An early Bitcoin token that unfortunately shut down after few days of launch, tBTC has been launched for the second time. According to an executive from Thesis, the company overseeing the development of the token, tBTC has been redeployed on the mainnet on Tuesday, with additional features.
Notably, the Bitcoin token is being relaunched at the time where the demand for such tokens has been surging steadily. With more tokenization platform available, Bitcoiners are being provided the opportunity to put their holdings to work just like Ethereum (ETH) holders.
Another Bitcoin Token Goes Live
Matt Luongo, the founder of Thesis, confirmed the tBTC token relaunch on Twitter yesterday. In addition to fixing the reported bug that caused the token’s shutdown, Lunogi explained in a series of tweets that the latest version of the Bitcoin token, “tBTC rc.1,” has been modified to feature more capabilities that gear towards decentralization.
Lunogo precisely noted in the tweet:
“As far as I know, this release is the first permissionless, censorship-resistant Bitcoin bridge on Ethereum. Anyone can mint $tBTC by connecting to the Bitcoin and Ethereum chains, and no one can censor transactions or redemptions.”
Particularly, with the censorship-resistant property, the Bitcoin token holders are placed in charge of their crypto holdings and not any centralized entities. This entails that no intermediary or centralized party is required to control or facilitate their ability to use the tBTC tokens.
The Fall and Rise of tBTC
Initially, the tBTC token was launched for public use sometime in May 2020. However, the project was suddenly brought down a few days after the launch. The decision to shut down the project follows the discovery of a bug that was reported by the development team. The official disclosure from the team reads:
“The team triggered this pause after finding a significant issue in the redemption flow of deposit contracts that put signer bonds for open deposits at risk of liquidation when certain types of bitcoin addresses were used in redemption.”
Having fixed the issue, it is agreeable to say that the relaunching of tBTC is coming at a good time.
Noteworthily, Bitcoin tokenization platforms, especially Wrapped Bitcoin (which issued wBTC token), are seeing increasing demand for Bitcoin tokens in the decentralized finance (DeFi) industry. These tokens represents the actual value of Bitcoin, serving as a bridge that connects the world of Bitcoin to Ethereum.