As we continue with the Chaosnet rollout sequence for tBTC v2, we’re excited to share an updated timeline for the full launch of the network. The new roadmap includes minting and redemption functionality.
October saw the launch of Chaosnet 0, in which Beta stakers are selected to perform work on the protocol. The Chaosnet sequence is designed to steadily test the network at increasing usage levels, opening it up to more and more participants. This is intended to provide a progressive path to full decentralization while testing and reinforcing the network's strength and security at every step of the way. The Chaosnet sequence going forward will be as follows:
In light of the Chaosnet timeline, we are now expecting minting to be live on Mainnet as of January 9, 2023. Minting will also be rolled out in a stepped sequence with caps that increase over time. Again, this cadence is designed to test the protocol as it grows, and ensure it is able to handle very high volumes of deposits and redemptions. This will also entail specifying a maximum deposit per transaction as well as a goal that must be met in order to move on to the next stage.
The minting timeline is as follows:
Redeeming is as important as minting. People mint tBTC in order to access EVM-compatible chains and projects. When it’s time to withdraw their funds, they redeem tBTC for the BTC they’ve deposited. As with minting, we’re rolling out the redemption process in stages with increasing caps, again to ensure the network is robust and secure as it scales. The beginning of this period coincides with the eighth week of the minting timeline.
Safe, Secure, Scalable
tBTC is using unprecedented technology to deliver a secure, scalable, decentralized BTC-ETH bridge. Our goal is to change the crypto paradigm and make it possible for the wealth held in BTC to be deployed across the dynamic, fast-evolving Ethereum DeFi universe. The sequenced launch of tBTC is designed to ensure that its trailblazing capabilities are rigorously tested and that it reliably delivers fully decentralized cross-chain capability at scale.