TBTC of the threshold network, an ERC-20 token that has supported 1-on-1 with Bitcoin
The cooperation enables users to deposit their BTC on Sui and Mint TBTC, which may add more than $ 500 million to Bitcoin -Liquidity to the SUI network. It means that users can implement their BTC in the SUI -based Defi to generate extra yields and at the same time use TBTC over the ecosystem.
“TBTC is expected to bring an enormous amount of Bitcoin-Liquidity to Sui, creating a bridge that really registers not for institutions, but for ordinary people who love Bitcoin,” Adeniyi Abiodun, co-founder and Chief Product Officer at Mysten Labs, the original contributors said in the Out-Oi, said in the opposing, said in the Out-Oui-Oui-Oui.
“This new integration opens another door for accessible, sovereign BTCFI participation,” Abiodun added.
BTCFI represents a complete spectrum of decentralized financing applications that have been built to work with Bitcoin, with the aim of improving the attraction of the cryptocurrency further than the story of the store.
Almost 600 BTC, more than $ 65 million, have been bridged since February to the SUI ecosystem and BTC-stundled assets account for more than 10% of the total value locked (TVL) in the SUI ecosystem. At the time of the press, cryptocurrencies worth $ 1.83 billion were locked in the SUI -based Defi, according to data source Defillama.
“Bitcoin is designed to be used, not locked,” said Callan Sarre, co-founder at Threshold Labs. “Now that TBTC is coming to Sui, we are combining the protection of threshold cryptography with a high-throughput network to create a new standard for Bitcoin utility programs.”
The home base of TBTC, threshold network is a decentralized protocol that combines cryptography and blockchain infrastructure to offer safe and trust-geminimized access to Bitcoin Defi. From writing, TBTC had a market capitalization of more than $ 570 million, with a circulating range of 5,265 coins, according to data source Coingecko.
