From d186ce661aa4c3b68e8011f66e04b4a3b0dd1a20 Mon Sep 17 00:00:00 2001 From: LJ Date: Mon, 26 Aug 2024 20:28:44 -0400 Subject: [PATCH 1/8] Added a description field to `index.md` for Google search results --- src/pages/index.md | 1 + 1 file changed, 1 insertion(+) diff --git a/src/pages/index.md b/src/pages/index.md index 65bd20c9..3bd0a423 100644 --- a/src/pages/index.md +++ b/src/pages/index.md @@ -2,6 +2,7 @@ template: home-page path: / title: Home +description: Mint tBTC to use your Bitcoin everywhere. Decentralized and secure. hero: buttons: - text: Deposit BTC From 5ec1892f2c5d99af884f0187af9f770635cc9d57 Mon Sep 17 00:00:00 2001 From: LJ Date: Mon, 26 Aug 2024 20:31:00 -0400 Subject: [PATCH 2/8] Changed "Latest News" to display post description instead of unformatted excerpt --- src/templates/home-page.js | 4 +++- 1 file changed, 3 insertions(+), 1 deletion(-) diff --git a/src/templates/home-page.js b/src/templates/home-page.js index 171c43e9..b5ebe3c8 100644 --- a/src/templates/home-page.js +++ b/src/templates/home-page.js @@ -98,7 +98,7 @@ export const HomePageTemplate = ({ >
{node.frontmatter.date}

{node.frontmatter.title}

-

{node.excerpt}

+

{node.frontmatter.description}

Date: Mon, 26 Aug 2024 20:34:55 -0400 Subject: [PATCH 3/8] Optimized meta tags, headers, description and designated new featured posts. --- .../news/2024-04-15-a-tale-of-two-bugs.md | 27 +++++++++----- src/pages/news/2024-04-15-tbtc-is-for-l2s.md | 35 ++++++++++--------- ...c-and-the-end-of-over-collateralization.md | 30 ++++++++++------ yarn.lock | 24 ++++++------- 4 files changed, 69 insertions(+), 47 deletions(-) diff --git a/src/pages/news/2024-04-15-a-tale-of-two-bugs.md b/src/pages/news/2024-04-15-a-tale-of-two-bugs.md index 276d8e13..ce51e3e6 100644 --- a/src/pages/news/2024-04-15-a-tale-of-two-bugs.md +++ b/src/pages/news/2024-04-15-a-tale-of-two-bugs.md @@ -1,17 +1,26 @@ --- template: news-item -title: A tale of two bugs -description: The FTX exploit attempted redemption of tBTC revealed two bugs. +title: "A Tale of Two Bugs: Uncovering Vulnerabilities in tBTC Amid the FTX Exploit" +description: Explore how the FTX exploit uncovered two critical bugs in tBTC, including a denial-of-service vector and a redemption mechanism design flaw, and the steps taken to address them. canonicalUrl: https://blog.threshold.network/a-tale-of-two-bugs/ date: 2024-04-15T12:17:09.130Z +tags: + - featured + - tBTC + - FTX exploit + - Bitcoin bridge + - DeFi security --- +## Examining the Impact of Two Bugs Exposed by the FTX Exploit + + As has been reported this week, an address associated with the FTX exploit has been moving funds through a number of cross-chain projects. While most of the funds have [gone through Thorchain](https://www.theblock.co/post/255108/thorswap-dex-enters-maintenance-mode-amid-illicit-activity?ref=blog.threshold.network), some of them have been routed through tBTC. In the process, two bugs have been exposed. Neither bug puts user funds at risk. The first was patched and released yesterday, while the second requires community discussion and consensus. -## The first bug — a denial-of-service vector +### The First Bug: A Denial-of-Service Vector On Saturday, September 30th, an FTX-associated address [requested a redemption](https://etherscan.io/tx/0x0b3796cf79fe87d15dfe9bd038941adc9ccb693694c28bbacba12989d48f0c78?ref=blog.threshold.network) of 76.81431578 BTC. @@ -23,7 +32,7 @@ After some time, this redemption request was approved by the redemptions maintai Shortly after, **something incredible happened**. -An unknown third party [sent BTC transactions](https://mempool.space/tx/afbd1e38fd6cf282b1d42973d7c0b52705b9b311c08ea49e50ba9a6d4faff582?ref=blog.threshold.network)to two of the wallets behind tBTC. +An unknown third party [sent BTC transactions](https://mempool.space/tx/afbd1e38fd6cf282b1d42973d7c0b52705b9b311c08ea49e50ba9a6d4faff582?ref=blog.threshold.network) to two of the wallets behind tBTC. Now, this happens all the time — tBTC is minted by depositing BTC, after all. But instead of a normal deposit transaction, these transactions were crafted manually in such a way that the tBTC signing clients thought the wallets were "busy" moving funds, and unable to service redemption requests. The approval maintainer waited for the wallets to no longer be "busy" — which never happened. @@ -37,15 +46,15 @@ At this point, alerting and monitoring systems used by contributors across the D By then, we'd also come to understand that one of the blocked redemptions was associated with FTX. -## The second bug — redemption mechanism design flaw +### The Second Bug: A Redemption Mechanism Design Flaw The second bug became apparent as we prepared the first patch. -The Threshold DAO can delegate to multiple approver addresses in the`WalletCoordinator`contract. +The Threshold DAO can delegate to multiple approver addresses in the `WalletCoordinator` contract. Unfortunately, as of today, there has only been one delegation to a single maintainer address — a single point of failure. Today, that address is controlled by a US-owned company, disallowed from approving the FTX-associated redemption. -### Fixing the mechanism design +#### Fixing the Redemption Mechanism Only having a single delegated approver with $25M in TVL was an oversight. Still, the bigger issue is the mechanism design itself. @@ -68,10 +77,10 @@ Finally, if and when the community judges the system secure without a redemption However this mechanism design flaw is resolved, we've learned a ton from this experience ­— and I'm glad we learned it this week rather than 10x from here. -## What next? +### Next Steps for the Threshold DAO and Community The DAO and community have decisions to make. Whether the community decides to add another approver address, upgrade the contracts to an "optimistic redemption"-style mechanism, or research and consider other options, as a dev team, we're here to advise, and help build a more robust, secure, and neutral future of finance, together. -*This blog was originally posted under the [Threshold Network website](https://blog.threshold.network/a-tale-of-two-bugs/).* +*This blog was originally posted under the [Threshold Network website](https://blog.threshold.network/a-tale-of-two-bugs/).* diff --git a/src/pages/news/2024-04-15-tbtc-is-for-l2s.md b/src/pages/news/2024-04-15-tbtc-is-for-l2s.md index 8c41e4d0..be5ee29f 100644 --- a/src/pages/news/2024-04-15-tbtc-is-for-l2s.md +++ b/src/pages/news/2024-04-15-tbtc-is-for-l2s.md @@ -1,16 +1,21 @@ --- template: news-item -title: tBTC is for L2s +title: "tBTC is for L2s: The Trust-Minimized Bitcoin Bridge for Layer 2 Scaling" description: >- - Today’s tBTC is a robust, semi-permissioned Bitcoin bridge, iterating toward - full trust-minimization. tBTC has been in production for nearly 3.5 years - without major incident with over [2,500 BTC bridged at its - peak](https://dune.com/threshold/tbtc?ref=blog.threshold.network), serving - users on Solana, Arbitrum, Optimism, Polygon, and Ethereum—making it one of - the most trustworthy bridges in the space. + tBTC is a semi-permissioned Bitcoin bridge that has been in production for nearly four years, and continues to evolve towards full trust-minimization for users on Solana, Arbitrum, Optimism, Polygon, and Ethereum. canonicalUrl: https://blog.threshold.network/tbtc-is-for-l2s/ date: 2024-04-15T12:35:21.390Z +tags: + - featured + - tBTC + - Bitcoin L2 + - decentralized finance + - Ethereum + - trust-minimized bridge --- + +## tBTC: The Trust-Minimized Bridge for Bitcoin L2s + Bitcoin is having a moment. No, it’s not *just* [the ETF](https://thesis.co/blog/the-bitcoin-etf-is-here/?ref=blog.threshold.network). It’s not *just* [Ordinals](https://nftnow.com/news/research-and-mining-report-highlights-bitcoins-enduring-impact/?ref=blog.threshold.network). It’s not *just* [the Halving](https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-halving/?ref=blog.threshold.network), it’s not [*just* BitVM](https://bitvm.org/bitvm.pdf?ref=blog.threshold.network), and it’s not *just* [Stacks](https://unchainedcrypto.com/stacks-a-bitcoin-layer-2-protocol-sees-all-time-high-in-total-value-locked/?ref=blog.threshold.network). @@ -21,7 +26,7 @@ Alongside the surge of interest in Bitcoin, decentralized finance (DeFi) markets So, how can BTC take its rightful place in the L2 DeFi ecosystem, and how did we arrive to this new paradigm of ‘Building on Bitcoin’? -## A quick history +### A Quick History of Bitcoin L2s For years, the Lightning network—a channel-based payment network that later inspired Plasma and optimistic roll-ups—was called “the only Bitcoin L2”. @@ -29,8 +34,6 @@ The reason for that was simple. Bitcoin is an incredibly stable development plat Bitcoin is also a notoriously difficult platform. As the first production blockchain, developer experience wasn’t a priority. The scripting language is obtuse, and the programming model isn’t very expressive. This has served its primary use as money just fine. But over the years, many application developers have given up on Bitcoin development, leaving for easier, more expressive platforms. -## Taproot: A slow revolution - So, what exactly has changed to cause this renewed interest? Has Bitcoin gotten an upgrade? Sort of! A soft-fork in 2021 [introduced Taproot](https://cointelegraph.com/news/breaking-the-bitcoin-network-welcomes-taproot-soft-fork-upgrade?ref=blog.threshold.network), allowing larger programs on the Bitcoin network. @@ -39,7 +42,7 @@ That upgrade, nearly 3 years ago, seemed innocuous to many outside a small group Ordinals, the controversial satoshi-hunting NFT meta-protocol on Bitcoin, and BitVM, a new way to run publicly verifiable programs on Bitcoin, are both built on Taproot—and have both spurred new developer interest across the network. With this renewed developer interest and improved programmability on Bitcoin, small communities began to wonder: can we improve the current landscape of Bitcoin L2s? -## So, what makes a Bitcoin L2? +### What Defines a Bitcoin L2? Even as they continue cropping up, the use of the term “L2” at all is controversial . On other networks like Ethereum, the definition of an L2 has been debated for years. @@ -57,7 +60,7 @@ Alexei at [BOB](https://twitter.com/build_on_bob) puts it quite well: To call a network a Bitcoin L2, it needs to somehow share the security of the Bitcoin network, and it needs to use BTC as an asset. -## tBTC is primed for Bitcoin Renaissance +### tBTC: Primed for the Bitcoin Renaissance Whether you’re hacking on Lightning, DLCs, BRC-20s, or a new Bitcoin-based network, it’s clear that we’re in a Bitcoin Renaissance—a term coined by Elizabeth Stark at Lightning Labs, and now being spun into a [full-blown conference](https://bitcoin-renaissance.com/) later this month. @@ -65,7 +68,7 @@ Of course, my favorite indicator is the number of teams who have reached out abo Rather than backing bitcoin against a 1:1 reserve of an additional collateral token, tBTC directly taps into the power of BTC to bridge it to other networks via smart contracts and a randomly selected group of signers. [Those who stake T](https://docs.threshold.network/staking-and-running-a-node/tbtc-beta-stakers-program?ref=blog.threshold.network), the native Threshold token, act as signers in the network. -## Ready for L2s +### The Evolution of tBTC: From Semi-Permissioned to Fully Trust-Minimized Today’s tBTC is a robust, semi-permissioned Bitcoin bridge, iterating toward full trust-minimization. tBTC has been in production for nearly 3.5 years without major incident with over [2,500 BTC bridged at its peak](https://dune.com/threshold/tbtc?ref=blog.threshold.network), serving users on Solana, Arbitrum, Optimism, Polygon, and Ethereum—making it one of the most trustworthy bridges in the space. @@ -75,7 +78,7 @@ While L2 proponents will debate over different models and definitions, one thing To avoid reinventing the wheel, new L2 founders can opt to use tBTC as their Bitcoin bridge. tBTC can seriously speed up development for new Bitcoin L2s by solving one of their two major issues—**a secure, production-ready, and well-audited Bitcoin bridge**. -## Our principles +### Our Principles: Security, Neutrality, and Economic Alignment For the Threshold DAO and tBTC developers, this influx of L2 interest has been a welcome challenge. How might we best support these teams? How should we treat developers outside the Threshold ecosystem? @@ -87,7 +90,7 @@ I’d like to propose a few principles that we follow as a community. **Economic alignment—**Today, the Threshold DAO subsidizes the security monitoring and staking rewards powering the tBTC bridge. We are an established project, but we don’t have unlimited resources. If we’re made to pick between helping different projects build on tBTC, we should prefer those with economic models that make the tBTC bridge stronger and more sustainable. -## tBTC SDK +### tBTC SDK: Enabling Seamless Bitcoin Integration for L2s With developers in mind, we launched the [tBTC SDK](https://docs.threshold.network/app-development/tbtc-v2/tbtc-sdk/?ref=blog.threshold.network). The SDK can be used to enable seamless Bitcoin L1 deposits across dApps, wallets, and new L2s. @@ -95,7 +98,7 @@ A live, running example of this at play is present in our [Threshold Dashboard]( As we publish more docs and example code, and more projects build on the SDK, documentation and cross-chain liquidity will continue to grow. -## Let’s bring Bitcoin to the masses +### Join the Bitcoin Renaissance with tBTC If you’re working on a Bitcoin L2 and looking for a robust bridge that’s stood the test of time, we’d love to help! diff --git a/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md b/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md index 619a56c1..64c2fc75 100644 --- a/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md +++ b/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md @@ -1,20 +1,28 @@ --- template: news-item -title: The evolution of tBTC and the end of over-collateralization +title: "The Evolution of tBTC: Scalable Bitcoin Bridging and the End of Over-Collateralization" description: >- - What we have today in tBTC is a proven model, and as Bitcoin L2s heat up, tBTC - is positioned to be one of the most significant contributors to continuing the - growth of this sector thanks to L2s using tBTC as their foundation. + Discover how tBTC has transformed over the years into a scalable, trust-minimized Bitcoin bridge, poised to fuel the growth of Bitcoin Layer 2 networks by eliminating the need for over-collateralization. + date: 2024-04-17T11:09:46.661Z +tags: + - featured + - tBTC + - Bitcoin + - Ethereum + - DeFi + - Layer 2 --- -## The history of tBTC +## The Evolution of tBTC: A Decentralized Bitcoin Bridge -[Billions of dollars](https://defillama.com/protocol/merlins-seal) in BTC is currently being activated thanks to Bitcoin L2s. The Bitcoin scaling narrative is only going to grow from here as funding continues to pour in, the L2s announce their official launches, and industry OGs continue to [validate the narrative](https://twitter.com/anuragarjun/status/1772721722745299352). +[Billions of dollars](https://defillama.com/protocol/merlins-seal) in BTC are currently being activated thanks to Bitcoin L2s. The Bitcoin scaling narrative is only going to grow from here as funding continues to pour in, the L2s announce their official launches, and industry OGs continue to [validate the narrative](https://twitter.com/anuragarjun/status/1772721722745299352). Attempting to capture a share of this rapidly growing L2 market, various BTC bridge models are popping up. Yet, these protocols show that they are not forward-looking, using outdated overcollateralized models or making unrealistic claims of achieving trustlessness. On the contrary, the tBTC Bitcoin bridge has been in operation for nearly 4 years. And over those years, it has undergone stress tests and important changes that set it apart from the rest of the tokenized BTC market. Built by a team at [Thesis](https://thesis.co/) and powered by the [Threshold Network](https://threshold.network/), tBTC is the only long-term scalable and decentralized Bitcoin bridge in production. [](https://thesis.co/) +### The