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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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    Costanoa Ventures Closes Oversubscribed Early-Stage Fund, Expands Investments in AI-Enabled B2B Tech

    2024-09-18T14:11:37Z

    Firm surpasses $2 billion in total assets under management as it targets AI-enabled SaaS, AI & Data Infrastructure, Cybersecurity, Fintech and Defense Tech sectors with promotion of new general partner

    SAN FRANCISCO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Costanoa Ventures, a boutique early-stage venture capital firm, today announced the successful close of two new funds: Costanoa Fund V, a $275 million early-stage fund, and Opportunity Fund III, a $119 million fund for investing in later rounds of its early-stage winners. With these additions, the firm’s total assets under management now exceed $2 billion.

    Costanoa invests as early as Day One in Seed and Series A startups in high-growth sectors across AI-enabled SaaS, Cyber- and National Security and Fintech. In recent years, the firm has doubled down on critical sectors that lay the foundation to grow and scale AI’s use in business.

    "Our goal has always been to be the best possible partner to incredible founders building extraordinary companies that can solve big problems,” noted Greg Sands, Costanoa's founder and managing partner. “The huge leaps forward we're now seeing in AI make this a tremendous time to be an early-stage investor.”

    In Fund V, Costanoa has continued to expand its focus on Cybersecurity and Defense Tech. Costanoa also announced that John Cowgill has been promoted as its newest General Partner. Cowgill has built Costanoa’s cybersecurity and space practices and has led investments in category standouts like AppOmni, Cyberhaven, Muon Space and Kepler Communications.

    “Costanoa is building the most founder-aligned early stage venture firm in the industry. I couldn’t be more excited for the extraordinary companies we’ve partnered with and the amount of innovation that still lies ahead,” said Cowgill.

    One of the firm’s standout investments in Defense Tech is Vannevar Labs, founded by two Stanford GSB students and incubated in Costanoa’s Palo Alto office in 2019. Vannevar has since emerged as a leader in providing state-of-the-art technology for the defense industry. Other investments in the sector include Cape, Auterion, Kepler Communications and Muon Space, among others.

    “Costanoa has been part of our team through all the highs and lows and every phase of company building,” said Nini Hamrick, President and Co-Founder of Vannevar Labs. “The Costanoa team feels like an extension of our team at this point, with a very different level of engagement than we see from other investors that is hyper specific to this early stage of company building. They are also just really great people who want to have a really big impact on the world, and we can't imagine building Vannevar without them."

    Costanoa sets itself apart by building a highly concentrated portfolio focused on outstanding technical founders, where it can add real value with the world-class expertise of its BuilderOps Team. They provide the hands-on support these teams need in go-to-market strategy, company building and talent recruitment. With a boutique approach, Costanoa offers a tailored, high-touch approach that early-stage founders need and value.

    For more information about Costanoa and its portfolio companies, please visit https://costanoa.vc/.

    About Costanoa Ventures:
    Founded in 2012, Costanoa Ventures partners with builders as early as company formation, with a focus on apps and infrastructure in data, dev, security and fintech. Costanoa is a long-term, boutique partner to entrepreneurs from the earliest stages of company building with expertise from its BuilderOps team. For more information, please visit www.costanoa.vc.

    CONTACT: Media Contact For Costanoa Ventures:
Angela Petersen
SamsonPR
Costanoa@samsonpr.com

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