tBTC v2 BTC on Ethereum Merger

tBTC v2: Vision for 2022

Doug von Kohorn
Rusty Mason
Doug von Kohorn, Rusty Mason

TLDR:

  • tBTC v2 will be the first non-custodial solution to bridge BTC to Ethereum at scale.
  • Our mission is to extend Bitcoin’s properties onto every major network.
  • We plan to launch our v2 Ethereum bridge in Q2, and deploy onto other chains in Q4.
  • Threshold’s recent hard merge massively deepens our network, talent, and distribution into DeFi.
  • Join, stake and participate to secure Ethereum's first decentralized Bitcoin bridge!

What's happening with tBTC

This year, tBTC v2 will be the only permissionless solution bridging BTC to Ethereum at scale. tBTC v1 demonstrated clear demand for a secure, non-custodial alternative to centralized BTC wrappers. tBTC v2 can handle that demand. With efficient collateralization, cost-effective minting, and an improved user interface, v2 can scale to deliver millions of BTC to Ethereum and other major chains.

How we'll win

Nothing like tBTC v2 has existed before. tBTC v2 uniquely enables Bitcoin holders to put their capital to work in DeFi and gain access to the expanding web3 universe – all without handing over private keys to anyone!

Securely unlocking millions of sidelined BTC to participate in DeFi and web3 more broadly is a massive undertaking. That's why we conducted the first ever on-chain merger of two networks – Keep and NuCypher – to launch Threshold at the start of the year. With this merge, we combined the best cryptographic talent and largest privacy-focused communities under a single vision – powering user sovereignty on the public blockchain.

Threshold is stronger together. Thanks to our merger, thousands of independent stakers will secure tBTC v2, and earn fees for doing so. As tBTC v2 scales, stakers’ opportunity to earn increases exponentially, growing the network and tBTC v2 adoption in a virtuous flywheel.

Integrating our open and composable BTC bridge across the DeFi ecosystem will further drive our growth. Through our existing relationships with major DeFi blue chips like Curve and Saddle, and emerging integrations across lending, yield, and portfolio diversification services, tBTC v2 will become the most useful and lucrative access point for BTC in DeFi. On the supply side, we plan to mint large amounts of sidelined BTC waiting for a safe and secure way to invest in the broader crypto universe.

Our rough sequence of 2022 milestones:

  • Threshold Network Staking and DAO launch: January
  • Audits of tBTC v2 by Trail of Bits and Least Authority: April through June
  • Launch of tBTC v2 on Ethereum: June
  • Announcements of major integrations and partners: Q3
  • Expansion of tBTC v2 to other L1s and L2s: Q4

Unlocking BTCs true potential

Pegged, tokenized, and wrapped BTC has grown over 100x since 2020, and yet still represents less than 3% of BTC supply. Today, Bitcoin owners see a growing opportunity to put their capital to work. New L1s and lively NFT ecosystems continue to proliferate outside the Bitcoin universe. Until now, there's been no scalable, secure way to bridge your bitcoin and invest in these new opportunities. tBTC v2 fixes this and will soak up that future growth!

What can I do today?

Join, stake, and participate! Staking is live, and now you can acquire our upgraded native token $T to secure the network and earn fees and rewards. You can also earn liquidity rewards in the T - ETH liquidity pool on Curve. Finally, a lively, privacy-focused DAO manages the Threshold network. Join our discord to contribute to the long-term success of tBTC v2 and the other privacy-enabling dApps built on Threshold.