History of tBTC: A Trust-Minimized Bitcoin Bridge + Since its inception, tBTC has: * Safely bridged over [8k BTC](https://tbtcscan.com/) ($560M+ today) @@ -22,7 +30,7 @@ Since its inception, tBTC has: Where tBTC truly stands out is its robust history, evolving from a simple overcollateralized bridge model into a trust-minimized solution with a distributed set of network signers. As Bitcoin L2 networks create a path for the world’s hardest currency to take a larger place in global commerce, tBTC plays a crucial step in activating idle BTC. -## What sets tBTC apart? +### What Sets tBTC Apart from Other Bitcoin Bridges? tBTC is open-source and has been [since day one](https://tbtc.network/news/2020-03-25-tbtc-is-now-fully-open-sourced/). This commitment to code transparency remains the best standard for building secure decentralized infrastructures. @@ -32,7 +40,7 @@ tBTC v2 can sidestep the requirement of the economic guarantees via over-collate While every other wrapped BTC solution is a centralized or hybrid alternative, tBTC stands out as a trust-minimized bridge aligned with Bitcoin’s tenets of accessibility, security, and transparency. -## Evolution from v1 to v2 +### The Evolution from tBTC v1 to tBTC v2 Today, tBTC is a trust-minimized bitcoin bridge, but getting there was meticulous and well-considered. Bitcoin bridge models can either use a trusted middleman, like Bitgo with wBTC, to create a 1:1 ERC-20 representation of BTC, or they can overcollateralize to provide an “economic guarantee” of security. @@ -46,7 +54,7 @@ Although technically an effective means of bridging BTC, tBTC v1 couldn't due to Many Bitcoin bridging models proposed in the last 6 months are designed this way, but having walked this path, tBTC has moved on to a more efficient alternative. -## tBTC v2 and the end of over-collateralization +### tBTC v2: Ending Over-Collateralization for Scalable Bitcoin Bridging Shortly after Keep Network and NuCypher [merged to create](https://www.coinbase.com/en-es/cloud/discover/protocol-guides/guide-to-threshold#:~:text=As%20a%20milestone%20in%20crypto,tools%20and%20distributed%20node%20network.) the Threshold Network, tBTC v2 debuted a more capital-efficient model: rather than over-collateralization, security is provided by the probabilistic and statistical guarantees of a distributed and random signer selection process. Through this method, tBTC reserves remain fully backed by BTC across Threshold’s decentralized custody network. The key components of v2: @@ -56,10 +64,12 @@ tBTC v2 went live in January 2023, allowing [deposits only](https://blog.thre With the historic learnings from tBTC v1 and the current progress of v2, Threshold is primed to continue it’s success as the most [Lindy]() decentralized bitcoin bridge.[]() -## This is your friendly reminder +### The Future of Bitcoin L2 Scaling and tBTC The evolution of Bitcoin’s L2 scaling will not be risk-free. Protocols that rely on rushed and under-engineered bridging models will not be able to compete with those that are time-tested and designed for long-term scaling. Whether by way of single-entity custody risk or capital restrictions that prevent scaling, other bridges show areas of weakness for the Bitcoin L2 season that everyone is looking forward to. At the foundation of the Bitcoin L2 sector is tokenized bitcoin, where tBTC is positioned to be a significant contributor. As more networks look for ways to activate BTC capital in their ecosystem, tBTC will be an increasingly attractive option for its robust history and functionality. +### Conclusion: tBTC as a Proven Model for Decentralized Bitcoin Bridging + Bitcoin bridging innovation is not an easy problem to solve. Even breakthrough applications like BitVM are [showing flaws](https://medium.com/@twhittle/bitvm-bridges-considered-unsafe-9e1ce75c8176), seeming to be years away from finding a safe and secure bridging application. What we have today in tBTC is a proven model, and as Bitcoin L2s heat up, tBTC is positioned to be one of the most significant contributors to continuing the growth of this sector thanks to L2s using tBTC as their foundation. diff --git a/yarn.lock b/yarn.lock index 31a9f23b..0aa689e9 100644 --- a/yarn.lock +++ b/yarn.lock @@ -4094,9 +4094,9 @@ caniuse-api@^3.0.0: lodash.uniq "^4.5.0" caniuse-lite@^1.0.0, caniuse-lite@^1.0.30001109, caniuse-lite@^1.0.30001646: - version "1.0.30001651" - resolved "https://registry.yarnpkg.com/caniuse-lite/-/caniuse-lite-1.0.30001651.tgz#52de59529e8b02b1aedcaaf5c05d9e23c0c28138" - integrity sha512-9Cf+Xv1jJNe1xPZLGuUXLNkE1BoDkqRqYyFJ9TDYSqhduqA4hu4oR9HluGoWYQC/aj8WHjsGVV+bwkh0+tegRg== + version "1.0.30001653" + resolved "https://registry.yarnpkg.com/caniuse-lite/-/caniuse-lite-1.0.30001653.tgz#b8af452f8f33b1c77f122780a4aecebea0caca56" + integrity sha512-XGWQVB8wFQ2+9NZwZ10GxTYC5hk0Fa+q8cSkr0tgvMhYhMHP/QC+WTgrePMDBWiWc/pV+1ik82Al20XOK25Gcw== ccount@^1.0.0, ccount@^1.0.3: version "1.1.0" @@ -6152,9 +6152,9 @@ eslint-loader@^2.2.1: rimraf "^2.6.1" eslint-module-utils@^2.8.0: - 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version "3.21.5" - resolved "https://registry.yarnpkg.com/uploadcare-widget/-/uploadcare-widget-3.21.5.tgz#476f0bde12df6872a1167d6253f7c4b47481564a" - integrity sha512-P7mXGoJLfh4OoN7yXI9psXovv9NDgstZQrKFsjJG+gEcbw/BtEQew7BHN8IxUZaeQ+uakS+a+eK4RotDpdY6IA== + version "3.21.6" + resolved "https://registry.yarnpkg.com/uploadcare-widget/-/uploadcare-widget-3.21.6.tgz#1edd838bd9c05cecc33586554158d9433c7cfa1e" + integrity sha512-fCt3OAag3C16I3VvuIRziM542FCsCgefZKehXOU0ZvC7MxYiEuqS8SY3xQDGEVgU5v+DYNbM7Z03q4mnS0qPNg== dependencies: escape-html "^1.0.3" jquery "^3.7.1" From 083c62168e470e466e9d701fb48242eef254d7b5 Mon Sep 17 00:00:00 2001 From: LJ Date: Mon, 26 Aug 2024 20:35:32 -0400 Subject: [PATCH 4/8] Basic meta description cleanup for English blog posts. --- .../news/2020-02-14-announcing-tbtc-js.md | 2 +- src/pages/news/2020-02-14-ropsten.md | 2 +- src/pages/news/2020-03-09-tbtc-101.md | 2 +- ...200\231s-dapp-code-is-now-open-sourced.md" | 2 -- ...20-03-25-tbtc-is-now-fully-open-sourced.md | 2 -- ...04-06-tbtc-will-launch-on-april-27-2020.md | 6 ++---- ...rmissionless-signer-stake-eth-earn-keep.md | 2 -- .../news/2020-04-24-tbtc-launch-key-dates.md | 2 +- ...-supported-by-75-percent-of-defi-market.md | 2 -- ...w-tbtc-is-erc-20-erc-721-and-stablecoin.md | 4 ++-- src/pages/news/2020-05-06-what-is-defi-1.md | 2 +- ...btc-lets-people-use-bitcoin-on-compound.md | 2 +- ...f-the-tbtc-deposit-pause-on-may-18-2020.md | 2 -- ...-an-update-on-tbtc\342\200\231s-launch.md" | 2 +- .../2020-08-03-how-to-stake-eth-on-tbtc.md | 2 -- .../news/2020-08-03-how-to-use-metamask.md | 2 +- .../news/2020-08-05-what-is-a-bitcoin-utxo.md | 2 +- src/pages/news/2020-09-22-tbtc-is-live.md | 21 ++----------------- ...es-bridge-with-celo-blockchain-platform.md | 4 +--- ...tbtc-custody-support-now-live-on-gemini.md | 4 +--- ...01-tbtc-deposits-are-now-live-on-kraken.md | 12 +---------- ...020-12-15-tbtc-is-available-on-coinlist.md | 6 ++---- 22 files changed, 20 insertions(+), 67 deletions(-) diff --git a/src/pages/news/2020-02-14-announcing-tbtc-js.md b/src/pages/news/2020-02-14-announcing-tbtc-js.md index 411d2dbe..6604e2ad 100644 --- a/src/pages/news/2020-02-14-announcing-tbtc-js.md +++ b/src/pages/news/2020-02-14-announcing-tbtc-js.md @@ -1,7 +1,7 @@ --- title: Announcing tbtc.js date: 2020-02-14 -description: lol +description: tbtc.js makes it easy for developers to directly integrate Bitcoin into their dApps. template: news-item path: news/2020-02-14-announcing-tbtc-js --- diff --git a/src/pages/news/2020-02-14-ropsten.md b/src/pages/news/2020-02-14-ropsten.md index ad73b2ae..9cde20e4 100644 --- a/src/pages/news/2020-02-14-ropsten.md +++ b/src/pages/news/2020-02-14-ropsten.md @@ -1,7 +1,7 @@ --- template: news-item title: tBTC on Ropsten -description: lol +description: The first release of tBTC is now live on Ropsten, the public Ethereum testnet. date: 2020-02-14T15:04:10.000Z --- tBTC is Open-Source and Live on Ropsten diff --git a/src/pages/news/2020-03-09-tbtc-101.md b/src/pages/news/2020-03-09-tbtc-101.md index e9d150a9..73a9baa0 