The popular Ethereum L2 scaler Arbitrum (ARB) now supports the tBTC Bitcoin-Ethereum bridge mechanism. It will increase the speed of Bitcoin liquidity transactions and reduce their cost.
tBTC by Threshold Network launches on Arbitrum L2
Threshold Network’s noncustodial bridge solution, known as tBTC, has reportedly begun operating on the Arbitrum (ARB) mainnet, according to an official notice released by the Web3 team. The tBTC Wrapped Tour initiative’s debut is a stage in its plan to bring “native” Bitcoin (BTC) liquidity on several programmable blockchains.
Wormhole, the leading bridge infrastructure supplier, and Balancer DeFi power the integration. WBTC/tBTC and tBTC/WETH bridges on Balancer are currently accepting liquidity from LPs.
According to Threshold Network’s spokespeople, this is currently the only bridge option that completely eliminates any centralised points of failure by relying on a distributed group of validators:
tBTC doesn’t require middlemen or intermediaries, in contrast to its centralised competitors, which require permissioned access and run the danger of being censored. Instead, it makes use of a randomly chosen assortment of Threshold Network node operators.
By total value locked (TVL), Arbitrum One, the largest Arbitrum blockchain, is the best L2 scaler for Ethereum (ETH). It is in control of $5.74 billion out of $8.77 billion as of the end of May 2023; $2 of the $3 locked on Ethereum’s L2s are injected into Arbitrum’s DeFis.
Celebrating NFT drop released
Threshold Network welcomes all cryptocurrency lovers to participate in the joyous NFT activity in order to forever commemorate the introduction of tBTC on Arbitrum.
A special Galxe OAT NFT will be made available to anybody who creates tBTC, bridges it to Arbitrum (ARB), and adds liquidity to Balancer’s liquidity pools.
The tBTC protocol team also stated that new blockchains would be added to the list of networks it supports.
A noncustodial bridge to Polygon zkEVM was introduced on April 27, 2023, as previously reported by U.Today. It has the potential to guarantee cash inflows to the most promising and advanced EVM-equivalent network to date.
