On October 14th, Threshold DAO approved a Solana-Bitcoin growth proposal presented by Mango DAO and Dual DAO. The intent of this proposal is to establish tBTC on Solana as the favored representation of Bitcoin and to initiate a flywheel effect, fostering a growth campaign specifically tailored for DAOs. Central to this initiative is Mango DAO's strategic treasury shift towards tBTC, a unique Bitcoin representation on Solana. Unlike other Bitcoin DeFi assets, tBTC operates natively, decentralised, and relies on math and the Threshold Network instead of intermediaries.
Why tBTC Over wBTC?
Mango DAO's transition from wBTC to tBTC isn't merely a swap. It's a statement, underscoring tBTC's superiority as the optimal choice for DAO treasuries. In a bold move showcasing their commitment, Mango DAO is converting 100% of their wBTC to tBTC. This decision speaks to tBTC's potential and the growing recognition of its value in the DAO community.
The Financial Commitment
Mango DAO's dedication is evident. They've set plans in motion to acquire and retain up to $3M of tBTC, which translates to a minimum of 100 tBTC over the next 6 months. These figures aren't mere statistics; they underscore Mango DAO's confidence in tBTC's potential and its significance in treasury diversification.
Leading By Example
The adoption of tBTC by Mango DAO sets an example for other DAOs and treasuries. We will empower other DAOs to learn about the benefits of tBTC, the only decentralised Bitcoin representation available on Solana. As infrastructure like oracles, liquidity & margin systems are laid by Mango DAO and its partners, tBTC is positioned to become the canonical version for the Solana ecosystem. Liquidity and operational support are provided by CKS Systems. This collaboration marks an inflection point for tBTC’s awareness and usefulness on the Solana network.
Diversifying DAO Treasuries
Mango DAO and Dual DAO are just the beginning of a broader initiative to explore DAO-to-DAO collaborations. A significant step in this direction is treasury diversification. Mango DAO's decision to transition from wBTC to tBTC using options from Dual DAO is noteworthy. This is a strategic move, emphasising tBTC's potential as a preferred choice for DAOs.
The joint endeavors of Threshold DAO and Mango DAO with Dual DAO underline the untapped potential in DAO collaborations. Their emphasis on treasury diversification and tBTC sets the stage for a promising future for both DAOs.
Interested in DAO-to-DAO collaborations? Reach out on Discord to explore how your organisation can benefit from partnering with Threshold DAO.