100644 --- a/src/pages/news/2020-03-09-tbtc-101.md +++ b/src/pages/news/2020-03-09-tbtc-101.md @@ -1,7 +1,7 @@ --- template: news-item title: tBTC 101 -description: The basics to know about tBTC +description: What you need to know about tBTC, the sidechain designed to allow BTC holders a way to trustlessly earn yield with their Bitcoin. date: 2020-03-09T16:55:59.524Z path: news/2020-03-09-tbtc-101 --- diff --git "a/src/pages/news/2020-03-12-tbtc\342\200\231s-dapp-code-is-now-open-sourced.md" "b/src/pages/news/2020-03-12-tbtc\342\200\231s-dapp-code-is-now-open-sourced.md" index a80e9e95..d5469f89 100644 --- "a/src/pages/news/2020-03-12-tbtc\342\200\231s-dapp-code-is-now-open-sourced.md" +++ "b/src/pages/news/2020-03-12-tbtc\342\200\231s-dapp-code-is-now-open-sourced.md" @@ -4,8 +4,6 @@ title: tBTC’s Reference dApp is Now Open-Source description: tBTC’s Reference dApp is Now Open-Source date: 2020-03-12T16:51:10.284Z path: news/2020-03-12-tbtc’s-dapp-code-is-now-open-sourced -tags: - - featured --- The reference dApp for tBTC [is now open-source](https://github.com/keep-network/tbtc-dapp)! Anyone interested in integrating tBTC is welcome to fork and customize the dApp fit their needs. diff --git a/src/pages/news/2020-03-25-tbtc-is-now-fully-open-sourced.md b/src/pages/news/2020-03-25-tbtc-is-now-fully-open-sourced.md index 2ae51d93..9426e6a6 100644 --- a/src/pages/news/2020-03-25-tbtc-is-now-fully-open-sourced.md +++ b/src/pages/news/2020-03-25-tbtc-is-now-fully-open-sourced.md @@ -3,8 +3,6 @@ template: news-item title: tBTC Is Now Fully Open-Sourced description: tBTC Is Now Fully Open-Sourced date: 2020-03-25T18:02:20.718Z -tags: - - featured --- tBTC is now fully open-sourced, including the code for signers’ groups. diff --git a/src/pages/news/2020-04-06-tbtc-will-launch-on-april-27-2020.md b/src/pages/news/2020-04-06-tbtc-will-launch-on-april-27-2020.md index 60e248c7..cb55d38b 100644 --- a/src/pages/news/2020-04-06-tbtc-will-launch-on-april-27-2020.md +++ b/src/pages/news/2020-04-06-tbtc-will-launch-on-april-27-2020.md @@ -1,10 +1,8 @@ --- template: news-item -title: 'tBTC Will Launch on April 27, 2020' -description: 'tBTC Will Launch on April 27, 2020' +title: tBTC Will Launch on April 27, 2020 +description: tBTC will launch on Ethereum mainnet on April 27th, 2020, where users will have full functionality to deposit BTC, mint and redeem tBTC, and use it in DeFi apps. date: 2020-04-06T16:12:33.160Z -tags: - - '' --- tBTC will launch on Ethereum mainnet on April 27th, 2020. Users will have full functionality to deposit BTC, mint and redeem tBTC, and use it in Ethereum DeFi apps. diff --git a/src/pages/news/2020-04-14-become-a-tbtc-permissionless-signer-stake-eth-earn-keep.md b/src/pages/news/2020-04-14-become-a-tbtc-permissionless-signer-stake-eth-earn-keep.md index e9ff4483..ca2211eb 100644 --- a/src/pages/news/2020-04-14-become-a-tbtc-permissionless-signer-stake-eth-earn-keep.md +++ b/src/pages/news/2020-04-14-become-a-tbtc-permissionless-signer-stake-eth-earn-keep.md @@ -3,8 +3,6 @@ template: news-item title: 'Become a tBTC Permissionless Signer: Stake ETH, Earn KEEP' description: 'Stake ETH, Earn KEEP / Stakedrop announcement' date: 2020-04-14T21:42:48.038Z -tags: - - featured --- The first Keep “stakedrop” will begin June 8th. Any ETH holder can earn fees by becoming a tBTC signer. **[Register here for the virtual event at 12pm EST](https://www.crowdcast.io/e/keep-stakedrop---live/register)** to participate as a tBTC signer during the 6-month stakedrop, earning fees and gaining your permanent place as a signer. diff --git a/src/pages/news/2020-04-24-tbtc-launch-key-dates.md b/src/pages/news/2020-04-24-tbtc-launch-key-dates.md index ba5a827b..2e648098 100644 --- a/src/pages/news/2020-04-24-tbtc-launch-key-dates.md +++ b/src/pages/news/2020-04-24-tbtc-launch-key-dates.md @@ -1,7 +1,7 @@ --- template: news-item title: 'tBTC Launch: Key Dates' -description: tBTC launch week key dates rollout plan +description: Find out the key dates for tBTC launch week date: 2020-04-24T14:18:16.145Z --- tBTC will begin moving toward full mainnet launch over the coming weeks. Launch will occur over a series of milestones starting April 24th. diff --git a/src/pages/news/2020-04-29-tbtc-launch-supported-by-75-percent-of-defi-market.md b/src/pages/news/2020-04-29-tbtc-launch-supported-by-75-percent-of-defi-market.md index 67628f7e..de6095de 100644 --- a/src/pages/news/2020-04-29-tbtc-launch-supported-by-75-percent-of-defi-market.md +++ b/src/pages/news/2020-04-29-tbtc-launch-supported-by-75-percent-of-defi-market.md @@ -3,8 +3,6 @@ template: news-item title: tBTC Launch Supported by 75 Percent of DeFi Market description: tBTC Launch Supported by 75 Percent of DeFi Market date: 2020-04-29T15:18:31.976Z -tags: - - featured --- The launch of [tBTC](https://tbtc.network/), the open-source project that allows people to use Bitcoin safely in Ethereum DeFi apps, began this week with the support of more than 40 companies including MakerDAO, Compound and Uniswap, which collectively represent [three quarters](https://defipulse.com/) of the total DeFi market. diff --git a/src/pages/news/2020-05-06-3-in-1-how-tbtc-is-erc-20-erc-721-and-stablecoin.md b/src/pages/news/2020-05-06-3-in-1-how-tbtc-is-erc-20-erc-721-and-stablecoin.md index 3945571c..f17d7c26 100644 --- a/src/pages/news/2020-05-06-3-in-1-how-tbtc-is-erc-20-erc-721-and-stablecoin.md +++ b/src/pages/news/2020-05-06-3-in-1-how-tbtc-is-erc-20-erc-721-and-stablecoin.md @@ -1,7 +1,7 @@ --- template: news-item -title: '3-in-1: How tBTC is ERC-20, ERC-721, and Stablecoin' -description: 'How tBTC is ERC-20 Token, ERC-721, and Stablecoin' +title: '3-in-1: How tBTC is an ERC-20, ERC-721, and Stablecoin' +description: 'Lean how tBTC allows people to act on the Ethereum blockchain using Bitcoin.' date: 2020-05-06T15:34:44.666Z --- tBTC allows people to act on the Ethereum blockchain using Bitcoin. tBTC is minted when a user provides proof of their BTC deposit, and it can be thought of as simultaneously three types of tokens: an ERC-20 token, an ERC-721 token, and a stablecoin. diff --git a/src/pages/news/2020-05-06-what-is-defi-1.md b/src/pages/news/2020-05-06-what-is-defi-1.md index 1c9fea12..7e0aa51b 100644 --- a/src/pages/news/2020-05-06-what-is-defi-1.md +++ b/src/pages/news/2020-05-06-what-is-defi-1.md @@ -1,7 +1,7 @@ --- template: news-item title: What Is DeFi? -description: What Is DeFi? +description: Decentralized finance -- or DeFi -- is a term for financial services delivered through decentralized technology, particularly blockchains. date: 2020-05-06T17:29:36.410Z --- Decentralized finance -- or DeFi -- is a term for financial services delivered through decentralized technology, particularly blockchains. Many in business and technology have identified middlemen such as banks and ratings agencies as weak points in financial systems. DeFi aims to eliminate the problem of middlemen by delivering financial services -- such as collateralized loans, dividends, and equity in various assets -- through decentralized smart contracts that are efficient, transparent, and widely accessible. diff --git a/src/pages/news/2020-05-11-how-tbtc-lets-people-use-bitcoin-on-compound.md b/src/pages/news/2020-05-11-how-tbtc-lets-people-use-bitcoin-on-compound.md index c0fecf04..bb94e002 100644 --- a/src/pages/news/2020-05-11-how-tbtc-lets-people-use-bitcoin-on-compound.md +++ b/src/pages/news/2020-05-11-how-tbtc-lets-people-use-bitcoin-on-compound.md @@ -1,7 +1,7 @@ --- template: news-item title: How tBTC Lets People Use Bitcoin on Compound -description: How tBTC Lets People Use Bitcoin on Compound +description: One of the first things people will be able to do with their tBTC is an integration with Compound, an Ethereum-based algorithmic money market protocol that lets users earn interest or borrow assets. date: 2020-05-11T18:40:17.656Z --- tBTC lets people use Bitcoin to act on the Ethereum blockchain. One of the first things people will be able to do with their tBTC is an integration with Compound, an Ethereum-based algorithmic money market protocol that lets users earn interest or borrow