The Good Tech Companies - tBTC Becomes The First Incentivized BTC Asset On EigenLayer

Episode Date: September 17, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/tbtc-becomes-the-first-incentivized-btc-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 earni Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #threshold-network, #chainwire, #press-release, #eigenlayer-restaking, #threshold-network-announcement, #bitcoin-adoption, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com. EigenLayer, the restaking protocol built by Eigen Labs, has officially started accepting tBTC deposits. 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.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. TBTC becomes the first incentivized BTC asset on EigenLayer by Chainwire. New York, NY, September 17, 2024, Chainwire, Threshold Network, the DAO behind BTC, the first decentralized asset bridging Bitcoin and Ethereum, announced that EigenLayer, the restaking protocol built by EigenLabs, has officially started accepting TBTC deposits, making TBTC the first incentivized Bitcoin asset on EigenLayer. Threshold's integration with EigenLayer underscores the Bitcoin FI community's outpaced demand for staked Bitcoin. A major shift towards maximizing the

full-earning power of Bitcoin for users, commented McLean Wilkison, contributor to Threshold. Greater than. It is a testament to TBDC's strength in securing the Bitcoin FI ecosystem greater than through the diversification of assets available. To date, leading protocols greater than including Curve, GMX, and Compound, among others, have integrated the asset greater than for its flexibility as one of most decentralized wrapped assets on the greater-than market. The threshold network DAO, which governs TBTC, offers incentives of up to $45 KIN-T over the first three 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. Greater than, the inclusion of thresholds TBTC as a restakable asset on Eigenlayer is greater than another major step forward towards open innovation by building

connectivity greater than with the Bitcoin ecosystem, broadening the scope of assets that can contribute greater than to securing decentralized networks, and providing greater optionality and greater than utility for AVSs and restakers, stated Sriram Kanan, founder and CEO of Eigen Labs. Greater than greater than, 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 Bitcoin FI 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 colon slash slash threshold dot network slash about e i g e n l a y e r. Eigenlayer is a protocol built on Ethereum that pioneered

restaking, a new primitive in crypto-economic security. Through a system of interconnected smart contracts, any ERC-20 token, such ASTBTC, 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 on DEAN. Some cases grant the Eigen Layer smart contracts the ability to impose additional slashing conditions on their assets as specified by the AVS. Contact mGroup on behalf of Threshold Kaufman at mGroupsc.com. Tip This Story was distributed as a release by Chainwire under

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