Threshold Network Announces EigenLayer Adoption of tBTC, the First Incentivized Bitcoin Asset on EigenLayer

New York, NY, September 17th, 2024, Chainwire Threshold Network, the DAO behind tBTC, the first decentralized asset bridging Bitcoin and Ethereum

New York, NY, September 17th, 2024, Chainwire

Threshold Network, the DAO behind tBTC, the first decentralized asset bridging Bitcoin and Ethereum, today announced that EigenLayer, the restaking protocol built by Eigen Labs, has officially started accepting tBTC deposits. This marks the first time that a bitcoin asset will be available for restaking.

Threshold’s integration with EigenLayer highlights the burgeoning demand within the BitcoinFi community for staked Bitcoin, a major shift towards maximizing the full earning potential of Bitcoin for users,” commented MacLane Wilkison, Contributor to Threshold. “It also speaks to the strength of tBTC in bolstering the security of the BitcoinFi ecosystem through the diversification of assets available. To date, leading protocols including Curve, GMX, and Compound, among others, have integrated the asset for its flexibility as one of the most decentralized wrapped assets on the market.”

The Threshold Network DAO, which governs tBTC, will be offering incentives of up to $45K in T over the first 3 months for new users who deposit tBTC into EigenLayer. Through Eigenlayer, users will have a new avenue to maximize capital efficiency by opting to secure additional protocols through restaking. This approach enhances economic security by utilizing the stability of Bitcoin, an asset that comprises over 50% of the total crypto market capitalization, and combining its non-inflationary long-term properties with the Proof of Stake (PoS) consensus mechanism. Restaking just 7% of Bitcoin’s total supply would provide the same level of economic security as Ethereum, highlighting Bitcoin's potential as a PoS asset.

“The inclusion of Threshold’s tBTC as a restakeable asset on EigenLayer is another major step forward towards our goal of open innovation by building connectivity with the bitcoin ecosystem, expanding the types of assets that can contribute to securing decentralized networks, and providing greater optionality and utility for AVSs and restakers,” stated Sreeram Kannan, Founder and CEO of Eigen Labs.

Following the recent launch of Babylon, Lombard, and Acre, EigenLayer’s adoption of tBTC further showcases the strength of Bitcoin restaking in incentivizing users to utilize Bitcoin beyond its function as a store of value. Due to tBTC’s ability to bridge the Bitcoin and Ethereum ecosystem, it serves as the optimal solution to spearhead the development of the BitcoinFi ecosystem.

About Threshold Network:

Threshold Network provides decentralized cryptography services that enhance privacy and security on public blockchains by distributing operations across independent nodes. Powered by the T token, users can stake and operate nodes to support key services like tBTC, a Bitcoin bridge, and TACo, an access control tool. By minimizing reliance on centralized entities, Threshold ensures trustless, secure, and privacy-focused solutions for decentralized applications in the evolving Web 3.0 landscape. To learn more, please visit: https://threshold.network/

About EigenLayer:

EigenLayer is a protocol on Ethereum that pioneered restaking, a new primitive in cryptoeconomic security. Through a system of interconnected smart contracts, any ERC-20 token, such as tBTC, can be “restaked” to participate in not one, but any number of Actively Validated Services (AVSs) in exchange for fees and/or rewards. Operators opt into these opportunities by running additional node software and in some cases grant the EigenLayer smart contracts the ability to impose additional slashing conditions on their assets as specified by the AVS.

Contact

M Group on Behalf of Threshold [email protected]