Threshold Network-Backed tBTC Becomes First Incentivized BTC Asset on EigenLayer
Threshold Network, the decentralized autonomous organization powering tBTCthe pioneering asset that bridges Bitcoin and Ethereumhas revealed that EigenLayer, the innovative staking protocol developed by Eigen Labs, has commenced accepting tBTC deposits. This milestone positions tBTC as the inaugural incentivized Bitcoin asset on EigenLayer.
Thresholds integration with EigenLayer underscores the BitcoinFi communitys outpaced demand for staked Bitcoina major shift towards maximizing the full earning power of Bitcoin for users, commented MacLane Wilkison, Contributor to Threshold. It is a testament to tBTCs 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, the governing body behind tBTC, is rolling out enticing incentives of up to $45K in T for new users who deposit tBTC into EigenLayer during the initial 3-month period. Eigenlayer introduces an innovative approach for users to enhance capital efficiency by allowing them to opt into securing additional protocols via restaking. This approach enhances economic security by harnessing the stability of Bitcoinan asset that represents more than 50% of the entire crypto market capwhile integrating its enduring non-inflationary characteristics with the Proof of Stake (PoS) consensus mechanism. Interestingly, if only 7% of Bitcoins total supply were restaked, it could achieve economic security comparable to Ethereums, highlighting Bitcoins potential as a proof-of-stake asset.
The inclusion of Thresholds 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.
The rise of Bitcoin staking initiatives such as Babylon, Lombard, and Acre highlights EigenLayers integration of tBTC, showcasing the transformative potential of Bitcoin restaking. This innovation encourages users to leverage their Bitcoin for purposes beyond merely serving as a store of value. tBTC serves as a pivotal connector between the Bitcoin and Ethereum ecosystems, positioning itself as the ideal catalyst for advancing the BitcoinFi landscape.
Text source: ZyCrypto
