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# What is the Threshold Network?
**Threshold Network powers tBTC, the Bitcoin standard in finance, and the most decentralized 1:1 tokenized Bitcoin.**
tBTC enables Bitcoin liquidity to move seamlessly across chains without compromising settlement finality. Built on threshold cryptography and secured by a rotating network of independent node operators, it distributes control of Bitcoin so that no single entity can act alone on funds. 
This structure upholds Bitcoin’s core principles of being trust-minimized, permissionless, and censorship-resistant while maintaining a direct and verifiable path back to native Bitcoin. No complex staking mechanics needed.
Threshold Network's [T token](/t-token) is the value accrual and governance asset for the network.
{% hint style="info" %}
Threshold Network has been managed by **Threshold Labs (TLabs) since February 2025,** following the approval of DAO proposals [TIP-098](https://forum.threshold.network/t/tip-098-the-future-of-threshold/1012) and [TIP-100](https://forum.threshold.network/t/tip-100-the-future-of-threshold-continued/1033). Threshold Labs, led by *MacLane Wilkison and Callan Sarre,* handles operations, development, and growth of the protocol and tBTC.
{% endhint %}
# T Token
A comprehensive guide to understand Threshold's token: T
The [T token](https://etherscan.io/address/0xCdF7028ceAB81fA0C6971208e83fa7872994beE5) is an ERC-20 token that powers tBTC and serves as the value accrual asset for the Threshold Network. As of late, the T token is fully diluted. 
### T Token History and Supply
Historically, the T token was formed through the merger of two entities, NU and KEEP. Based on the final merger proposal, the conversion ratio for each token is determined by total supply rather than price. During the merger, the supply of NU is approximately 1,380,688,920, and the total supply of KEEP is approximately 940,795,010. Accordingly, the conversion factors are \~3.26 T per NU and \~4.78 T per KEEP.
The initial supply of T was established by the DAO at launch as 10Billion T with the following allocation during launch:
* 4.5B T allocated to NU token holders 
* 4.5B T allocated to KEEP token holders 
* 1B T allocated to the Threshold DAO treasury
An additional **1.155B tokens** were minted during the network's inflationary bootstraping phase as incentives for stakers and node operators, resulting in a final total supply of 11,155,000,000 T tokens.
***
### Supply Endpoints 
* Supply API endpoint - <https://api.threshold.network/supply/t>
* Total Supply - <https://api.threshold.network/supply/t/total>
* Circulating Supply - <https://api.threshold.network/supply/t/circulating>
* Treasury Supply - <https://api.threshold.network/supply/t/treasury>
***
### Where to access T Tokens
**T Token** trades across most major centralized exchanges (Coinbase, Binance, Kraken, KuCoin, Bybit) and leading decentralized exchanges (Uniswap, Curve, Balancer). This gives both institutional and retail participants direct access to the token through fiat on-ramps or self-custodied wallets.
For a complete, real-time view of every venue where T is traded, including current pricing, volume, and the full list of active spot markets, refer to [CoinMarketCap's T Markets page](https://coinmarketcap.com/currencies/threshold/).
***
### Using T Tokens
T tokens give holders two ways to participate in Threshold Network. 
1. **The first is governance:** T holders can vote on proposals that determine how the protocol evolves, from product priorities to fee adjustments to treasury allocation. 
{% hint style="info" %}
For a complete walkthrough of how governance works, see the [Threshold Governance Process](https://docs.threshold.network/governance/governance-process). 
{% endhint %}
2. **The second is staking:** by staking T, holders earn fee waivers and rebates on every tBTC mint and redemption, capturing a share of the real economic activity flowing through the network.
{% hint style="info" %}
For the staking mechanics and the fee savings available to stakers, see [Staking T Tokens](https://docs.threshold.network/t-token/staking-t-tokens).
{% endhint %}
# Staking T Tokens
The Basics of Staking Threshold (T) Tokens, and its benefits.
Staking T tokens secures the Threshold Network and enables stakers to get fee waivers/rebates on tBTC mint and redemption fees. Stakers receive direct rebates from real protocol activity, with no inflationary emissions or token unlocks involved.
### T Staking for tBTC Fee Rebates/ Waivers
Since the beginning of 2026, T token holders have been able to [stake their T to receive fee rebates and waivers ](https://www.threshold.network/blog/tbtc-redemption-fee-waivers-for-t-stakers)when minting tBTC and redeeming BTC. With the reinstatement of minting fees, staking T has become even more valuable for reducing costs when using tBTC on the Threshold Bridge.
The [Explorer page](https://app.threshold.network/explorer?tab=staking) in the app will continue to display rebates or fee waivers earned through staking T. Because rebates now apply to both minting and redemption fees, they will appear across both transaction types. 