assets. Compound represents [over 12%](https://defipulse.com/) of the total defi market. diff --git a/src/pages/news/2020-05-21-details-of-the-tbtc-deposit-pause-on-may-18-2020.md b/src/pages/news/2020-05-21-details-of-the-tbtc-deposit-pause-on-may-18-2020.md index cdacaf15..693535ac 100644 --- a/src/pages/news/2020-05-21-details-of-the-tbtc-deposit-pause-on-may-18-2020.md +++ b/src/pages/news/2020-05-21-details-of-the-tbtc-deposit-pause-on-may-18-2020.md @@ -3,8 +3,6 @@ template: news-item title: 'Details of the tBTC Deposit Pause on May 18, 2020' description: 'Details of the tBTC Deposit Pause on May 18, 2020' date: 2020-05-21T17:02:51.487Z -tags: - - featured --- On the morning UTC of May 18, 2020, [the 10-day emergency pause of deposits](https://etherscan.io/tx/0xc5c08e982cfdd9d11b01c32bcb16b1597aa792c0bdf0f65d0a21386dd1edc846#eventlog) allowed by the [tBTC System contract](http://etherscan.io/address/0x41A1b40c1280883eA14C6a71e23bb66b83B3fB59) was [triggered](https://etherscan.io/tx/0xc5c08e982cfdd9d11b01c32bcb16b1597aa792c0bdf0f65d0a21386dd1edc846#eventlog). The action was taken after a significant issue in the redemption flow of deposit contracts was found that put signer bonds at risk in certain situations. diff --git "a/src/pages/news/2020-05-22-an-update-on-tbtc\342\200\231s-launch.md" "b/src/pages/news/2020-05-22-an-update-on-tbtc\342\200\231s-launch.md" index 65813a2a..cf3f6a49 100644 --- "a/src/pages/news/2020-05-22-an-update-on-tbtc\342\200\231s-launch.md" +++ "b/src/pages/news/2020-05-22-an-update-on-tbtc\342\200\231s-launch.md" @@ -1,7 +1,7 @@ --- template: news-item title: An Update on tBTC’s Launch -description: An Update on tBTC’s Launch +description: Find out more on tBTC's 10-day pause of deposits. date: 2020-05-22T18:19:06.656Z --- On Friday, May 15, the alpha version of tBTC -- release candidate zero (rc.0) -- went live. On the morning of May 18, [the 10-day emergency pause of deposits](https://etherscan.io/tx/0xc5c08e982cfdd9d11b01c32bcb16b1597aa792c0bdf0f65d0a21386dd1edc846#eventlog) allowed by the [tBTCSystem contract](http://etherscan.io/address/0x41A1b40c1280883eA14C6a71e23bb66b83B3fB59) was triggered. This occurred after a significant issue in the redemption flow of deposit contracts was identified that put signer bonds at risk in certain situations. diff --git a/src/pages/news/2020-08-03-how-to-stake-eth-on-tbtc.md b/src/pages/news/2020-08-03-how-to-stake-eth-on-tbtc.md index 10b452c4..dd05dfae 100644 --- a/src/pages/news/2020-08-03-how-to-stake-eth-on-tbtc.md +++ b/src/pages/news/2020-08-03-how-to-stake-eth-on-tbtc.md @@ -5,8 +5,6 @@ description: >- Members of the Keep Network can “delegate,” or stake, ETH for a chance to be selected as signers, who verify and hold BTC deposited by users of the app. date: 2020-08-03T14:45:10.925Z -tags: - - '' --- tBTC, which lets people use Bitcoin to access Ethereum DeFi apps, uses a system of random signing groups to process transactions. Signers must bond an amount of ETH equal to 150% the value of the BTC being deposited, in order to disincentivize bad behavior. This 150% bond is forfeited in the event a signer does not perform their required function -- for example, sending a BTC redemption to an incorrect wallet address. diff --git a/src/pages/news/2020-08-03-how-to-use-metamask.md b/src/pages/news/2020-08-03-how-to-use-metamask.md index aaf0c32a..c4542d5b 100644 --- a/src/pages/news/2020-08-03-how-to-use-metamask.md +++ b/src/pages/news/2020-08-03-how-to-use-metamask.md @@ -1,7 +1,7 @@ --- template: news-item title: How to Use Metamask -description: How to Use Metamask +description: Learn more about a critical tool to help you hold, transfer, and deposit Ethereum’s ERC-20 tokens, including tBTC. date: 2020-08-03T14:49:45.894Z --- tBTC lets Bitcoin holders access DeFi applications built on Ethereum. At launch, this will require BTC holders who may have limited experience with Ethereum to use tools that are unfamiliar to them.[ Metamask](https://metamask.io/) is one such tool. diff --git a/src/pages/news/2020-08-05-what-is-a-bitcoin-utxo.md b/src/pages/news/2020-08-05-what-is-a-bitcoin-utxo.md index 0012201d..8cfbd56a 100644 --- a/src/pages/news/2020-08-05-what-is-a-bitcoin-utxo.md +++ b/src/pages/news/2020-08-05-what-is-a-bitcoin-utxo.md @@ -1,7 +1,7 @@ --- template: news-item title: What is a Bitcoin UTXO? -description: What is a Bitcoin UTXO? +description: Explore why Unspent Transaction Outputs, or UTXOs, are an important element to the overall functioning of the Bitcoin blockchain and the purposes they serve on the network. date: 2020-08-05T14:21:26.502Z --- Unspent Transaction Outputs, or UTXOs, are an important element to the overall functioning of the Bitcoin blockchain. They can be thought of as leftover value from previous Bitcoin transactions, and they serve several purposes on the network. diff --git a/src/pages/news/2020-09-22-tbtc-is-live.md b/src/pages/news/2020-09-22-tbtc-is-live.md index e2090e7a..21b5cc51 100644 --- a/src/pages/news/2020-09-22-tbtc-is-live.md +++ b/src/pages/news/2020-09-22-tbtc-is-live.md @@ -1,37 +1,24 @@ --- template: news-item title: tBTC Is Live -description: tBTC is live +description: tBTC, the open-source project that allows people to use Bitcoin safely in Ethereum DeFi apps, is live and ready to use! + date: 2020-09-22T13:27:02.333Z -tags: - - '' --- tBTC, the open-source project that allows people to use Bitcoin safely in Ethereum DeFi apps, is live and ready to be used. A project of Keep, Summa and the Cross-Chain Group, tBTC lets people exchange BTC for tBTC, an ERC-20 token that can be used on DeFi platforms, at a rate of 1:1. - - Each tBTC token is fully backed and matched by at least 1 BTC held in reserve. tBTC is trustless, using a random beacon to select “signers” who have responsibility for the deposited BTC. People can convert tBTC to BTC, and vice-versa with no intermediary needed to sign off. There are three steps for people to mint tBTC on [tbtc.network](https://tbtc.network/) and track their Bitcoin. - - The project uses threshold ECDSA, which is audited and in use on wallets and exchanges. Via Nexus Mutual, there are protections of funds covering issues in Solidity on Ethereum. - - tBTC has undergone three audits. tBTC concluded its first security audit, by ConsenSys, in March. In June, a second audit by Trail of Bits was concluded and in August there was a Bitcoin audit conducted by Sergei Delgado. - - tBTC’s launch is in accordance with a “release candidate” model. Release candidates progress from 0, to 1, to 2, onward until a candidate is deemed final and upgraded to the stable release. The alpha launch of tBTC -- known as rc.0 -- went live on mainnet in May after a public audit from ConsenSys Diligence. An issue was discovered and there was a pause in accepting new funds. rc.1 resolves the issue, and is live as of September. - - The current live dApp built atop rc.1 will remain in alpha for a period of several weeks, during which there will be a graduated supply cap. Then, it will have a beta release cut. - - rc.1 has a hard cap on the tBTC supply, starting at 100 BTC in the first week. Each week, the contracts will loosen the deposit restriction based on a pre-committed schedule. @@ -44,10 +31,6 @@ rc.1 has a hard cap on the tBTC supply, starting at 100 BTC in the first week. E For the first 48 hours after going live, there is a low supply cap to allow for low-risk testing. The supply cap will then increase to 100 tBTC for the remainder of the first week, then go up to 250 tBTC a week later. - - The supply cap will increase by 250 tBTC every week until it reaches 1000 tBTC. After that, the increase will be by 500 tBTC every week until it reaches 3000 BTC nine weeks after going live. Then, a week later the supply cap will be lifted to 21M tBTC. - - If at any point a critical vulnerability is found in the smart contracts, there will be an emergency deposit pause, and a withdrawal of funds followed by a redeploy of the patched contracts as rc.2, resetting the cap schedule. After 6 months without incident, the emergency pause button will be disabled. diff --git