Native Asset of Bitcoin DeFi Project Surges by More Than 55% This Week Amid New Token Buyback
The native asset of a Bitcoin (BTC)-focused decentralized finance (DeFi) project defied the crypto market doldrums and skyrocketed by more than 55% this week. Threshold Network powers tBTC, a decentralized wrapped Bitcoin that can be used throughout DeFi ecosystems. The project’s native token, T, is trading at $0.0223 at time of writing, up from $0.0143 one week ago. The 236th-ranked crypto asset by market cap is also up nearly 48% in the past 24 hours alone. T’s price surge largely materialized after Threshold Network announced on Thursday that it planned to restructure its decentralized autonomous organization (DAO) to reduce annual operational costs by approximately $1.1 million. Explains the project, “Added to the more than $8.5 million in annual savings expected from the elimination of tBTC staking rewards, this sets the stage for significant profitability moving forward. Cost efficiency also allows the DAO to eliminate treasury sales of ...