{% hint style="info" %}
**Staking T is optional;** it is not required when using, minting, or bridging tBTC. 
{% endhint %}
Staking T (Threshold Tokens) returns a share of the tBTC mint and redemption fees to stakers as rebates. The breakdown below shows exactly how much you can save at each fee tier, giving you a clear basis to evaluate whether staking T offsets the cost of your expected tBTC activity.
<figure><img src="https://2518393180-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWosjlL4zUGUMlcMfuSAp%2Fuploads%2Fhjzz5oYRsDNyuAio5sNw%2FT%20Token%20Staking%20chart%20%7C%20Threshold%20Network.png?alt=media&token=272979db-55eb-4de6-b86a-dcbcbcef04ec" alt=""><figcaption></figcaption></figure>
***
$T is available on most decentralized exchanges and major centralized exchanges, giving anyone a path to participate. Staking T is the operational backbone of Threshold Network: stakers provide the security that backs tBTC and earn a share of every fee the protocol generates, aligning incentives between the network and the people who secure it.
{% hint style="info" %}
Start Staking T and get tBTC fee waivers via <https://app.threshold.network/stake>
{% endhint %}
# Converting NU & KEEP to T
This page explains how you can swap your NU and KEEP tokens to T token.
If you still hold KEEP or NU, you can still convert your tokens to **T.** The migration began around the launch of Threshold in 2022. That original migration experience is now legacy infrastructure, and the old upgrade UI is no longer a practical way to complete the conversion.
*However, the underlying smart contracts did not disappear.*
The KEEP and NU Vending Machine contracts were designed to remain available indefinitely, which means there is no migration deadline for liquid KEEP or NU tokens. If you still have KEEP or NU sitting in your wallet, you can interact with those contracts directly through **Etherscan.**
It looks more technical than the old UI, but the process itself is relatively straightforward.
{% hint style="danger" %}
Before starting the swap, make sure your **KEEP or NU is in an Ethereum (ERC-20) wallet.** This wallet should have a **small amount of ETH for gas fees**, and make sure you are connected to the Ethereum Mainnet.
{% endhint %}
The conversion ratios were fixed when Threshold launched and are based on the respective token supplies rather than their market prices. (<https://docs.threshold.network/t-token>)
## Upgrading KEEP/NU to T
{% hint style="info" %}
**The official NU Vending Machine contract is:** <https://etherscan.io/address/0x1cca7e410ee41739792ea0a24e00349dd247680e#writeContract>
{% endhint %}
{% hint style="info" %}
**The official KEEP Vending Machine contract is:** <https://etherscan.io/address/0xE47c80e8c23f6B4A1aE41c34837a0599D5D16bb0#writeContract>
{% endhint %}
{% stepper %}
{% step %}
### Approve your KEEP/NU
Before the Vending Machine can convert your KEEP/NU, you first need to give the contract permission to use the KEEP you want to upgrade. Open the KEEP/NU Token Addresses on etherscan, listed as:
* KEEP : `0x85eee30c52b0b379b046fb0f85f4f3dc3009afec`
* NU: `0x4fe83213d56308330ec302a8bd641f1d0113a4cc`
a) Then connect the wallet containing your KEEP/NU.
b) Find the function called: `approve`
c) For `spender`, enter the KEEP/NU Vending Machine address
d) For `amount,` enter how much KEEP/NU you want to convert. One slightly confusing part is that Etherscan expects the amount in the token’s smallest unit. KEEP/ NU has 18 decimals.
*1 KEEP/NU*
*`1000000000000000000`*
*10 KEEP/NU*
*`10000000000000000000`*
*100 KEEP/NU*
*`100000000000000000000`*
{% endstep %}
{% step %}
### Confirm the transaction in your wallet 
This transaction does not convert your KEEP/NU yet. It simply gives the Vending Machine permission to use the specified amount. 
{% endstep %}
{% step %}
### Convert your KEEP/ NU to T
Once your approval has been confirmed\
a) Open the [KEEP](https://etherscan.io/address/0xE47c80e8c23f6B4A1aE41c34837a0599D5D16bb0#writeContract)/ [NU](https://etherscan.io/address/0x1cca7e410ee41739792ea0a24e00349dd247680e#writeContract) Vending Machines:
b) Select: *Contract → Write Contract → Connect to Web3*
c) Connect the same wallet and find: `wrap` Under `amount` Enter the amount of KEEP/NU you want to convert, again using 18 decimals.
*For example, for 100 KEEP/NU:*
`100000000000000000000`
{% endstep %}
{% step %}
### Click `Write` and confirm the transaction in your wallet.
Once the transaction is confirmed, the KEEP/NU will have been converted, and the corresponding T will appear in your wallet.