a/src/pages/news/2020-10-01-tbtc-integrates-bridge-with-celo-blockchain-platform.md b/src/pages/news/2020-10-01-tbtc-integrates-bridge-with-celo-blockchain-platform.md index 5a6c3d50..735896c5 100644 --- a/src/pages/news/2020-10-01-tbtc-integrates-bridge-with-celo-blockchain-platform.md +++ b/src/pages/news/2020-10-01-tbtc-integrates-bridge-with-celo-blockchain-platform.md @@ -1,10 +1,8 @@ --- template: news-item title: tBTC Will Integrate Bridge With Celo Blockchain Platform -description: tBTC Will Integrate Bridge With Celo Blockchain Platform +description: Find out more about how tBTC will integrate with the Celo Platform, an open blockchain platform designed to make financial tools accessible on mobile. date: 2020-10-01T13:31:37.518Z -tags: - - featured --- tBTC, which enables Bitcoin holders to act on the Ethereum blockchain, will add an integration with the [Celo](https://celo.org/) Platform, an open blockchain platform designed to make financial tools accessible to people with a mobile phone. diff --git a/src/pages/news/2020-10-07-tbtc-custody-support-now-live-on-gemini.md b/src/pages/news/2020-10-07-tbtc-custody-support-now-live-on-gemini.md index d7b54c24..405ab7a1 100644 --- a/src/pages/news/2020-10-07-tbtc-custody-support-now-live-on-gemini.md +++ b/src/pages/news/2020-10-07-tbtc-custody-support-now-live-on-gemini.md @@ -1,10 +1,8 @@ --- template: news-item title: tBTC Custody Support Now Live on Gemini -description: tBTC Custody Support Now Live on Gemini +description: Users can now store and manage their tBTC tokens on Gemini date: 2020-10-07T15:01:56.809Z -tags: - - featured --- [Gemini](https://gemini.com/), the global cryptocurrency exchange and custodian, has added custody support for tBTC. An open-source project by [Keep](https://keep.network/), [Summa](https://summa.one/), and the [Cross-Chain Group](https://crosschain.group/), tBTC lets Bitcoin holders safely act on the Ethereum blockchain so they can earn using DeFi. diff --git a/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md b/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md index bb954157..ad57fd6c 100644 --- a/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md +++ b/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md @@ -1,25 +1,15 @@ --- template: news-item title: tBTC Deposits Are Now Live on Kraken -description: tBTC Deposits Are Now Live on Kraken +description: "Users can now deposit tBTC one of the largest cryptocurrency exchanges: Kraken, Kraken Pro, and OTC." date: 2020-12-01T20:05:25.351Z -tags: - - featured --- tBTC can now be deposited on [Kraken](https://blog.kraken.com/about/), one of the largest cryptocurrency exchanges. Users can deposit tBTC on Kraken, Kraken Pro, and OTC. - - To deposit tBTC on Kraken, Navigate to “Funding” and select tBTC, which you can find by searching for “tBTC”. Click “Deposit” and follow the on-screen instructions. 30 confirmations are required before deposits credit -- roughly six minutes. There are four tBTC trading pairs on Kraken: tBTC/USD, tBTC/EUR, tBTC/XBT, tBTC/ETH. - - Full details about tBTC on Kraken are available [here](https://blog.kraken.com/post/6910/listing-november-24-three-new-trading-assets-keep-tbtc-ant-and-one-new-staking-asset-ksm/). - - tBTC, the decentralized solution for using bitcoin in Ethereum DeFi, is designed as a safe and permissionless bridge between BTC and ETH. The app lets people exchange BTC for the ERC-20 tBTC token, which can be used on DeFi platforms, at a rate of 1:1. tBTC is fully audited and insured. - - Updates related to tBTC can be found on [the Discord channel](https://discord.com/invite/threshold?ref=tbtc.network). diff --git a/src/pages/news/2020-12-15-tbtc-is-available-on-coinlist.md b/src/pages/news/2020-12-15-tbtc-is-available-on-coinlist.md index a0e71315..45460a7a 100644 --- a/src/pages/news/2020-12-15-tbtc-is-available-on-coinlist.md +++ b/src/pages/news/2020-12-15-tbtc-is-available-on-coinlist.md @@ -1,12 +1,10 @@ --- template: news-item title: tBTC is Available on CoinList -description: tBTC is Available on CoinList +description: tBTC is now available on CoinList, trading platform for cryptocurrency early adopters date: 2020-12-15T16:48:35.697Z -tags: - - Featured --- -tBTC is now available on [](https://coinlist.co/)[CoinList](https://blog.coinlist.co/introducing-tbtc-minting-on-coinlist-a-trustless-approach-to-bitcoin-bridges/), a trading platform for cryptocurrency early adopters. tBTC, an open-source project of [Keep](https://keep.network/), [Summa](http://summa.one/) and the [Cross-Chain Group](https://crosschain.group/), lets people exchange BTC for tBTC, an ERC-20 token that can be used on DeFi platforms, at a rate of 1:1. +tBTC is now available on [CoinList](https://blog.coinlist.co/introducing-tbtc-minting-on-coinlist-a-trustless-approach-to-bitcoin-bridges/), a trading platform for cryptocurrency early adopters. tBTC, an open-source project of [Keep](https://keep.network/), [Summa](http://summa.one/) and the [Cross-Chain Group](https://crosschain.group/), lets people exchange BTC for tBTC, an ERC-20 token that can be used on DeFi platforms, at a rate of 1:1. Each tBTC token is fully backed and matched by at least 1 BTC held in reserve. Users can convert tBTC to BTC, and vice-versa, with no intermediary needed to sign off. From f8f756488d1c349dee6e2fd8cc951069a5c2dbd8 Mon Sep 17 00:00:00 2001 From: LJ Date: Wed, 28 Aug 2024 11:01:00 -0400 Subject: [PATCH 5/8] Fix grammatical error in blog post Ref #427 --- .../news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md b/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md index ad57fd6c..11b1bdd0 100644 --- a/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md +++ b/src/pages/news/2020-12-01-tbtc-deposits-are-now-live-on-kraken.md @@ -1,7 +1,7 @@ --- template: news-item title: tBTC Deposits Are Now Live on Kraken -description: "Users can now deposit tBTC one of the largest cryptocurrency exchanges: Kraken, Kraken Pro, and OTC." +description: "Users can now deposit tBTC on one of the largest cryptocurrency exchanges: Kraken, Kraken Pro, and OTC." date: 2020-12-01T20:05:25.351Z --- tBTC can now be deposited on [Kraken](https://blog.kraken.com/about/), one of the largest cryptocurrency exchanges. Users can deposit tBTC on Kraken, Kraken Pro, and OTC. From 82e39b99e02020b643a608bff8fe4d03d575b408 Mon Sep 17 00:00:00 2001 From: LJ Date: Wed, 28 Aug 2024 13:40:41 -0400 Subject: [PATCH 6/8] Fixed headers, shortened titles on featured posts --- src/pages/news/2024-04-15-a-tale-of-two-bugs.md | 13 ++++++------- src/pages/news/2024-04-15-tbtc-is-for-l2s.md | 16 ++++++++-------- ...tbtc-and-the-end-of-over-collateralization.md | 16 ++++++++-------- 3 files changed, 22 insertions(+), 23 deletions(-) diff --git a/src/pages/news/2024-04-15-a-tale-of-two-bugs.md b/src/pages/news/2024-04-15-a-tale-of-two-bugs.md index ce51e3e6..2799d252 100644 --- a/src/pages/news/2024-04-15-a-tale-of-two-bugs.md +++ b/src/pages/news/2024-04-15-a-tale-of-two-bugs.md @@ -1,6 +1,6 @@ --- template: news-item -title: "A Tale of Two Bugs: Uncovering Vulnerabilities in tBTC Amid the FTX Exploit" +title: "A Tale of Two Bugs: tBTC and the FTX Exploit" description: Explore how the FTX exploit uncovered two critical bugs in tBTC, including a denial-of-service vector and a redemption mechanism design flaw, and the steps taken to address them. canonicalUrl: https://blog.threshold.network/a-tale-of-two-bugs/ date: 2024-04-15T12:17:09.130Z @@ -11,8 +11,7 @@ tags: - Bitcoin bridge - DeFi security --- -## Examining the Impact of Two Bugs Exposed by the FTX Exploit - +## The Impact of Two Bugs Exposed by the FTX Exploit As has been reported this week, an address associated with the FTX exploit has been moving funds through a number of cross-chain projects. @@ -20,7 +19,7 @@ While most of the funds have [gone through Thorchain](https://www.theblock.co/po Neither bug puts user funds at risk. The first was patched and released yesterday, while the second requires community discussion and consensus. -### The First Bug: A Denial-of-Service Vector +## The First Bug: A Denial-of-Service Vector On Saturday, September 