Moonwell

We propose listing tBTC in Moonwell’s Core lending markets to strengthen BTC liquidity and provide a secure, trust-minimized alternative to traditional wrapped assets. This listing aligns with Moonwell’s mission of making onchain finance secure, accessible and user-friendly for everyone

General

Token Asset Name: tBTC

A description of the project and the token

tBTC is a gateway between Bitcoin and Decentralized Finance. tBTC provides Bitcoin holders open access to the thriving DeFi ecosystems available cross-chain. tBTC allows you to unlock your Bitcoin’s value to borrow and lend, mint stablecoins, provide liquidity and much more.

Existing solutions that bridge Bitcoin to Ethereum require users to send their Bitcoin to an intermediary, in exchange for an ERC-20 token that represents 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.

Instead of centralized intermediaries, tBTC uses a randomly selected group of beta node operators running tBTC nodes on the Threshold Network to secure deposited Bitcoin through threshold cryptography. That means tBTC requires a threshold majority agreement before beta operators perform any action with your Bitcoin.

• tBTC is live on 9 chains beyond Bitcoin.
• 340 tBTC active on Base.
• Native minting on Ethereum and Arbitrum with Base coming in Q1.
• tBTC is the only fully permissionless BTC bridge.
• MCAP sitting at 430m
• Live on Aave with 115m TVL.
• Newly added as a collateral asset for SolvBTC on Base.

Benefits to the Moonwell Community

• Further decentralization and trust minimization in the Moonwell stack.
• Give users further opportunity to earn with their Bitcoin on Base.
• Collaboration with the Threshold Network DAO, opening up co-marketing opportunities to boost Moonwell’s reach.

Resources (Website, Social Media Links, and docs)

• Project: https://www.threshold.network/
• Minting dashboard: https://dashboard.threshold.network/tBTC/mint
• GitHub: https://github.com/keep-network/tbtc-v2
• Docs: https://docs.threshold.network/applications/tbtc-v2
• Audit: https://threshold.network/about#audits
• Immunfi Bug Bounty: https://immunefi.com/bounty/thresholdnetwork/
• Llama Risk Report: https://hackmd.io/@LlamaRisk/tBTC
• CoinMarketCap: https://coinmarketcap.com/currencies/tbtc-token/
• CoinGecko: https://www.coingecko.com/en/coins/tbtc
• Dune: https://dune.com/threshold/tbtc
• Oracle:
  • Chainlink Base Pricefeed: 0x6D75BFB5A5885f841b132198C9f0bE8c872057BF

The proposal author’s contact information

Telegram: @getmorebullishh, @citizen42 & @DKAY_101

The relationship between the author of the new market proposal and the token

Ethan - Threshold Network Growth Coordinator

Citizen42 - Threshold Network Contributor

DK - Threshold Network Contributor

Social channel metrics (size, activity, and growth)

X (Twitter):

• https://twitter.com/TheTNetwork - 38k followers
• https://twitter.com/tBTC_project - 13k followers

Discord:

• https://discord.com/invite/threshold - 9.3k followers

Market Risk Assessment

Market cap of the token*

486,822,549 USD

https://dune.com/threshold/tbtc

Total supply*

4,651.88 BTC

https://dune.com/threshold/tbtc

The largest central and decentralized exchanges where the token is listed and its respective liquidity*

Exchange	Chain	Pool	Total Liquidity ($)
Aerodrome	Base	CL1 TBTC/CBBTC	1.91M
Aerodrome	Base	CL200 TBTC/ETH	1.98M
Aerodrome	Base	sAMM TBTC/cbBTC	1.26M
Aerodrome	Base	vAMM TBTC/WETH	0.84M
Aerodrome	Base	CL200 TBTC/USDC	0.79M

https://coinmarketcap.com/currencies/tbtc-token/

Volatility per Gauntlet’s definition Gauntlet - MakerDAO Auction Report (30 days, 90 days, 1 year)

Daily Vol 0.026979440

Monthly Vol 0.161038119

Quarterly Vol 0.336858236

Yearly Vol N/A

https://docs.google.com/spreadsheets/d/1Gf_8egeBeitlDZFiGRtFAV22DYi_J-f6aaU5qpMQtLY/edit?gid=1179539432#gid=1179539432

Average daily trading volume on CEX and DEX*

Approx. 2m

https://dune.com/gork/tbtc-volume

Gini coefficient and Herfindahl index of token balances*

Gini coefficient: 0.99087

Herfindahl Index: 0.132809

Emission schedule

N/A, tBTC is one-to-one backed by BTC.

