Blockchain

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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    Radhika Lipton Appointed PCBB Chief Risk Officer, Succeeding Esteemed Leader Steve Baca

    2024-09-19T14:45:00Z

    PCBB has announced the appointment of Radhika Lipton as Chief Risk Officer, succeeding Steve Baca, who is retiring after nearly two decades of distinguished service.

    WALNUT CREEK, Calif., Sept. 19, 2024 (GLOBE NEWSWIRE) -- PCBB, a leading financial firm dedicated to serving the needs of community-based financial institutions nationwide, is pleased to announce the appointment of Radhika Lipton as Chief Risk Officer. Radhika, renowned for her expertise in bolstering organizational resilience and optimizing operational efficiency through strategic risk mitigation, will succeed Steve Baca, who is set to retire in early 2025 after nearly two decades of exemplary service.

    Throughout his tenure, Steve has been instrumental in guiding PCBB’s risk management strategies, contributing significantly to the firm's impressive growth — more than doubling its assets and increasing the customer base over the past decade. Mike Dohren, President of PCBB, expressed confidence in the transition, stating, “Steve has provided excellent risk management leadership, which will enable Radhika to step into the role of Chief Risk Officer with a solid program already in place. Her background will enable us to build an even more robust compliance and oversight platform for both PCBB and our customers as we look to new market opportunities.”

    Radhika Lipton brings a wealth of experience in risk management, compliance, and internal auditing from her tenure at prestigious global companies, financial institutions, and fintech startups. Most recently, she served as Chief Risk and Compliance Officer at Mambu Americas, Inc., and as Chief Compliance Officer at Sunwest Bank. She also founded RADD LLC, a consulting firm specializing in internal auditing and compliance, and serves as a Board Member and Audit Committee Chair at Walden Mutual Bank in New Hampshire.

    Radhika is a distinguished speaker at industry conferences, where she addresses topics such as high-risk banking, compliance and regulatory standards. She stated, “I am excited to join the PCBB team as we continue to pursue new market opportunities to bring our customers to the next level of banking. I am passionate about developing and leading comprehensive risk frameworks and compliance strategies that align with business objectives and regulatory standards.”

    PCBB looks forward to leveraging Radhika’s extensive knowledge and experience to enhance its risk management framework, ensuring continued success and innovation in the evolving financial landscape.

    About PCBB

    PCBB believes in the power of local financial institutions to be the catalyst of small business growth and to enable communities to thrive. Our team is committed to providing not only the tools and knowledge our customers need to serve their clients, but also the partnership and trust they deserve.

    Our robust suite of competitive services includes cash management and international services, lending services, hedging solutions, and profitability and risk management advisory services. These solutions help community financial institutions maximize revenue, increase efficiency, and manage risk.

    All trademarks are the property of their respective owners

    Media Contact:
    Nancy Ozawa
    PCBB
    nozawa@pcbb.com
    (888) 399-1930 x177

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff1b4642-2b03-416c-aa14-685650211e2b


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