Threshold Network’s native token, $T, has seen its price surge over 200% in just 30 days in an astounding rise that has seen it outperform top cryptocurrencies, including Bitcoin ($BTC) and Ethereum ($ETH).
The network is the result of an on-chain merger between two existing networks, NU and KEEP, and is a decentralized bridging protocol that enhances privacy on public blockchains. $T is its utility and governance token.
The cryptocurrency’s price rise can be partly attributed to what’s known as the “Coinbase Effect,” which describes the price rise of a cryptocurrency after a listing is announced on the Nasdaq-listed cryptocurrency trading platform Coinbase. Coinbase announced its support for $T on the Ethereum network on January 25.
The cryptocurrency’s price has since exploded, but the rise can’t all be attributed to the Coinbase listing. Threshold has recently published a blog post that describes Threshold’s tBTC v2 protocol as a fully decentralized Bitcoin-to-Ethereum bridge that is open-source, noncustodial, and offers total transparency. The protocol, Threshold says, is a solution to the woes associated with having to trust centralized platforms.
According to Coinbase, Threshold’s decentralized autonomous organization (DAO) has three main bodies: Token Holder DAO, Staker DAO, and the Elected Council. Each holds the other two accountable in a system similar to the “checks and balances found in most constitutional governments.”
The project’s token, $T, can be used to influence Threshold Network’s direction through voting, and can be staked for interest and other incentives. The network, Coinbase adds, utilizes a cryptographic method called the Threshold system to ensure users completely control their digital assets.
Its recent support on Coinbase, coupled with its developments, has seen the price of the little-known cryptocurrency skyrocket over 200% in just 30 days.
Despite the price rise, the cryptocurrency is still down over 70% from its all-time high. $T is currently trading at $0.048 per token, down from around $0.17 seen in March 2022. The token’s price plunged along with that of most other cryptocurrencies as the sector entered a bear market.
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