Threshold Network’s TBTC, ERC-20 token, backed by Bitcoin 1-1
debuted on SUI on Monday as Threshold hopes to expand BTCFI in the SUI ecosystem.
The collaboration allows users to store their BTC on SUI and MINT TBTC and potentially add more than $500 million worth of Bitcoin liquidity to the SUI network. This means that users can deploy their BTC in SUI-based DEFI to seamlessly generate additional yields using TBTC throughout the ecosystem.
“TBTC is expected to bring a lot of bitcoin liquidity to SUI, creating a truly important bridge not only for institutions but for those who love Bitcoin,” said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, an original contributor to Sui, announced that it will share with Coindesskske suilsecome suii.
“This new integration becomes accessible sovereign BTCFI involvement opens another door,” Abiodun added.
BTCFI represents a comprehensive decentralized financing application for collaboration with Bitcoin, designed to enhance the attractiveness of cryptocurrencies beyond the narrative of value.
Nearly 600 BTC has been valued at over $65 million since February, and has been bridging with the SUI ecosystem, while BTC-backed assets account for more than 10% of the total value lockdown (TVL) In the SUI ecosystem. At press time, the $1.83 billion worth of cryptocurrency was locked in SUI-based DEFI, according to data source Defilama.
“Bitcoin is designed to be used, not locked,” said Callan Sarre, co-founder of Threshold Labs. “With the advent of TBTC, we combined the security of threshold cryptography with high-throughput networks to create new standards for Bitcoin utilities.”
Home to TBTC, Threshold Network is a decentralized protocol that combines cryptography and blockchain infrastructure to provide security and minimize trust access to Bitcoin Defi. According to data source Coingecko, TBTC has a market capitalization of over $570 million as of this writing, with 5,265 coins revolving supply.