30th, an FTX-associated address [requested a redemption](https://etherscan.io/tx/0x0b3796cf79fe87d15dfe9bd038941adc9ccb693694c28bbacba12989d48f0c78?ref=blog.threshold.network) of 76.81431578 BTC. @@ -46,7 +45,7 @@ At this point, alerting and monitoring systems used by contributors across the D By then, we'd also come to understand that one of the blocked redemptions was associated with FTX. -### The Second Bug: A Redemption Mechanism Design Flaw +## The Second Bug: A Redemption Mechanism Design Flaw The second bug became apparent as we prepared the first patch. @@ -54,7 +53,7 @@ The Threshold DAO can delegate to multiple approver addresses in the `WalletCoor Unfortunately, as of today, there has only been one delegation to a single maintainer address — a single point of failure. Today, that address is controlled by a US-owned company, disallowed from approving the FTX-associated redemption. -#### Fixing the Redemption Mechanism +### Fixing the Redemption Mechanism Only having a single delegated approver with $25M in TVL was an oversight. Still, the bigger issue is the mechanism design itself. @@ -77,7 +76,7 @@ Finally, if and when the community judges the system secure without a redemption However this mechanism design flaw is resolved, we've learned a ton from this experience ­— and I'm glad we learned it this week rather than 10x from here. -### Next Steps for the Threshold DAO and Community +## Next Steps for the Threshold DAO and Community The DAO and community have decisions to make. diff --git a/src/pages/news/2024-04-15-tbtc-is-for-l2s.md b/src/pages/news/2024-04-15-tbtc-is-for-l2s.md index be5ee29f..6c466c4e 100644 --- a/src/pages/news/2024-04-15-tbtc-is-for-l2s.md +++ b/src/pages/news/2024-04-15-tbtc-is-for-l2s.md @@ -1,6 +1,6 @@ --- template: news-item -title: "tBTC is for L2s: The Trust-Minimized Bitcoin Bridge for Layer 2 Scaling" +title: "tBTC is for L2s: A Bitcoin Bridge Built for Scaling" description: >- tBTC is a semi-permissioned Bitcoin bridge that has been in production for nearly four years, and continues to evolve towards full trust-minimization for users on Solana, Arbitrum, Optimism, Polygon, and Ethereum. canonicalUrl: https://blog.threshold.network/tbtc-is-for-l2s/ @@ -26,7 +26,7 @@ Alongside the surge of interest in Bitcoin, decentralized finance (DeFi) markets So, how can BTC take its rightful place in the L2 DeFi ecosystem, and how did we arrive to this new paradigm of ‘Building on Bitcoin’? -### A Quick History of Bitcoin L2s +## A Quick History of Bitcoin L2s For years, the Lightning network—a channel-based payment network that later inspired Plasma and optimistic roll-ups—was called “the only Bitcoin L2”. @@ -42,7 +42,7 @@ That upgrade, nearly 3 years ago, seemed innocuous to many outside a small group Ordinals, the controversial satoshi-hunting NFT meta-protocol on Bitcoin, and BitVM, a new way to run publicly verifiable programs on Bitcoin, are both built on Taproot—and have both spurred new developer interest across the network. With this renewed developer interest and improved programmability on Bitcoin, small communities began to wonder: can we improve the current landscape of Bitcoin L2s? -### What Defines a Bitcoin L2? +## What Defines a Bitcoin L2? Even as they continue cropping up, the use of the term “L2” at all is controversial . On other networks like Ethereum, the definition of an L2 has been debated for years. @@ -60,7 +60,7 @@ Alexei at [BOB](https://twitter.com/build_on_bob) puts it quite well: To call a network a Bitcoin L2, it needs to somehow share the security of the Bitcoin network, and it needs to use BTC as an asset. -### tBTC: Primed for the Bitcoin Renaissance +## tBTC: Primed for the Bitcoin Renaissance Whether you’re hacking on Lightning, DLCs, BRC-20s, or a new Bitcoin-based network, it’s clear that we’re in a Bitcoin Renaissance—a term coined by Elizabeth Stark at Lightning Labs, and now being spun into a [full-blown conference](https://bitcoin-renaissance.com/) later this month. @@ -68,7 +68,7 @@ Of course, my favorite indicator is the number of teams who have reached out abo Rather than backing bitcoin against a 1:1 reserve of an additional collateral token, tBTC directly taps into the power of BTC to bridge it to other networks via smart contracts and a randomly selected group of signers. [Those who stake T](https://docs.threshold.network/staking-and-running-a-node/tbtc-beta-stakers-program?ref=blog.threshold.network), the native Threshold token, act as signers in the network. -### The Evolution of tBTC: From Semi-Permissioned to Fully Trust-Minimized +## The Evolution of tBTC: From Semi-Permissioned to Fully Trust-Minimized Today’s tBTC is a robust, semi-permissioned Bitcoin bridge, iterating toward full trust-minimization. tBTC has been in production for nearly 3.5 years without major incident with over [2,500 BTC bridged at its peak](https://dune.com/threshold/tbtc?ref=blog.threshold.network), serving users on Solana, Arbitrum, Optimism, Polygon, and Ethereum—making it one of the most trustworthy bridges in the space. @@ -78,7 +78,7 @@ While L2 proponents will debate over different models and definitions, one thing To avoid reinventing the wheel, new L2 founders can opt to use tBTC as their Bitcoin bridge. tBTC can seriously speed up development for new Bitcoin L2s by solving one of their two major issues—**a secure, production-ready, and well-audited Bitcoin bridge**. -### Our Principles: Security, Neutrality, and Economic Alignment +## Our Principles: Security, Neutrality, and Economic Alignment For the Threshold DAO and tBTC developers, this influx of L2 interest has been a welcome challenge. How might we best support these teams? How should we treat developers outside the Threshold ecosystem? @@ -90,7 +90,7 @@ I’d like to propose a few principles that we follow as a community. **Economic alignment—**Today, the Threshold DAO subsidizes the security monitoring and staking rewards powering the tBTC bridge. We are an established project, but we don’t have unlimited resources. If we’re made to pick between helping different projects build on tBTC, we should prefer those with economic models that make the tBTC bridge stronger and more sustainable. -### tBTC SDK: Enabling Seamless Bitcoin Integration for L2s +## tBTC SDK: Enabling Seamless Bitcoin Integration for L2s With developers in mind, we launched the [tBTC SDK](https://docs.threshold.network/app-development/tbtc-v2/tbtc-sdk/?ref=blog.threshold.network). The SDK can be used to enable seamless Bitcoin L1 deposits across dApps, wallets, and new L2s. @@ -98,7 +98,7 @@ A live, running example of this at play is present in our [Threshold Dashboard]( As we publish more docs and example code, and more projects build on the SDK, documentation and cross-chain liquidity will continue to grow. -### Join the Bitcoin Renaissance with tBTC +## Join the Bitcoin Renaissance with tBTC If you’re working on a Bitcoin L2 and looking for a robust bridge that’s stood the test of time, we’d love to help! diff --git a/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md b/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md index 64c2fc75..03e18e37 100644 --- a/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md +++ b/src/pages/news/2024-04-17-the-evolution-of-tbtc-and-the-end-of-over-collateralization.md @@ -1,6 +1,6 @@ --- template: news-item -title: "The Evolution of tBTC: Scalable Bitcoin Bridging and the End of Over-Collateralization" +title: "The Evolution of tBTC and the End of Over-Collateralization" description: >- Discover how tBTC has transformed over the years into a scalable, trust-minimized Bitcoin bridge, poised to fuel the growth of Bitcoin Layer 2 networks by eliminating the need for over-collateralization. @@ -13,7 +13,7 @@ tags: - DeFi - Layer 2 --- -## The Evolution of tBTC: A Decentralized Bitcoin Bridge +## Four Years of Bridging Bitcoin [Billions of dollars](https://defillama.com/protocol/merlins-seal) in BTC are currently being activated thanks to Bitcoin L2s. The Bitcoin scaling narrative is only going to grow from here as funding continues to pour in, the L2s announce their