tBTC & thUSD Live on Mezo, tBTC Coming to AAVE, tBTC Backing New Stablecoins & More

Threshold Time #21

Author

MrsThreshold [Ashley]
July 15, 2024

Threshold Time

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

thUSD & tBTC UPDATES

thUSD & tBTC are live on Mezo Network!

We are thrilled that tBTC has been selected as the backbone of the first Bitcoin Economic Layer. Built by Thesis* for Bitcoiners.

Thesis*, the team behind Fold, tBTC, Mezo, Acre, and other Bitcoin-related projects, aims to make value accessible to the Bitcoin community and beyond. With over 10 years of experience building on Bitcoin, Thesis* has leveraged their vast expertise to build as the user-friendly Bitcoin Economic Layer, enhancing Bitcoin’s utility. Learn more about Mezo in our latest blog:

Why Thesis* is building Mezo BitcoinFi with tBTC

Explosive failures like that of BlockFi serve as a staunch reminder of the necessity for a robust, decentralized, and transparent financial ecosystem that truly serves the needs of bitcoin holders.

blog.threshold.network/why-thesis-is-building-mezo-bitcoinfi-with-tbtc

tBTC is Coming to AAVE!

The Snapshot to onboard tBTC to the AAVE v3 protocol on Ethereum has passed the temperature check, ARFC and has moved to AIP. See the proposal here.

tBTC Arbitrum LTIPP Grant Approved

ARB governance participants have approved growing BTC dominance on Arbitrum with tBTC, through a 300k ARB grant. This generous grant will increase the market share of Threshold’s decentralized wrapped Bitcoin within the Arbitrum ecosystem and attract a new class of BTC users and liquidity to Arbitrum, while offering a decentralized alternative to WBTC. Find all of the details about the grant, our goals, new integrations and what exactly tBTC users can look forward to on the Arbitrum governance forum.

Proposal Live to Add tBTC to Compound

A new proposal is live on the Compound governance forum to add a tBTC market on Ethereum to the renowned DeFi blue-chip lending protocol.

tBTC: Collateral for Four More Stablecoins

Collateralizing a stablecoin with tBTC unlocks the deep liquidity of BTC while preserving bitcoin’s core properties, making it an attractive choice for stablecoins seeking to level up the ecosystem’s stablecoin lineup with new decentralized and capital-efficient options.

thUSD and crvUSD have pioneered this approach, setting a benchmark in the stablecoin market by utilizing tBTC as a pristine, robust and decentralized collateral. Four additional tokens have recently announced that they will be collateralized against tBTC. Drumroll, please!

SATS by Satoshi DAO: SATS is pegged to 1 Satoshi, available across 7 blockchain networks and 100% backed by tBTC. See the announcement. 

HAI: tBTC has been added as collateral on Let's Get HAI. If you’re a tBTC holder, you can now deposit tBTC into a vault and mint HAI against it. See the announcement. 

btcUSD: Lambda Finance recently announced btcUSD, a permissionless and efficient Bitcoin-backed stablecoin. See the announcement.

DYAD: You can now deposit tBTC to mint DYAD. See the announcement. 

Thesis Defense Releases tBTC Base Audit

The tBTC Base smart contracts intend to enable users to bridge BTC to the Base blockchain, an Ethereum L2 scaling solution, as the first canonical Bitcoin implementation on Base. View the Thesis Defense tBTC Base audit report. 

More New Ways to Leverage Bitcoin via tBTC

UMA Oval: A new tBTC UMA Oval market is live on Morpho Labs. See the announcement. 

Silo: A new tBTC Arbitrum isolated lending market is now live on Arbitrum Silo. See the announcement. 

Synonym Finance: tBTC users can now access unified multi-chain leverage on Synonym. See the announcement.

BOB Enables One-Click tBTC Minting & Something New Coming Soon!  

Build on Bitcoin, a new Bitcoin L2, has launched BOB Fusion Season 2 and tBTC holders can keep earning even more Spice points. What are Spice points? Nobody knows yet but tBTC holders have been stacking lots of Spice! Get started stacking Spice with tBTC and the Threshold DAO referral code: fusion.gobob.xyz

tBTC Mint Fee Waived

Eager to dive into Build on BOB, Mezo or borrow against your BTC with Threshold USD? Great news — tBTC mint fees are still waived! Mint tBTC now! 

AROUND THE THRESHOLD DAO

thUSD Steering Committee Nominations Open

The thUSD Steering Committee will be a group of five DAO-elected cross-guild contributors that will be responsible for:

  • Steering the Threshold USD protocol

  • Overseeing Growth & Development roles in their intersection with thUSD

  • Discussing and deciding on overall protocol strategy, roadmap, focus and resource allocation

  • Appointing, monitoring and reviewing the activities of a new thUSD Product Marketing role (separate proposal) and/or any other needed role

Sound like something you would be interested in growing, wrangling, and steering? Nominate yourself for the thUSD Steering Committee before July 17th.

Welcome Leonardo Saturnino to the Threshold DAO Dev Team

You might remember Leonardo Saturnino from the Keep Network community days, but we’re thrilled to announce he is back in the forefront with his new role as Threshold’s first senior full-stack developer with a focus on back-end. See the governance proposal that onboarded Leonardo to the Threshold DAO development team for a full introduction and to learn more about the scope of the role.

NuCypher - TACo Team Hiring 

The NuCypher development team is seeking a Senior Solutions Engineer to write robust, security-first code that safeguards and facilitates the sharing of sensitive data in adversarial environments. If this sparks your interest and you are up for the challenge of shifting the paradigm of trust to decentralized networks rather than middlemen and intermediaries, apply here.

Threshold DAO in the Wild at ETHDam & ETHBoston

Threshold contributors recently sponsored ETHDam and ETHBoston 2024 to support, grow, and foster the development of the web3 ecosystem. Threshold contributors met a ton of great people, reconnected with old friends and introduced new cohorts of developers and web3 users to Threshold’s decentralized suite of threshold cryptography services. James Campbell hosted a workshop at ETHDAM 2024 that dove deep into Threshold Access Control (TACo). Watch it now for tons of great insights into TACo.

The hackers at ETHBoston and ETHDam built intriguing privacy preserving applications that really showcase the abilities of Threshold Access Control. Check out a couple of our favorites:

  • TACo Snap: Flamin' hot encryption from ETHDam 2024! The MetaMask flavor you've been craving. TACo Snap seamlessly integrates TACo's encryption capabilities into the MetaMask wallet through MetaMask Snaps. Users can natively secure their sensitive data with encryption and flexible access control through custom conditions.

  • Reacon Network was dreamed up at ETHBoston 2024. It is a unique dApp created to share surveillance data in a decentralized and secure manner. It is designed to only grant access when all predefined conditions are fulfilled and verified by a threshold of TACo nodes.

ICYMI

Navigating the Privacy Frontier: The Threshold Network Odyssey

INTERACT WITH THRESHOLDERS

All 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).

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

Integration Guild weekly call: Tuesdays at 11am EST
Treasury Guild weekly call: Wednesdays at 8am EST
Marketing Guild weekly call: Mondays at 1pm EST

ADDITIONAL RESOURCES

WHAT DO YOU THINK?

Have questions, comments or suggestions for this newsletter? We'd love to hear them! Please send to [email protected].

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).