Threshold Network is one of the newest cryptocurrency projects, which was only launched in January 2022. Threshold Network integrates two decentralized protocols: NuCypher (NU) and Keep Network (KEEP).
Threshold Network solves the online security and privacy issues of blockchain networks using Threshold cryptography. The technology reduces reliance on trusted parties, allowing for a decentralized tBTC bridge connecting the Bitcoin and Ethereum networks.
Threshold aims to accelerate the introduction and use of Bitcoin (BTC) in the field of decentralized finance. Its original symbol, the T symbol, is mainly used to tie knots. T is also a governance token that users can use to earn revenue to protect the network.
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As part of its plan to connect Bitcoin to the DeFi space, Threshold Network recently launched “It’s Time to Get BTC Back in Action.” This will allow BTC holders to stake their coins and earn rewards as part of the tBTC v2 protocol.
According to Threshold, tBTC is open source and non-security, allowing users to control their private keys and assets. tBTC is also a fully decentralized protocol which means there is complete transparency at all times.
The Threshold Team is currently accepting applications from individuals who wish to become a threshold guard for the Optimistic Minting Protocol. Guardians will be whitelisted in the optimistic mint contract and help protect the network.
During the launch process, the Threshold team educated over 7,000 people about tBTC v2, ThresholdUSD, and ThresholdAC. In appreciation, Threshold of three participants was randomly selected T40,000 dollars.
On Thursday, January 26, it was announced that Threshold’s token, T, had been listed on America’s largest exchange, Coinbase. The listing comes as tBTC prepares to be floated.
On the same day, the Threshold team announced that it had completed its listing on the world’s largest crypto tracker, CoinMarketCap. Now, users can view the market supply, price, market capitalization and more About CMC.
The preparation for the launch of tBTC has attracted a lot of attention, causing the price of TBTC to skyrocket. In the past seven days, T has been the biggest gainer for cryptocurrencies, rising more than 120% to trade at its highest price since May 2021, $0.06441.
Seven day price chart for Threshold (T). Source: CoinMarketCap
Since the beginning of the year, the price of T has jumped more than 200% and is the second biggest gainer in the past 30 days.
Year-to-date price chart for Threshold (T). Source: CoinMarketCap
However, after a significant rally, T is undergoing a significant correction, declining by 14.4% over the past 24 hours. T is trading at $0.0476 and is the 89th largest cryptocurrency, with a market cap of $405.3 million.
Threshold announced that it was working to accelerate the launch of the tBTC v2 protocol but without specifying a release date. Although there is no exact date, the Threshold team said they are working on rolling out the feature this month.
The Threshold team advised users to move their bitcoins into self-holding while they wait for tBTC v2 to launch so they can earn their bitcoin holdings.
Threshold Network has one of the smallest communities, but keeps its users together through constant communication, including a weekly call.
While the Threshold community has seen more activity recently and is expected to grow with the launch of the tBTC v2 protocol. Community members demonstrate their strong belief in the project. Maclean Wilcoxon Writes About the next launch:
Thesis_co founder Matt Longo shares his insights on Threshold, writing:
Popular cryptocurrency trader Crypto GVR is big on potential for T. Despite the massive rally, he thinks T could go up even more. he Expect:
The Threshold Network is a unique project that solves some critical issues around the blockchain while looking to increase the adoption of Bitcoin in the blockchain space. If the tBTC v2 protocol lives up to expectations, Threshold could garner more interest and become a major player in the DeFi space.