official launches, and industry OGs continue to [validate the narrative](https://twitter.com/anuragarjun/status/1772721722745299352). @@ -21,7 +21,7 @@ Attempting to capture a share of this rapidly growing L2 market, various BTC bri On the contrary, the tBTC Bitcoin bridge has been in operation for nearly 4 years. And over those years, it has undergone stress tests and important changes that set it apart from the rest of the tokenized BTC market. Built by a team at [Thesis](https://thesis.co/) and powered by the [Threshold Network](https://threshold.network/), tBTC is the only long-term scalable and decentralized Bitcoin bridge in production. [](https://thesis.co/) -### The History of tBTC: A Trust-Minimized Bitcoin Bridge +## The History of tBTC Since its inception, tBTC has: @@ -30,7 +30,7 @@ Since its inception, tBTC has: Where tBTC truly stands out is its robust history, evolving from a simple overcollateralized bridge model into a trust-minimized solution with a distributed set of network signers. As Bitcoin L2 networks create a path for the world’s hardest currency to take a larger place in global commerce, tBTC plays a crucial step in activating idle BTC. -### What Sets tBTC Apart from Other Bitcoin Bridges? +## Why tBTC? tBTC is open-source and has been [since day one](https://tbtc.network/news/2020-03-25-tbtc-is-now-fully-open-sourced/). This commitment to code transparency remains the best standard for building secure decentralized infrastructures. @@ -40,7 +40,7 @@ tBTC v2 can sidestep the requirement of the economic guarantees via over-collate While every other wrapped BTC solution is a centralized or hybrid alternative, tBTC stands out as a trust-minimized bridge aligned with Bitcoin’s tenets of accessibility, security, and transparency. -### The Evolution from tBTC v1 to tBTC v2 +## From tBTC v1 to tBTC v2 Today, tBTC is a trust-minimized bitcoin bridge, but getting there was meticulous and well-considered. Bitcoin bridge models can either use a trusted middleman, like Bitgo with wBTC, to create a 1:1 ERC-20 representation of BTC, or they can overcollateralize to provide an “economic guarantee” of security. @@ -54,7 +54,7 @@ Although technically an effective means of bridging BTC, tBTC v1 couldn't due to Many Bitcoin bridging models proposed in the last 6 months are designed this way, but having walked this path, tBTC has moved on to a more efficient alternative. -### tBTC v2: Ending Over-Collateralization for Scalable Bitcoin Bridging +### tBTC v2: Ending Over-Collateralization Shortly after Keep Network and NuCypher [merged to create](https://www.coinbase.com/en-es/cloud/discover/protocol-guides/guide-to-threshold#:~:text=As%20a%20milestone%20in%20crypto,tools%20and%20distributed%20node%20network.) the Threshold Network, tBTC v2 debuted a more capital-efficient model: rather than over-collateralization, security is provided by the probabilistic and statistical guarantees of a distributed and random signer selection process. Through this method, tBTC reserves remain fully backed by BTC across Threshold’s decentralized custody network. The key components of v2: @@ -64,12 +64,12 @@ tBTC v2 went live in January 2023, allowing [deposits only](https://blog.thre With the historic learnings from tBTC v1 and the current progress of v2, Threshold is primed to continue it’s success as the most [Lindy]() decentralized bitcoin bridge.[]() -### The Future of Bitcoin L2 Scaling and tBTC +## The Future of Bitcoin L2 Scaling The evolution of Bitcoin’s L2 scaling will not be risk-free. Protocols that rely on rushed and under-engineered bridging models will not be able to compete with those that are time-tested and designed for long-term scaling. Whether by way of single-entity custody risk or capital restrictions that prevent scaling, other bridges show areas of weakness for the Bitcoin L2 season that everyone is looking forward to. At the foundation of the Bitcoin L2 sector is tokenized bitcoin, where tBTC is positioned to be a significant contributor. As more networks look for ways to activate BTC capital in their ecosystem, tBTC will be an increasingly attractive option for its robust history and functionality. -### Conclusion: tBTC as a Proven Model for Decentralized Bitcoin Bridging +## A Proven Model for Bitcoin Bridging Bitcoin bridging innovation is not an easy problem to solve. Even breakthrough applications like BitVM are [showing flaws](https://medium.com/@twhittle/bitvm-bridges-considered-unsafe-9e1ce75c8176), seeming to be years away from finding a safe and secure bridging application. What we have today in tBTC is a proven model, and as Bitcoin L2s heat up, tBTC is positioned to be one of the most significant contributors to continuing the growth of this sector thanks to L2s using tBTC as their foundation. From 4f66238a38f9d037ec9a9a2a7356ffc3d058b757 Mon Sep 17 00:00:00 2001 From: LJ Date: Wed, 28 Aug 2024 13:42:32 -0400 Subject: [PATCH 7/8] Added `|| node.excerpt` in case of empty meta description. --- src/templates/home-page.js | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/src/templates/home-page.js b/src/templates/home-page.js index b5ebe3c8..c97390cc 100644 --- a/src/templates/home-page.js +++ b/src/templates/home-page.js @@ -98,7 +98,7 @@ export const HomePageTemplate = ({ >
{node.frontmatter.date}

{node.frontmatter.title}

-

{node.frontmatter.description}

+

{node.frontmatter.description || node.excerpt}

Date: Wed, 28 Aug 2024 15:22:27 -0400 Subject: [PATCH 8/8] Fixed headers pt 2: electric boogaloo --- src/pages/news/2024-04-15-a-tale-of-two-bugs.md | 10 ++++------ 1 file changed, 4 insertions(+), 6 deletions(-) diff --git a/src/pages/news/2024-04-15-a-tale-of-two-bugs.md b/src/pages/news/2024-04-15-a-tale-of-two-bugs.md index 2799d252..41e79b12 100644 --- a/src/pages/news/2024-04-15-a-tale-of-two-bugs.md +++ b/src/pages/news/2024-04-15-a-tale-of-two-bugs.md @@ -11,15 +11,13 @@ tags: - Bitcoin bridge - DeFi security --- -## The Impact of Two Bugs Exposed by the FTX Exploit - As has been reported this week, an address associated with the FTX exploit has been moving funds through a number of cross-chain projects. While most of the funds have [gone through Thorchain](https://www.theblock.co/post/255108/thorswap-dex-enters-maintenance-mode-amid-illicit-activity?ref=blog.threshold.network), some of them have been routed through tBTC. In the process, two bugs have been exposed. Neither bug puts user funds at risk. The first was patched and released yesterday, while the second requires community discussion and consensus. -## The First Bug: A Denial-of-Service Vector +## The first bug — a denial-of-service vector On Saturday, September 30th, an FTX-associated address [requested a redemption](https://etherscan.io/tx/0x0b3796cf79fe87d15dfe9bd038941adc9ccb693694c28bbacba12989d48f0c78?ref=blog.threshold.network) of 76.81431578 BTC. @@ -45,7 +43,7 @@ At this point, alerting and monitoring systems used by contributors across the D By then, we'd also come to understand that one of the blocked redemptions was associated with FTX. -## The Second Bug: A Redemption Mechanism Design Flaw +## The second bug — redemption mechanism design flaw The second bug became apparent as we prepared the first patch. @@ -53,7 +51,7 @@ The Threshold DAO can delegate to multiple approver addresses in the `WalletCoor Unfortunately, as of today, there has only been one delegation to a single maintainer address — a single point of failure. Today, that address is controlled by a US-owned company, disallowed from approving the FTX-associated redemption. -### Fixing the Redemption Mechanism +### Fixing the mechanism design Only having a single delegated approver with $25M in TVL was an oversight. Still, the bigger issue is the mechanism design itself. @@ -76,7 +74,7 @@ Finally, if and when the community judges the system secure without a redemption However this mechanism design flaw is resolved, we've learned a ton from this experience ­— and I'm glad we learned it this week rather than 10x from here. -## Next Steps for the Threshold DAO and Community +## What next? The DAO and community have decisions to make.