Modern Consensus.7 minutes ago

Published on July 30, 2023 22:37 GMT+00:00edited on July 30, 2023 22:39 GMT+00:00

Threshold Network announced this week that it has completed a multi-year effort to upgrade its Bitcoin-to-DeFi bridge tBTC from its original structure and security model launched in 2020. Specifically, the protocol added redemption capability – that is, the ability for customers to not only put their bitcon in escrow and mint tBTC (an ERC-20 token) but also reverse the process and “unmint” back to BTC. 

This is the latest in a string of Threshold announcements beginning in January with tBTC minting, an integration with interoperability protocol Wormhole in May and four subsequent partner launch announcements involving Ethereum “Layer 2” (L2) scaling juggernauts Polygon, Arbitrum and Optimism.  

The reason given by Threshold for the years of building and the phased launch …