Decentralization

List the top 10 token holders, the percentage held by each holder, and tag them if they are known*

1. 0x10ac93971cdb1f5c778144084242374473c350da - Aave_v3: AToken - 27.00%
2. 0xab13b8eecf5aa2460841d75da5d5d861fd5b8a39 - Mezo: Portal - 17.75%
3. 0x3ee18b2214aff97000d974cf647e7c347e8fa585 - Wormhole: TokenBridge - 13.24%
4. 0x71518580f36feceffe0721f06ba4703218cd7f63 - Verus Bridge - 5.26%
5. 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb - Morpho_blue: MorphoBlue - 4.15%
6. 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb - Morpho_blue: Morpho - 4.15%
7. 0xb7ecb2aa52aa64a717180e030241bc75cd946726 - Curvefi: 2btc_tbtc_wbtc - 3.80%
8. 0x3f6ce1b36e5120bbc59d0cfe8a5ac8b6464ac1f7 - BOB Contract - 3.20%
9. 0xf9bd9da2427a50908c4c6d1599d8e62837c2bcb0 - Curvefi: crvusd_amm_tbtc - 2.56%
10. 0xb4378d4e3528c12c83821b21c99b43336a543613 - Safe_test: Safe_v_4_1 - 1.68%

List all of the privileged roles in the token contract. This can include whitelisted EOAs, Multi-sigs, or DAOs.*

Multi-sigs:

tBTC contracts are secured by the Threshold Council’s 6-of-9 multisig on Ethereum Mainnet. The tBTC bridge includes a 24-hour timelock for any upgrades which is also under Councils supervision ensuring transparency and review time. The Threshold DAO contracts are governed by the Governor Timelock Contract which prioritize security and decentralized control within the community.

Chain	Address
Ethereum	0x9F6e831c8F8939DC0C830C6e492e7cEf4f9C2F5f
ETH (+Foundation)	0xf642Bd6A9F76294d86E99c2071cFE2Aa3B61fBDa
Arbitrum	0x9F6e831c8F8939DC0C830C6e492e7cEf4f9C2F5f
Optimism	0x7fB50BBabeDEE52b8760Ba15c0c199aF33Fc2EfA
Polygon PoS	0x9F6e831c8F8939DC0C830C6e492e7cEf4f9C2F5f
Base	0x518385dd31289F1000fE6382b0C65df4d1Cd3bfC
Solana	3SUj1ow3EPr4UCi9Bn2jq6hc27PETGX5dN6kcznsVTZD

Is the token pausable?*

No

Does the token have a blacklist?*

TRM Labs screening.

Smart Contract Risks

Codebase & On-chain Activity

Provide a Github repository for the underlying token contracts*

https://github.com/keep-network/tbtc-v2

Provide a test suite with code coverage

Provide in Github repository.

Provide Bassescan/Moonscan/Etherscan links with verified contracts*

https://basescan.org/token/0x236aa50979d5f3de3bd1eeb40e81137f22ab794b

Give the age of the token in days*

803 days (as of 10th December 2024)

Provide the number of transactions in the contract to date*

86,310

Security Posture

What audits, if any, were performed? Provide links to the reports if they exist*

Least Authority - Sept 2022 (https://github.com/threshold-network/security-audits/blob/main/29-Sep-2022-LeastAuthority.pdf)

Least Authority - Aug 2023 (https://github.com/threshold-network/security-audits/blob/main/29-Aug-2023-LeastAuthority.pdf)

Does the project have an active bug bounty program?*

Yes - https://immunefi.com/bounty/thresholdnetwork/

Provide emergency contacts with their estimated response time/availability.

TG: getmorebullishh, john_packel, citizen42 - all within 24 hours

List additional security and formal verification tools used in the development

Upgradability

Component	Upgradeable?	Who Controls It?	Notes
ERC-20 tBTC Token	Not Upgradeable	N/A	Immutable, follows ERC-20 standards.
BTC Lock/Unlock Logic	Not Upgradeable	N/A	Core logic to ensure BTC-backed 1:1 peg is immutable.
Oracle Contracts	Upgradeable	Threshold Council Multisig	Oracles used for price feeds, which affect liquidation and redemptions, can be upgraded.
Collateral Contract	Upgradeable	Threshold Council Multisig	Certain aspects of collateral logic may be adjustable, like collateral ratio thresholds.
Proxy Contracts	Upgradeable	Threshold DAO + Council Multisig	If proxies are used, they can be upgraded via DAO decisions or Threshold Council multisig.
Off-chain Relayers	Upgradeable	DAO Governance	Off-chain components can be swapped or reconfigured.
Frontend (App UI)	Upgradeable	Threshold DAO Devs	Frontend apps, like the mint/burn interface, are fully upgradable and not part of on-chain logic.
Parameter Adjustments	Upgradeable	Threshold Council Multisig	LTV Ratios, collateralization changes, and fee adjustments are upgradeable via the DAO or council.
Governance Contracts	Upgradeable	DAO + Council Multisig	Protocol governance contracts (like proposal logic) can be upgraded.

Oracle Assessment

Chainlink Price Feed Addresses:

Base: 0x6D75BFB5A5885f841b132198C9f0bE8c872057BF

tBTC is a 1:1 wrapped Bitcoin token on Ethereum. The tBTC token is minted only after the Bitcoin is locked, the system relies on a multi-party custody model (MPC), so no single party controls minting or redemption. Anyone can verify reserves in real time on-chain using Bitcoin and Ethereum explorers. Tools like Dune Analytics and Threshold dashboards give visual transparency on collateralization.

Proof of reserves are shown in: https://tbtcscan.com/

In the period between 1st June 2024 to 10/12/2024, tBTC’s price deviation from BTC was:

Average Deviation: 0.26%

Max Deviation: 1.38%