The tumultuous events of 2022 have proved beyond doubt that decentralized infrastructure is vital if we are to make DeFi secure and stable. Foremost among them? A robust, permissionless, and secure bridge to Ethereum for the world’s most widely held cryptocurrency: BTC. With the emergency shutdown of Alameda-owned renBTC
In the weeks following the implosion of FTX and Alameda Research, it’s not uncommon to hear condolences on the death of Bitcoin or crypto at large. They’re wrong, and it’s time to seize the opportunity to set the record straight. Let’s start with the first and
With the steady drumbeat of worrying reports out of crypto markets since the November implosion of FTX/Alameda, we at Threshold are delighted to be the bearers of some truly glad tidings: it’s back-to-work time for BTC in DeFi. The fall of FTX, the latest in a string of
Ethereum
So just what is a ‘blockchain relay’ anyway? How does it work? Why trust it? This blog post is an attempt to answer these nagging questions and more.
tBTC v2
Uncapped minting will now be live by the end of January 2022 has been a year of upheaval in Web3. In June, TerraUSD and LUNA collapsed, freezing tens of millions of dollars in customer deposits. And in November, FTX and its associated hedge fund Alameda Research shocked the world when
Introducing Bridging the Gap The second generation of tBTC is an exceptionally secure and truly decentralized bridge between Bitcoin and Ethereum. With it comes permissionless access to the rapidly expanding web3 universe. Known as tBTC v2, the protocol has been designed to the highest standards of security, privacy – and usability.
DAO Governance
But there is something everyone reading this can do. Something you need to do: it’s critical to the success of crypto, DeFi and Threshold that we have active participation in protocol governance.
Threshold Network is excited to announce the planned integration of Chainlink Proof of Reserve with the tBTC v2 bridge on Ethereum mainnet to help securely monitor BTC deposits. With this integration of the industry-leading decentralized network, Chainlink nodes will be able to read the amount of Bitcoin custodied in the
DAO Governance
Effective treasury management essentially boils down to one fundamental principle: defending against volatility. What is meant by volatility in this context is simply how frequently and dramatically the net worth of all assets contained within a treasury rises and falls. Too much volatility in a treasury makes it very difficult
Rewards
Threshold DAO recently ratified a proposal to change the way rewards are split between tBTC and Proxy Re-Encryption (PRE) stakers. Previously, a majority of rewards have been allocated to Threshold’s first product, PRE. As a result of this proposal, rewards will now be rebalanced towards tBTC over time to
tBTC v2
Least Authority, a well-known web3 security consulting firm, recently completed an audit of tBTC v2, encompassing all of tBTC v2’s security-critical components. Below is a summary of the findings. You can view the full report here. No Security Vulnerabilities were Identified in the Key Components Least Authority did not
tBTC v2
We’re excited to announce that the client software of tBTC v2, the censorship-resistant Bitcoin bridge that combines decentralization with scalability, is now launched. tBTC v2 is the second application supported by the Threshold Network, following Proxy Re-Encryption (PRE). The client launch marks the beginning of the first phase of