{% endstep %}
{% endstepper %}
## A few things to remember
There is no deadline to upgrade liquid KEEP or NU into T. The Vending Machine contracts were intentionally designed to remain available to legacy token holders indefinitely. Remember that this requires two transactions:
**Approve → Wrap → Receive T**
You will therefore need enough ETH to cover gas for both transactions.
Most importantly, do not simply send KEEP or NU to the Vending Machine contract address. Use the `approve` and `wrap` functions described above.
If you are upgrading a significant amount and have never interacted directly with a smart contract through Etherscan before, consider converting a small amount first. Once you have confirmed that the T arrived correctly, you can repeat the process for the remaining balance.
# tBTC Bitcoin Bridge
A Decentralized, Permissionless Bitcoin Bridge
Existing solutions that bridge Bitcoin to DeFi require users to send their Bitcoin to an intermediary in exchange for an IOU token representing the original asset. This centralized model requires you to trust a third party and is susceptible to censorship, threatening the premise of Bitcoin as a sovereign, secure, permissionless digital asset.
In contrast, tBTC is a decentralized and trust-minimized bridge between Bitcoin and DeFi. It provides Bitcoin holders with secure, open access to the broader DeFi ecosystem, allowing you to unlock the value of your Bitcoin by borrowing and lending, minting stablecoins, providing liquidity, and more.
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The New Unified Bitcoin Router by Threshold enables seamless tBTC minting, deminting, cross-chain bridging, and staking - all in one platform. It supports gasless minting and detects T staking rebates in real time. **Mint tBTC now at** [**https://app.threshold.network/**](https://app.threshold.network/)
{% endhint %}
### Honest Majority Assumption
Instead of centralized intermediaries, tBTC uses a randomly selected group of operators running nodes on the Threshold Network to secure deposited Bitcoin through [threshold cryptography](https://www.threshold.network/blog/what-is-threshold-cryptography). tBTC requires a threshold majority agreement before operators can perform any action with your Bitcoin. 
By rotating the selection of operators bi-weekly, tBTC protects against any individual or group of operators colluding to fraudulently seize the underlying deposits. By relying on an honest-majority assumption, we can calculate the likelihood of any wallet comprised of a quorum of dishonest operators.
<figure><img src="https://2518393180-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWosjlL4zUGUMlcMfuSAp%2Fuploads%2Fm3VX2lz2vRcrYTvnfe9X%2FThreshold%20Cryptography.png?alt=media&token=837a3d04-558d-460c-bfea-fbabe0f54aae" alt=""><figcaption></figcaption></figure>
### Fees
tBTC fees are action-based (i.e., users incur a mint and redemption fee when using the bridge). The **mint and redemption fee is** [**0.2%**](https://etherscan.io/address/0x5e4861a80B55f035D899f66772117F00FA0E8e7B#readProxyContract#F13) **or 20 basis points**. The mint fee was initially offset to support adoption; however, following a recent governance decision, it was reinstated on April 15, 2026. You can read more about the reinstatement [here.](https://www.threshold.network/blog/tbtc-mint-fee-reinstatement)
### Fee Rebates or Fee Waivers
Minting and redemption fees are set at 20 basis points to support decentralized bridge operations. However, these fees can be partially or fully offset by [staking $T](https://app.threshold.network/stake). 
**Staking $T is optional.** Eligible participants receive fee waivers in line with protocol parameters, and waivers are applied automatically when using the new Threshold Unified Bitcoin Router, accessible at <https://app.threshold.network>.
{% hint style="info" %}
To learn more about T Token Staking and its benefits, **visit this** [**page**](/t-token) **or read the** [**release article.**](https://www.threshold.network/blog/tbtc-redemption-fee-waivers-for-t-stakers)
{% endhint %}
# Wallet Generation
Wallets are created periodically based on governance. [`updateWalletParameters`](https://etherscan.io/address/0x5e4861a80b55f035d899f66772117f00fa0e8e7b#writeProxyContract#F32) changes the time between wallets and [`walletParameters`](https://etherscan.io/address/0x5e4861a80b55f035d899f66772117f00fa0e8e7b#readProxyContract#F18) reads it. The time between new wallets is held in `walletCreationPeriod` in number of seconds, so the current value of `1209600` represents 14 days.\
\
In order for the wallet to move funds, it produces signatures using a [Threshold Elliptic Curve Digital Signature Algorithm](https://eprint.iacr.org/2019/114.pdf), requiring 51-of-100 Signers to cooperate.
The 100 signers on each wallet are chosen with our [Sortition Pool](https://github.com/keep-network/sortition-pools), and the randomness is provided by the [Random Beacon](https://github.com/keep-network/keep-core/tree/main/pkg/beacon).
