In the next two weeks, the project by tBTC, an Ethereum-based token pegged to Bitcoin, will roll out its technical infrastructure. Keep Network, which is a privacy layer for public blockchains like Ethereum, announced this in an official blog post.
The support of over 40 crypto projects is very significant as it accounts or about 75 percent of the decentralized finance (DeFi) market. And all of them have united with the open-source tBTC project run on the Keep Network.
KEEP: the network platform token
The Keep Network released its network platform token, KEEP, on Monday. The token release took place alongside custodial and smart contracts required for holding and staking assets. However, signers need to create and control smart contracts to take in Bitcoin deposits and mint tBTC tokens.
It is pertinent to note that among the 40 crypto projects supporting the launch, they include decentralized platforms, exchanges, aggregators, and wallets. Even stakers, signers, auditors, and custody providers are not left out.
At the initial stage, there will be about 80 signers. They will include some of Keep Network’s major investors, such as Fenbushi Capital, a16z, Fenbushi Capital, Draper Associates, and Polychain Capital.
Public use of the Keep Network
As we know, tBTC is the open-source project that runs on the Keep Network and enables people to use Bitcoin safely in Ethereum DeFi apps. Within next week, the project will deploy the dashboard for the tBTC DApp and the remaining structure.
Starting May 11, anyone will be able to place limited deposits on the network. In June however, the Keep Network will host a stake drop event. The participants of the event will be able to stake ETH, receive KEEP tokens, and become the protocol’s signers.
tBTC project compared to others
Other projects like Wrapped Bitcoin (WBTC), Synthetix’s sBTC, and ImToken’s imBTC, have also worked towards bringing Bitcoin liquidity to Ethereum. These tokens also enable Bitcoin users to access DeFi services via the Ethereum blockchain.
However, the tBTC project is unique because of its clear path for redemption. It has a very user-friendly process in case anyone wants to get their Bitcoins back. It just requires them to redeem it on the DApp, then sends the Bitcoin back to their selected wallet address.
Apart from MakerDao and Compound, other notable partners for the tBTC’s launch include projects like Uniswap, Radar Relay, Gitcoin, Zerion, Balanced, etc.
Meanwhile, keep yourself updated with other news from the DeFi space. Recently Ontology entered the DeFi ecosystem of BiDao. In other news Coinbase Oracle launch took place. Recently, we covered the DeFi panel at the 2-day power packed virtual BlockDown 2020 conference. Also, learn more about DeFi from the new book published by CoinGecko.