
Nomic
Overview
Status
Mainnet
Type
PoS Network
Fee Token
NOM
BTC Supply
Unavailable
Nomic is a proof-of-stake blockchain focused on distributed BTC custody. Nomic validators collectively control a bitcoin wallet known as the Reserve Wallet, which users can deposit BTC to in order to receive nBTC, an asset issued on the Nomic blockchain that is backed 1:1 by the BTC deposits held in the Reserve Wallet.
CUSTODY
DATA AVAILABILITY
OPERATORS
FINALITY ASSURANCE
BTC Supply
Total supply per day
Supplycoming soon
TVL Data Coming Soon
We're currently gathering and building data infrastructure for this network. TVL analytics will be available soon.
Token Contracts
Token Contracts Coming Soon
We're working to collect the various BTC-backed token contracts for this network. Contract addresses will be available soon.
Risk Summary
All BTC pegs have custodian trust assumptions
The BTC backing the official wrapped bitcoin asset is managed by a validators participating in the network's proof-of-stake protocol. Users trust that these signers will not misappropriate funds and keep their assets pegged 1:1. If signers with the majority of stake becomes malicious, they can unilaterally steal users' funds. The network may support other wrapped BTC assets with different trust assumptions.
The network is an alternative blockchain
The network is an alternative blockchain. Users trust the economic security of the network to deter validators from censorship and creating malicious peg outs.
Trust Assumption Review
BTC Custody
High
🚨
BTC backing nBTC is managed by a group of 20 publicly known signers who participate as validators in the Nomic blockchain
Users deposit BTC into a Reserve Wallet to receive nBTC on Nomic. The Reserve Wallet is a Bitcoin L1 multisig wallet managed by the Nomic signatory set. The Nomic signatory is made up of the top 20 Nomic validators measured by weighted stake.
Becoming a signatory requires staking NOM tokens. Disbursing funds from the reserve wallet requires a 2/3s threshold, weighted by voting power through NOM tokens.
Becoming a signatory requires staking NOM tokens. Disbursing funds from the reserve wallet requires a 2/3s threshold, weighted by voting power through NOM tokens.
Learn more about Nomic nBTC's custody model→
Data Availability
Medium
⚠️
Data is made available via Nomic full nodes
Data relative to the network's state is stored and made available by its full node set. Anyone can run a full node and verify the state of the network.
Block Production
Medium
⚠️
Network is operated by validators in a proof-of-stake consensus protocol
The network's blocks are constructed by a distributed validator set. Validators participate in a proof-of-stake consensus network. Anyone with sufficient resources and token stake can become a validator and participate in block production.
Finality Guarantees
Medium
⚠️
Finality is provided through an offchain consensus mechnaism
The network uses CometBFT for consensus. Like Tendermint, the protocol on which CometBFT is based, CometBFT has single-slot finality, meaning that blocks cannot be re-organized once they are part of the canonical blockchain. More than ⅔ of validator voting power must sign commit votes to finalize a block. If validators attempt to commit multiple blocks at the same block height, their stake will be slashed.
Bitcoin Security
Nomic does not inherit security from bitcoin consensus participants
The network's security is independent of bitcoin and reliant on its own proof-of-stake mechanism.
Its checkpoint mechanism does provide security against long-range attacks, enabling more secure light clients and shorter unbonding periods for validators.
Its checkpoint mechanism does provide security against long-range attacks, enabling more secure light clients and shorter unbonding periods for validators.
NOM token is used for network security
Fees to network operators are paid in an alternative token.
No MEV introduced to Bitcoin
The network does not introduce any MEV on the Bitcoin L1. Users trust the validators of the network to not reorder their transactions to extract MEV.
Nomic pays fees for checkpoint transactions
Periodic checkpoint transactions are made that pay fees to bitcoin miners.
Withdrawals
Users need cooperation from 67% of the voting power on the Reserve Wallet to withdraw
The Nomic BTC bridge is a proof of stake bridge. Users need cooperation from over 67% of the voting power on the Reserve Wallet to withdraw BTC from the bridge.
Additional Considerations
The NOM token has restrictions
Nomic’s native token, NOM, is currently unable to be sold or acquired in various markets. This means that the token currently has no market value and validators currently have no current financial incentive to secure BTC backing nBTC.
Technology
Reserve Wallet
nBTC is backed by BTC held in a bitcoin wallet referred to as the Reserve Wallet. The Reserve Wallet is a P2WSH that is managed by the top 20 validators during a given period of time.
IBC-enabled transfers
This protocol has implemented support for IBC, enabling users to transfer their tokens to other supported IBC-enabled blockchains. IBC, or the Inter-Blockchain Communication protocol, is a blockchain interoperability standard that enables connected chains to transfer assets and messages between each other.
Orga & Merk
Orga is a custom-built stack designed for creating Proof-of-Stake (PoS) blockchains in Rust, offering an alternative to the Cosmos SDK. At its core, Orga integrates with CometBFT as its consensus engine.
Merk complements Orga as a high-performance Merkle key/value store, serving as the state database for blockchains. It supports the proof generation necessary for the networks's IBC interactions with other networks and for enabling lightweight client functionalities for end users.
Merk complements Orga as a high-performance Merkle key/value store, serving as the state database for blockchains. It supports the proof generation necessary for the networks's IBC interactions with other networks and for enabling lightweight client functionalities for end users.
Checkpointing mechanism
The Nomic checkpointing mechanism manages Bitcoin reserves by consolidating deposits and disbursing pending withdrawals into periodic Bitcoin transactions. Each checkpoint updates the reserve script to reflect the latest signatory set, a group of validators dynamically chosen from the network. These transactions are collaboratively signed using a threshold multisignature scheme. Checkpoints also provide a way for light clients to verify the state of the Nomic chain and invalidate prior emergency disbursal mechanisms.
Use Cases
Connection to IBC-enabled blockchains
Using IBC, users can transfer tokens (including BTC-denominated tokens) to connected blockchains and engage in use-cases such as: 1) Get a USK loan on Kujira 2) Trade and provide liquidity on Osmosis 3) Trade perpetual swaps using Levana
Offchain nBTC transfers
The network itself can also be used for p2p payments denominated in BTC.
Source Code
Code is open-source
Nomic's node implementation is open-souce.
Knowledge Bits
Learn more