- Keep and NuCypher recently merged networks to create Threshold Network
- tBTC v2 is launching on the Threshold Network
- tBTC v2 is the only decentralized Bitcoin in Ethereum bridged by the Threshold Network
- Add tBTC v2 as collateral to borrow MIM
- Set up a Threshold x Abracadabra community AMA to discuss tBTC v2 being added as collateral in Abracadabra
1- This proposal aims to add tBTCv2 as collateral by opening a cauldron (dedicated smart contract) in Abracadabra to enable the borrowing of MIM. The Collateral Ratio could be set at 60-80%, to be defined at a later stage)
2- deployed v2 on silent mode, few communities know about this launch right now. Offering Abracadabra as part of this hidden launch should attract far more liquidity when the mint contract gets fully deployed by early next year.
3- Set up a Threshold x Abracadabra community AMA to discuss tBTC v2 and how our communities can work together.
1 - For Abracadabra (Spell Holders): Additional revenue from Cauldron fees.
2 - For the DeFi Ecosystem: Further support the growth of MIM, the decentralized StableCoin of DeFi with decentralized collateral that is censorship-resistant.
3 - For Threshold Network: Provide additional utility for tBTC by participating in the fastest growing decentralized StableCoin
The tBTC v2 token is an upgrade from the current v1 token, it is an ERC-20 token created from our upcoming bridging protocol (the tBTC v2 Bridge) on the Threshold Network — the network formed from the merger of Keep Network and NuCypher.
tBTC v2 is an ERC20 token supply pegged 1:1 by BTC and collateralized by a Coverage Pool. The v2 token is live today, and holders of tBTC v1 can upgrade directly through the Keep Dashboard.
When the tBTC v2 Bridge is launched on the Threshold Network after Keep Network’s merge with NuCypher, anyone will be able to mint tBTC v2 simply by depositing BTC. This will be similar to minting tBTC v1, but simpler, cheaper, and with no foreseeable upper limit on minting.
Our v2 tBTC bridge will be as convenient and easy to use as WBTC, but trustless and transparent — unlike anything else on the market. Once the tBTC v2 bridge is released users will be able to mint tBTC v2 directly with BTC. This protocol will have 100x the scalability of the original tBTC v1 protocol. In addition to its intrinsic trustlessness and transparency, tBTC v2 will compete with WBTC when it comes to liquidity, convenience, and speed.
Threshold Blog - https://blog.threshold.network/
TBTC Website → https://tbtc.network/
Threshold Network - https://threshold.network/
Technical spec: tBTC: A Decentralized Redeemable BTC-backed ERC-20 Token
Developer documentation: https://tbtc.network/developers/
TBTC github: http://github.com/keep-network/tbtc
Trail of Bits
TBTCv2 token contract