• Threshold Network has partnered with Wormhole to enable easy transfer of a tokenized representation of bitcoin (BTC) into 20 blockchain ecosystems.
• The Wormhole integration will allow tBTC to be transferred to both Ethereum Virtual Machine (EVM) chains and non-EVM chains like Solana, Aptos, Sui, and Cosmos.
• By relying on a new method for bridging ERC-20 tokens and deploying canonical tokens, tBTC supply remains intact and risk is corralled in local ecosystems.
Threshold Network Goes Live With Wormhole
Threshold Network has announced its partnership with cross-chain token protocol Wormhole in order to enable the easy transfer of a tokenized representation of Bitcoin (BTC) into 20 different blockchain ecosystems. This integration marks a major step forward in allowing users access to the Ethereum and cross-chain DeFi ecosystem using Bitcoin more safely than ever before.
Bridging Bitcoin to Other Networks
Using Bitcoin on other networks previously required users to rely on centralized bridges which opened up massive security risks and led to billions of dollars worth of exploits in 2022. The Wormhole integration will now allow tBTC – a fully backed 1:1 BTC reserve – to be transferred across both Ethereum Virtual Machine (EVM) chains such as Arbitrum, Optimism and Polygon as well as non-EVM chains like Solana, Aptos, Sui and Cosmos.
A New Method For Bridging ERC-20 Tokens
The bridging plan between networks relies upon a new method that allows efficient deployment of capital through the creation of wrapped tokens for each chain rather than creating native tokens which would reduce valuable liquidity available elsewhere. This way, the tBTC supply remains intact while still allowing users access to multiple blockchain networks without any additional risks associated with centralized bridges.
Community Support & Governance Vote
Wormhole proposed this integration back in mid April 2021 saying their objective was for tBTC become an integral part in the on-chain DeFi landscape. After winning strong community support it was put forward for a governance vote which resulted in full approval on April 29th 2021.
The successful implementation of this project marks an important milestone for decentralized finance making it easier than ever before for users around the world access various services within multiple blockchains using their Bitcoins more safely than ever before without sacrificing liquidity or risking exploitation from malicious actors