- Threshold (T) is one of the best-performing cryptos, rallying by more than 200% since the start of the year.
- The skyrocketing price of Threshold is in anticipation of the tBTC v2 protocol, which is scheduled to launch this month.
- The tBTC v2 protocol will allow BTC holders to stake their coins and earn rewards, increasing Bitcoin’s use in the DeFi space.
- Ahead of the launch, the Threshold team has educated over 7,000 people about the tBTC v2 and Threshold.
Threshold Network is one of the newer cryptocurrency projects, only launched in January 2022. Threshold Network merges two decentralized protocols: NuCypher (NU) and Keep Network (KEEP).
The Threshold Network solves blockchains’ online security and privacy concerns using Threshold Cryptography. The technology reduces dependence on trusted parties, allowing for a decentralized tBTC bridge connecting Bitcoin and Ethereum networks.
Threshold aims to accelerate the introduction and use of Bitcoin (BTC) in the decentralized finance space. Its native token, the T token, is primarily used to stake a node. T is also a governance token users can use to earn yield for protecting the network.
Social Media: Website | Twitter | GitHub | Discord | Telegram | Blog
As part of its plan to connect Bitcoin to the DeFi space, the Threshold Network recently launched “It’s Time To Put Your BTC Back To Work.” This would 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 noncustodial, thus allowing users to remain in control of their private keys and assets. tBTC is also a fully decentralized protocol meaning there is total transparency at all times.
The Threshold team is currently accepting applications for individuals who want to become a Threshold Guardian of the Optimistic Minting protocol. Guardians will be whitelisted on the optimistic minting contract and help protect the network.
Building up the launch, the Threshold team has educated over 7,000 people about tBTC v2, ThresholdUSD, and ThresholdAC. In appreciation, Threshold gifted three participants selected randomly $T40,000.
On Thursday, January 26th, it was announced that the Threshold native token, T, had been listed on America’s biggest exchange, Coinbase. The listing comes just as tBTC prepares to be rolled out.
On the same day, the Threshold team announced the completion of its listing on the world’s largest crypto tracker, CoinMarketCap. Now, users can view the market supply, price, market cap, and other information on CMC.
The build-up to the launch of tBTC has attracted a lot of attention, causing the price of T to skyrocket. In the last seven days, T is crypto’s top gainer, rallying by more than 120% to trade at its highest price since May 2021, $0.06441.
The seven-day price chart for Threshold (T). Source: CoinMarketCap
Since the start of the year, the price of T has jumped by more than 200% and is the second biggest gainer over the last 30 days.
The year-to-date price chart for Threshold (T). Source: CoinMarketCap
However, after the huge rally, T is experiencing a significant retracement, dropping by 14.4% over the last 24 hours. T trades at $0.0476 and is ranked as the 89th largest crypto, with a market cap of $405.3 million.
The 24-hour price chart for Threshold (T). Source: CoinMarketCap
Threshold announced that it was accelerating the launch of the tBTC v2 protocol but without fixing a date for the release. While there is no set date, the Threshold team has said they are working on rolling out the feature this month.
The Threshold team has advised users to move their BTC to self-custody while waiting for the launch of tBTC v2 so they can earn on their Bitcoin holdings.
On the Flipside
- As the Threshold network grows in popularity, scammers have been looking to defraud users by creating alternate websites and Twitter accounts for the project.
- The official Twitter handle for Threshold is @TheTNetwork, while their website is http://threshold.network.
Threshold Network has one of the youngest communities but keeps its users together through constant communication, including a weekly call.
While the Threshold community has seen greater activity recently and is expected to grow as the tBTC v2 protocol launches. Community members show their strong belief in the project. MacLane Wilkison writes about the upcoming launch:
V2 launch for @tBTC_project on @TheTNetwork finna be lit af
Best way to start the year of the
— MacLane Wilkison (@MacLaneWilkison) January 25, 2023
The Founder of Thesis_co, Matt Luongo, shares his insight about Threshold, writing:
@TheTNetwork is shipping 2 years of dev to mainnet with tBTC this month. Mega prolific across the @keep_project and @NuCypher teams
— Matt Luongo (@mhluongo) January 2, 2023
Popular crypto trader Crypto GVR is big on the potential of T. Despite the massive rally, he believes T could go even higher. He predicts:
#T Mooning hard $T , Possible to reach 0.1$ soon #threshold #Tcoin #cryptocurrency #BSCGemsAlert #altcoin #Bitcoin #ETH #lowcapgems #BTC #LUNC #Solana pic.twitter.com/5cI3JfRE1D
— Crypto GVR (@GVRCALLS) January 24, 2023
Why You Should Care
The Threshold Network is a unique project, solving some critical problems about blockchain while looking to bring greater adoption of Bitcoin in the blockchain space. If the tBTC v2 protocol lives up to the expectations, Threshold could receive more attention and become a key player in the DeFi space.