Threshold's tBTC Redemption Goes Live on Mainnet
Threshold, the team behind tBTC, has announced a milestone in the tBTC protocol. tBTC redemptions are now live on mainnet, allowing Bitcoin holders to transfer and use BTC within the DeFi ecosystem through a decentralized solution without seeking any permission.
The idea of moving between the two largest crypto ecosystems trustlessly was first brought up by Ethereum founder Vitalik Buterin in March 2020. Threshold launched tBTC v1 in October 2020, which was initially well-received but faced challenges due to the dApp's complexity and restrictive security model.
The project launched the second version early this year, but as a one-way bridge where bridged BTC can not be withdrawn. The redemption process now takes around 3 hours, the proejct stated will optimized the redemption delay in the coming months.
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