Bitcoin-backed tBTC token will be launched for the second time

Thesis founder and head of Keep Network, Matt Luongo, has announced the re-release of the bitcoin-pegged token tBTC. The project is being restarted after a bad start, three audits and several months of development, writes Decrypt.

According to the developers, tBTC offers BTC holders the most secure access to the DeFi sector.

tBTC is an ERC-20 token and, Luongo says, provides an opportunity to enhance the functionality of bitcoin, unite the two communities and contribute to the development of the DeFi market.

To receive tBTC to an Ethereum wallet, users just need to send bitcoins as collateral to the address generated by the application. The reverse operation is just as simple, according to the developers.

For security reasons, 100 tBTC will go into circulation in the first week. Further, the level will increase, and in the ninth week it will be 3000 tBTC. After that, the limits will be removed. The offer is limited to 21 million coins.

Recall that in May, tBTC developers stopped accepting deposits due to a vulnerability identified. Then Luongo admitted that the launch of the sidechain was a hasty decision.

Previously, the creation of a new Ethereum version of Bitcoin was supported by Uniswap, OasisDEX, Balancer, Kyber, Wyre, 1inch and a number of other cryptocurrency projects.

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