tBTC raced past another milestone on the road to opening DeFi to Bitcoin holders with today’s launch on Base, the Ethereum Layer 2 blockchain incubated by Coinbase.
Powering DeFi Accessibility: tBTC Meets Base
tBTC is joining Base to help bring the next billion users into Web3. This is the fourth tBTC integration made possible by a collaboration with the cross-chain communications protocol Wormhole. The Threshold Network community, which is behind tBTC, approved the Wormhole integration in May.
tBTC aims to embody the best of both worlds, preserving Bitcoin's principles of security, transparency and decentralization while offering users a passport into the flourishing DeFi realm in Ethereum and beyond.
The Base integration will offer tBTC users lower costs, enhanced stability, and scalability.
Overcoming Challenges: Bridging Gaps with tBTC on BASE
With every integration, tBTC draws closer to solving the blockchain industry’s most pressing challenges:
- Interoperability: tBTC makes the seamless transfer of value between Bitcoin and Ethereum possible, solving the interoperability gap.
- Access to DeFi: Bitcoin holders can now tap into another L2 chain in the dynamic DeFi space in Ethereum and beyond.
- Security and Trust: Protected by Threshold Network's threshold cryptography, tBTC ensures secure transactions without the need for centralized intermediaries.
- Scalability and Efficiency: tBTC brings improved scalability and efficiency, facilitating Bitcoin usage on Coinbases’s ecosystem as well as a growing number of blockchain networks.
- Decentralization and Censorship Resistance: tBTC maintains financial sovereignty and privacy while offering unrestricted access to the DeFi ecosystem.
In the past few months, tBTC has solidified its position as one of the dominant decentralized solutions for Bitcoin holders keen to explore the vibrant DeFi landscape.
As with previous integrations, the deployment of tBTC on Base relies upon novel threshold cryptography that allows deployment to smart contract platforms without liquidity fragmentation.
Instead of creating wrapped tokens for each chain, soaking up valuable liquidity that could be used elsewhere, tBTC is minted on Ethereum. A canonical token – i.e. one that is native to an ecosystem rather than wrapped – is then deployed for each new chain. This way, the tBTC supply remains intact and risk is confined in local ecosystems.
Mint tBTC here and start earning on Base!