New York, NY, September 17th, 2024,
Chainwire
- tBTC on EigenLayer offers users new restaking opportunities to
earn rewards as Bitcoin demand outpaces other crypto
markets
- EigenLayer’s adoption of tBTC spotlights tBTC’s role as one of
the most decentralized assets for securely growing the BitcoinFi
ecosystem
Threshold Network, the
DAO behind tBTC, the first decentralized asset bridging Bitcoin and
Ethereum, announced that EigenLayer, the restaking protocol built
by Eigen Labs, has officially started accepting tBTC deposits,
making tBTC the first incentivized bitcoin asset on EigenLayer.
Threshold’s integration with EigenLayer underscores the
BitcoinFi community’s outpaced demand for staked Bitcoin—a major
shift towards maximizing the full earning power of Bitcoin for
users,” commented MacLane Wilkison, Contributor to Threshold. “It
is a testament to tBTC’s strength in securing the BitcoinFi
ecosystem through the diversification of assets available. To date,
leading protocols including Curve, GMX, and Compound, among others,
have integrated the asset for its flexibility as one of most
decentralized wrapped assets on the market.”
The Threshold Network DAO, which
governs tBTC, offers incentives of up to $45K in T over the first 3
months for new users who deposit tBTC into EigenLayer. With
Eigenlayer, users have a new way to maximize capital efficiency:
opting in to secure additional protocols through restaking. This
method strengthens economic security by leveraging Bitcoin’s
stability—an asset that accounts for over 50% of the total crypto
market cap—and merging its long-term non-inflationary nature with
the Proof of Stake (PoS) consensus model. Notably, restaking just
7% of Bitcoin’s total supply would provide the same level of
economic security as Ethereum, underscoring Bitcoin’s potential as
a PoS asset.
“The inclusion of Threshold’s tBTC as a restakeable
asset on EigenLayer is another major step forward towards open
innovation by building connectivity with the bitcoin ecosystem,
broadening the scope of assets that can contribute to securing
decentralized networks, and providing greater optionality and
utility for AVSs and restakers,” stated Sreeram Kannan, Founder and
CEO of Eigen Labs.
Following the emergence of Bitcoin
staking projects like Babylon, Lombard, and Acre, EigenLayer's
adoption of tBTC is a testament to the power of Bitcoin restaking
in incentivizing users to put Bitcoin to use beyond a store of
value. tBTC’s ability to bridge the Bitcoin and Ethereum ecosystem
makes it the optimal solution for driving the development of the
BitcoinFi ecosystem.
About Threshold
Network:
Threshold Network
offers decentralized cryptography services that enhance privacy and
security on public blockchains by distributing operations across
independent nodes. Powered by the T token, users can stake and
operate nodes to support key services like tBTC, a Bitcoin bridge,
and TACo, an access control tool. By minimizing reliance on
centralized entities, Threshold ensures trustless, secure, and
privacy-focused solutions for decentralized applications in the
evolving Web 3.0 landscape. To learn more, please visit: https://threshold.network/
About
EigenLayer:
EigenLayer is a protocol built on
Ethereum that pioneered restaking, a new primitive in
cryptoeconomic security. Through a system of interconnected smart
contracts, any ERC-20 token, such as tBTC, can be "restaked" to
participate in not one, but any number of Actively Validated
Services (AVSs) in exchange for fees and/or rewards. Operators opt
into these opportunities by running additional node software and in
some cases grant the EigenLayer smart contracts the ability to
impose additional slashing conditions on their assets as specified
by the AVS.
Contact
M Group on Behalf of
Threshold
tkaufmann@mgroupsc.com