Blockchain
Arbitrum (ARB), a dominant Ethereum L2 scaler, now supports the Bitcoin-Ethereum bridge mechanism tBTC. It will speed up BTC liquidity transactions and make them more cost efficient.
tBTC by Threshold Network launches on Arbitrum L2
According to the official announcement shared by Web3 team Threshold Network, the non-custody bridge solution called tBTC has been launched on the Arbitrum (ARB) mainnet. The launch is a phase of the tBTC Wrapped Tour initiative designed to introduce “native” Bitcoin (BTC) liquidity to various programmable blockchains.
tBTC goes live on @arbitrum for tour stop 3 on the tBTC Wrapped Tour
Powered by @wormholecrypto and fueled by @Balancer liquidity
pic.twitter.com/bc1R7nVqXm
— Threshold Network ✜ (@TheTNetwork) May 30, 2023
The integration is powered by Wormhole, the largest bridge infrastructure provider, and Balancer DeFi. On Balancer, tBTC/WETH and WBTC/tBTC bridges accept liquidity from LPs.
As explained by Threshold Network reps, this is the only bridge solution to date that completely avoids centralized points of failure, relying on a distributed set of validators:
Unlike its centralized counterparts, with their authorized access and risk of censorship, tBTC does not require any intermediaries or intermediaries. Instead, it uses a randomly selected group of node operators on the Threshold Network.
Arbitrum One, Arbitrum’s largest blockchain, is the best Ethereum (ETH) L2 scaler according to Total Value Locked (TVL). At the end of May 2023, it leads $5.74 billion of $8.77 billion; of the $3 locked to Ethereum’s L2s, $2 is injected into Arbitrum’s DeFis.
Celebrating NFT drop released
To immortalize the launch of tBTC on Arbitrum, Threshold Network invites all crypto enthusiasts to join in celebrating NFT activity.
Anyone who mints tBTC, bridges it to Arbitrum (ARB), and brings liquidity to Balancer’s liquidity pools is eligible to claim a unique Galxe OAT NFT.
Also, more blockchains will be added to tBTC’s range of supported networks, the protocol’s team added.
As previously reported by U.Today, a non-custodial bridge to Polygon zkEVM was launched a month ago, April 27, 2023. It is poised to ensure the inflow of liquidity into the most promising and developed EVM-equivalent network to date.