferred across the bridge.
Aaaaah, with your comment I get it.
I read it differently with a capacity of 21 BTC value being bridged in a certain timespan. Whereas the point might have been that a total value of 21 BTC can be placed in the Nomic bridge in general.
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