Bid farewell to centralized middlemen and embrace an era of scalable, decentralized Bitcoin, everywhere as tBTC expands to the Optimism Collective, ushering in new avenues to earn with your BTC on Velodrome.
What is tBTC?
In the realm of bridging solutions, traditional methods of transferring Bitcoin to Ethereum rely on trust in a third-party intermediary, such as BitGo with WBTC. Users have to relinquish control of their Bitcoin to a central entity in exchange for an Ethereum token representing the original asset. However, this approach introduces the risk of censorship and compromises the very essence of decentralization.
In January, Threshold Network re-introduced tBTC - the industry’s only decentralized, permissionless, and scalable Bitcoin-to-Ethereum bridge. This groundbreaking solution offers an unprecedented opportunity to harness the power of your Bitcoin within the decentralized finance (DeFi) ecosystem, all while preserving the core principles of Bitcoin.
Unlike its centralized counterparts, with their permissioned access and risk of censorship - tBTC doesn't need middlemen or intermediaries. Instead, it leverages a randomly selected group of node operators on the Threshold Network. These independent operators collaboratively secure your deposited Bitcoin through cutting-edge threshold cryptography. Best of all, it remains open-source and accessible to all. tBTC offers Bitcoin holders unfettered access to the expanding decentralized finance and Web3 universe, eliminating middlemen and intermediaries entirely.
Wormhole brings tBTC to Optimism
But the excitement doesn't stop there. tBTC's expansion to Optimism introduces an important new chapter. OP Mainnet, a low-cost and efficient Ethereum layer 2 (L2) blockchain, becomes the next frontier for expanding tBTC's reach. This integration unlocks a plethora of benefits, including enhanced scalability, reduced fees, and lightning-speed transactions. OP Mainnet, known as an "Optimistic Rollup," leverages the consensus mechanism of its parent blockchain, Ethereum, ensuring security and reliability.
Making this expansion possible is the seamless integration of tBTC with Wormhole. Wormhole acts as the bridge connecting the Ethereum ecosystem with the OP Mainnet L2 solution, enabling seamless movement of assets like tBTC between the networks. The utilization of Wormhole paves the way for tBTC's expansion to over 20 blockchains.
Put your Bitcoin to work with Velodrome
As if tBTC's expansion to the Optimism Collective wasn't exciting enough, the emergence of brand new tBTC pools on Velodrome adds an extra dimension. Velodrome is a dynamic trading and liquidity marketplace on Optimism that opens up fresh opportunities for liquidity provision, price stability, and seamless trading between tBTC and other tokens. By providing liquidity to the new tBTC Velodrome pools, anyone is able to put their Bitcoin to work and earn yield and trading fees. See all of the new tBTC pools on the Velodrome dApp: https://app.velodrome.finance/liquidity
The integration with OP Mainnet and launch of tBTC on Velodrome widens the gateway to DeFi and the Web3 universe, granting users even more freedom to utilize their Bitcoin without relying on third-party intermediaries. It empowers individuals to fully explore the expanding realm of DeFi through Optimism and Velodrome.
Join us in celebrating this groundbreaking advancement as tBTC unlocks the true potential of Bitcoin with the Optimism Collective. Set your reminder for a Twitter Space on Friday, June 16th at 12 p.m. ET with the Threshold DAO, OP Labs, Wormhole, and Velodrome to discuss the integration of Optimism with tBTC.