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.
Coinbase will add support for Audius (AUDIO) and Threshold (T) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost.
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.
Featured Image via Unsplash
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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