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Developers
Ecosystem
Threshold uses Wormhole to take $30M+ in Bitcoin cross-chain in a decentralized way
Challenge
Many people bridge Bitcoin to Ethereum, but doing so requires sending their Bitcoin to an intermediary in exchange for an ERC-20 token that represents the original asset. This centralized model requires you to trust a third party and is susceptible to censorship, threatening the premise of Bitcoin as a sovereign, secure, permissionless digital asset.
Solution
Use Wormhole to create a decentralized wrapped Bitcoin asset (tBTC) and that will enable holders to unlock their Bitcoin’s value to borrow and lend, mint stablecoins, and provide liquidity without having to trust centralized intermediaries.
Results
Going cross-chain with Wormhole has enabled the Threshold community to:
- Deploy tBTC on up to 20+ new ecosystems, stimulating liquidity throughout DeFi
- Mint $30M+ in tBTC assets across chains
- Capture 1% of the total BTC supply on Ethereum
- Develop key partnerships with Arbitrum, Optimism, Velodrome, Balancer, Polygon, Curve, Kyber Network, Quick Swap, Solana, Orca, Meteora, Jupiter Exchange and more
- Create cross-chain Bitcoin incentives, using Wormhole to amplify tBTC adoption and contribute to multi-blockchain liquidity
About Threshold
Threshold cryptography is a revolutionary technology that uses cryptography to unlock greater utility and usability for digital assets without needing to trust a centralized party. Threshold cryptography disperses operations among various nodes, requiring a specific number to collaborate for success.
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