The probability that an operator is chosen to be a Signer is equal to their allowlist weighting. Each Signer is chosen independently. The same operator can be a signer on the same wallet multiple times. The same operator can be a Signer on multiple wallets simultaneously.
## Examples
For simplicity, say there are only three Stakers: Alice, Bob, and Carol. Alice has 250M T, Bob has 400M T, and Carol has 350M T staked, so they own 25%, 40% and 35% of the stake respectively. That means, Alice has a 25% chance to be a Signer, Bob has a 40% chance, and Carol has a 35% chance. Each Signer is selected independently.
The Sortition Pool is more complex (because of heavy gas optimization), but reasoning about it could look like this:\
\
For each Signer, we're going to generate a random number between 1 and 100. Alice is the Signer if the number is in \[1, 25]. Bob is the Signer if the number is in \[26, 65]. Carol is the Signer if the number is in \[66, 100]. For example, if our first [random number](https://www.random.org/) is 33, our first Signer would be Bob. We can generate 100 random numbers: `(75, 51, 13, 48, 36, 62, 46, 65, 97, 67...)`, and then use that to determine Signers: `(Carol, Bob, Alice, Bob, Bob, Bob, Bob, Bob, Carol, Carol...)`.\
\
This example illustrates a few properties mentioned earlier:
* Each Signer is selected independently. Whether or not Carol is the first signer has no influence on Carol being the second Signer.
* The chance that you become a particular Signer is equal to your share of the Stake.
### Statistics
If Carol has a 35% chance of being a particular Signer, what are the chances that Carol has at least 51 of the 100 seats (and could control the wallet by herself)?
The number of Signers that Carol controls on a wallet is modeled by the [Binomial Distribution](https://en.wikipedia.org/wiki/Binomial_distribution). From Wikipedia:
> A Binomial distribution with parameters `n` and `p` is the [discrete probability distribution](https://en.wikipedia.org/wiki/Discrete_probability_distribution) of the number of successes in a sequence of `n` [independent](https://en.wikipedia.org/wiki/Statistical_independence) [experiments](https://en.wikipedia.org/wiki/Experiment_\(probability_theory\)), each asking a [yes–no question](https://en.wikipedia.org/wiki/Yes%E2%80%93no_question), and each with its own [Boolean](https://en.wikipedia.org/wiki/Boolean-valued_function)-valued [outcome](https://en.wikipedia.org/wiki/Outcome_\(probability\)): *success* (with probability `p`) or *failure* (with probability `1−p`).
This is exactly our situation! From Carol's perspective, there will be `n=100` independent experiments, each asking a yes-no question (does this Signer belong to Carol), each with a 35% probability.
That means we can use a [Binomial Probability Calculator](https://stattrek.com/online-calculator/binomial) to answer our question:\
\
It's the last figure: "Cumulative probability: P(X>51)" that's relevant. That says there is a \~0.074% chance that Carol would have a controlling Share of any particular wallet.
The next important question is "The probability that Carol controls a Wallet is low, but it only needs to happen once for things to be bad. What is the probability that she controls *any* wallet in the next 2 years?"
A wallet is generated every 14 days, so over the next 2 years, the system will generate \~52 wallets. Each wallet has a `1 - 0.00074 = .99926` or 99.926% chance of *not* being controlled by Carol. That means we can exponentiate:
$$
0.99926^{52} = .9622
$$
Carol would have a \~3.8% chance of getting control of a wallet in 2 years. That's with her owning 35% of the total Stake! Alice has a *much* lower chance. She has a `0.0002131%` chance of controlling a wallet, which means that over the course of 52 wallets, she has a `0.02131%` chance of controlling *any* wallet in 2 years.
As of writing, the \*largest\* Staker controls [\~8.83% of the Stake](https://dune.com/queries/2013598).
### Sybil Resistance
The only thing a Staker accomplishes by splitting their Stake into multiple identities is making the system appear more diverse.
For example, say that Alice split up her Stake equally into 5 accounts: Alice1, Alice2, Alice3, Alice4, and Alice5. Now, rather than Alice having a 25% chance to be a Signer, each account has a 5% chance, which collectively adds up to 25%.
To use the example from earlier: Alice has 250M T, Bob has 400M T, and Carol has 350M T staked. Alice has her T split into 50M for each identity. Alice1 would own 50M/1000M = 5%.\
\
Keeping with the simplification of assigning numbers from 1 to 100 to identities, Alice1 would get \[1, 5], Alice2 gets \[6, 10], Alice3 gets \[11, 15], Alice4 gets \[16, 20], Alice5 gets \[21, 25], Bob gets \[26, 65], Carol gets \[66, 100]. If we use the same rand프로젝트로 돌아가기
