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tBTC Becomes the First Incentivized BTC Asset on EigenLayer

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    New York, NY, September 17th, 2024, Chainwire

    • tBTC on EigenLayer offers users new restaking opportunities to earn rewards as Bitcoin demand outpaces other crypto markets 
    • EigenLayer’s adoption of tBTC spotlights tBTC’s role as one of the most decentralized assets for securely growing the BitcoinFi ecosystem 

    Threshold Network, the DAO behind tBTC, the first decentralized asset bridging Bitcoin and Ethereum, announced that EigenLayer, the restaking protocol built by Eigen Labs, has officially started accepting tBTC deposits, making tBTC the first incentivized bitcoin asset on EigenLayer.

    Threshold’s integration with EigenLayer underscores the BitcoinFi community’s outpaced demand for staked Bitcoin—a major shift towards maximizing the full earning power of Bitcoin for users,” commented MacLane Wilkison, Contributor to Threshold. “It is a testament to tBTC’s strength in securing the BitcoinFi ecosystem through the diversification of assets available. To date, leading protocols including Curve, GMX, and Compound, among others, have integrated the asset for its flexibility as one of most decentralized wrapped assets on the market.” 

    The Threshold Network DAO, which governs tBTC, offers incentives of up to $45K in T over the first 3 months for new users who deposit tBTC into EigenLayer. With Eigenlayer, users have a new way to maximize capital efficiency: opting in to secure additional protocols through restaking. This method strengthens economic security by leveraging Bitcoin’s stability—an asset that accounts for over 50% of the total crypto market cap—and merging its long-term non-inflationary nature with the Proof of Stake (PoS) consensus model. Notably, restaking just 7% of Bitcoin’s total supply would provide the same level of economic security as Ethereum, underscoring Bitcoin’s potential as a PoS asset.

    “The inclusion of Threshold’s tBTC as a restakeable asset on EigenLayer is another major step forward towards open innovation by building connectivity with the bitcoin ecosystem, broadening the scope of assets that can contribute to securing decentralized networks, and providing greater optionality and utility for AVSs and restakers,” stated Sreeram Kannan, Founder and CEO of Eigen Labs.

    Following the emergence of Bitcoin staking projects like Babylon, Lombard, and Acre, EigenLayer’s adoption of tBTC is a testament to the power of Bitcoin restaking in incentivizing users to put Bitcoin to use beyond a store of value. tBTC’s ability to bridge the Bitcoin and Ethereum ecosystem makes it the optimal solution for driving the development of the BitcoinFi ecosystem. 

    About Threshold Network:  

    Threshold Network offers decentralized cryptography services that enhance privacy and security on public blockchains by distributing operations across independent nodes. Powered by the T token, users can stake and operate nodes to support key services like tBTC, a Bitcoin bridge, and TACo, an access control tool. By minimizing reliance on centralized entities, Threshold ensures trustless, secure, and privacy-focused solutions for decentralized applications in the evolving Web 3.0 landscape. To learn more, please visit: https://threshold.network/  

    About EigenLayer: 

    EigenLayer is a protocol built on Ethereum that pioneered restaking, a new primitive in cryptoeconomic security. Through a system of interconnected smart contracts, any ERC-20 token, such as tBTC, can be “restaked” to participate in not one, but any number of Actively Validated Services (AVSs) in exchange for fees and/or rewards. Operators opt into these opportunities by running additional node software and in some cases grant the EigenLayer smart contracts the ability to impose additional slashing conditions on their assets as specified by the AVS. 

    Contact

    M Group on Behalf of Threshold
    tkaufmann@mgroupsc.com

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    Accredited Solutions Reaches Agreement With 100% of Promissory Note Holders for 60-Day Lock-Up and 6-Month Leak-Out on All Conversions

    2024-09-18T12:00:00Z

    NEW YORK, NY, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Accredited Solutions, Inc. (OTC: ASII) ("Accredited Solutions" or the "Company"), the parent company of Diamond Creek Water, is pleased to announce it has successfully reached an agreement with the holders of 100% of the Company’s outstanding variable price conversion securities for a 60-day lock-up and 6-month leak-out on all conversions, as an interim agreement toward full cash redemption.

    This interim agreement marks a significant milestone in the Company’s path toward a complete redemption of all outstanding variable price convertible instruments, thus avoiding the issuance of significant additional shares. As part of the redemption plan, Accredited Solutions intends to use proceeds from its upcoming Reg A offering to redeem the variable price convertible securities, thereby avoiding any need for conversion into the Company’s common stock. This strategy is designed to achieve a much lower cost of capital and dramatically limit shareholder dilution.

    "We are incredibly humbled by the renewed trust from our financing partners, who are now demonstrating their confidence in our long-term vision," said Eduardo Brito, CEO of Accredited Solutions, Inc. "This agreement is a testament to our strong relationships and commitment to creating shareholder value. The trust placed in us by our financing partners positions them for our exciting future, and we are excited about the path ahead as we work toward our 5-year growth strategy.” This favorable approach not only provides the Company with a cost-effective solution to manage its capital structure but also is expected to provide the platform for necessary capital for future acquisitions and organic growth. Accredited Solutions remains focused on its ambitious 5-year growth plan, which aims to achieve $750 million in annual revenue through both strategic acquisitions and organic expansion across its telco/fintech and beverage divisions.

    “We’re excited to move forward with this flexible and highly supportive, balance-sheet-friendly plan,” Brito added. “These agreements set the stage for us to continue our acquisition strategy while strengthening our financial foundation. With the ongoing confidence of our stakeholders, we are firmly shaping our strategy on our way to achieving our $750 million revenue target over the next five years.”

    Please be attentive to the 8-K filing relating to these agreements and stay tuned for exciting updates on our progress.

    Relevant Links: https://www.diamondcreekwater.com

    Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business, based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

    Accredited Solutions, Inc. Contact: info@diamondcreekwater.com
    Follow Us on: X (Twitter): @asii_Inc
    Source: Accredited Solutions, Inc. https://www.diamondcreekwater.com


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