tBTC Becomes First Incentivized BTC Asset on EigenLayer

(PRESS RELEASE – New York, NY, September 17, 2024)

• tBTC on EigenLayer Offers Users New Re-Staking Opportunities to Earn Rewards as Bitcoin Demand Outpaces Other Cryptocurrency Markets
• EigenLayer’s adoption of tBTC highlights tBTC’s role as one of the most decentralized assets to securely grow the BitcoinFi ecosystem

Threshold Network, the DAO behind tBTC, the first decentralized asset bridging Bitcoin and Ethereum, announced that EigenLayer, the retaking 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 increased demand for staked Bitcoin – a major shift towards maximizing Bitcoin’s full earning potential for users,” commented Threshold contributor MacLane Wilkison. “This is a testament to tBTC’s strength in securing the BitcoinFi ecosystem through the diversification of available assets. To date, major protocols including Curve, GMX, and Compound, among others, have integrated the asset for its flexibility as one of the most decentralized wrapped assets on the market.”

The Threshold Network DAO, which governs tBTC, is offering incentives of up to $45,000 in T in the first 3 months for new users who deposit tBTC into EigenLayer. With Eigenlayer, users have a new way to maximize capital efficiency: choosing to secure additional protocols via retaking. This method enhances economic security by leveraging the stability of Bitcoin—an asset that represents over 50% of the total cryptocurrency market cap—and merging its long-term non-inflationary nature with the Proof of Stake (PoS) consensus model. Notably, retaking just 7% of Bitcoin’s total supply would provide the same level of economic security as Ethereum, highlighting Bitcoin’s potential as a PoS asset.

“The inclusion of Threshold’s tBTC as a restakable asset on EigenLayer is another major step towards open innovation by creating connectivity with the Bitcoin ecosystem, expanding the scope of assets that can help secure decentralized networks, and providing greater optionality and utility to AVSs and restakers,” said 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 to incentivize users to use Bitcoin beyond a store of value. tBTC’s ability to bridge the Bitcoin and Ethereum ecosystem makes it the optimal solution to drive the development of the BitcoinFi ecosystem.

About Threshold Network:

Threshold Network offers decentralized crypto services that improve privacy and security on public blockchains by distributing operations across independent nodes. With the T token, users can stake and operate nodes to support key services such as tBTC, a Bitcoin bridge, and TACo, an access control tool. By minimizing reliance on centralized entities, Threshold ensures reliable, secure, and privacy-focused solutions for decentralized applications in the evolving Web 3.0 landscape. For more information, visit:

About EigenLayer:

EigenLayer is an Ethereum-based protocol that pioneered resttaking, a new primitive in cryptoeconomic security. Through a system of interconnected smart contracts, any ERC-20 token, such as tBTC, can be “retaken” to participate in not one, but any number of Actively Validated Services (AVS) in exchange for fees and/or rewards. Operators opt-in to these opportunities by running additional node software and, in some cases, grant EigenLayer smart contracts the ability to impose additional discount conditions on their assets, as specified by the AVS.