Record 1,000-tBTC mint, TACo townhall, tBTC becomes 3rd largest crvUSD market and more

Threshold Time #16

Author

John Packel
October 10, 2023

Welcome to Threshold Time — a digest of the most newsworthy and exciting developments of Threshold Network.
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NETWORK UPDATES

1,000-BTC mint nearly doubles tBTC supply

On October 5th a Threshold community member signaled significant confidence in the protocol in the clearest way possible – by making tBTC’s largest deposit to date, bridging 1,000 BTC in a single mint. After hitting 1,334 tBTC at the end of September and then dropping a bit via redemptions, tBTC’s total supply jumped to 2,167 with that transaction, which was revealed at 6:53pm UTC and finalized about 90 minutes later.

Threshold dashboard: mint, redeem & track tBTC, stake T, upgrade tokens, learn

Threshold Access Control holds “staker townhall”

After an intense year of building, the next Threshold app, TACo (Threshold Access Control), prepares for launch. TACo aims to revolutionize data sharing within Web3 applications. It offers end-to-end encryption for private and sensitive data, ensuring it remains encrypted until reaching its intended recipient.

NuCypher head of product Arjun Hassard led the TACo Townhall on September 28th in Threshold’s Discord server. Arj introduced TACo’s mission and value proposition, and then invited 4 projects building with TACo to share their use cases and demos, wrapping up with a thought-provoking open Q&A session. A replay is available here, and also check out this talk Arj gave at ETH Boston, “Rhetorical decentralization is easy, real decentralization is hard”.

tBTC becomes 3rd largest crvUSD market by total debt

Curve’s crvUSD is a much-anticipated overcollateralized stablecoin backed by crypto assets that launched May 3rd and whose total supply was $134 million at the time of this issue’s publication. tBTC is one of 5 assets that users can deposit as collateral to mint crvUSD, and this week it became the 3rd largest market by total debt, a fact noted by Curve in the tweet below.

AROUND THE DAO

Proposal for Solana Growth (TIP-060)

Following tBTC's successful launch on Solana in August, active DAO members Sap & Will sponsored a Forum proposal to address the cold start problem and establish tBTC as the go-to Bitcoin representation on Solana. A partnership between Threshold DAO, Mango and Dual DAO, with support from CKS Systems, will create liquidity and utility for tBTC.

The plan (which passed a Snapshot temperature check on September 30 and is going through its on-chain vote now) includes oracle creation, market-making on Mango Markets/Openbook, diversifying treasuries to use tBTC, purchasing and holding up to $3M of tBTC, developing tBTC option markets on Dual Finance, and more. See full details and comments on the Forum here.

Do cool shit. Get rewards.  

Are you ready to make a difference and get rewarded for it? Contribute to Threshold DAO and stand a chance to earn a share of a monthly $5,000 prize pool. Here's how it works:

  • Make any contribution to Threshold Network, tBTC,  thUSD or TACo

  • A panel of judges from the community will evaluate all submissions

  • Threshold will distribute a $5,000 monthly prize pool

There are no restrictions on your contributions – create content, build tools, or share knowledge – all that matters is relevance to Threshold. The judging aims to reward quality and value. To participate, enter your submission URL, a Discord or Twitter handle and an ETH address on this form.

Do cool shit. You know you wanna.

INTERACT WITH THRESHOLDERS

All are meetings are accessible via Discord (except as noted): go to Voice Channels and click on Cryptogarden.

Meeting times can change, so always good to confirm in Events (at the very top of the Discord server’s left navigation).

Integration Guild weekly call: Mondays at 4pm EST

Treasury Guild weekly call: Wednesdays at 8am EST

Weekly Community call: variable (check Events for date and time)

Marketing Guild monthly call: variable (check Events for date and time)

ADDITIONAL RESOURCES

WHAT DO YOU THINK?

Have questions, comments or suggestions for this newsletter? We'd love to hear them (send to mrsthreshold@gmail.com).

You can also hop into the Threshold Network Discord and get involved. If you’d like to join the Threshold Marketing Guild go to the #dao-contribute channel at the top of the discord and select the emoji, which will open the guild channels to you (the Integrations and Treasury guilds are available there, too).