Arbitrum (ARB), a dominant Ethereum L2 scaler, now supports Bitcoin-Ethereum bridge mechanism tBTC. It will advance the speed of transactions with BTC lquidity 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, its noncustodial bridge solution dubbed tBTC has 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
— 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 are accepting liquidity from LPs.
As explained by the representatives of Threshold Network, this is the only bridge solution so far that entirely avoids any centralized points of failure, relying on a distributed set of validators:
Unlike its centralized counterparts, with their permissioned access and risk of censorship – tBTC doesn’t need middlemen or intermediaries. Instead, it leverages a randomly selected group of node operators on the Threshold Network.
Arbitrum One, the largest Arbitrum’s blockchain, is the top Ethereum (ETH) L2 scaler by total value locked (TVL). As of late May, 2023, it is in charge of $5.74 billion out of $8.77 billion; out of $3 locked on Ethereum’s L2s, $2 are injected into Arbitrum’s DeFis.
Celebrating NFT drop released
To immortalize the launch of tBTC on Arbitrum, Threshold Network invites all crypto enthusiasts to take part in celebrating NFT activity.
Anyone who mints tBTC, bridges it to Arbitrum (ARB) and brings liquidity to Balancer’s liquidity pools will be eligible to claim a unique Galxe OAT NFT.
Also, more blockchains will be added to tBTC’s range of networks supported, the protocol’s team added.
As covered by U.Today previously, a noncustodial bridge to Polygon zkEVM was launched one month ago, April 27, 2023. It is poised to ensure liquidity inflows to the most promising and developed EVM-equivalent network so far.