Swap T at the Best Rate

What is T?

T is the ERC-20 token of Threshold Network, which runs cryptographic services that split trust across many independent nodes. Its flagship product is tBTC, a Bitcoin token minted on Ethereum against BTC deposits controlled by a threshold-signature group rather than a single custodian.

The token exists because two protocols merged. On 1 January 2022, Keep Network and NuCypher completed what both described as the first decentralized protocol merger, launching Threshold and retiring their separate economics. KEEP and NU holders convert to T through fixed-ratio vending machine contracts that remain open.

How T works

Anyone holding KEEP or NU could convert at approximately 4.78 T per KEEP and 3.26 T per NU, ratios set by relative supply rather than price. Nodes back tBTC by staking T, and the protocol charges fees when tBTC is minted and redeemed, which accrue to the DAO treasury.

Since early 2026, staking T grants fee rebates and waivers on tBTC minting and redemption, returning a share of real bridge activity to stakers instead of paying inflationary rewards. The change followed 2025 votes that ended tBTC staking emissions and moved the network to a fee-funded model.

T supply and tokenomics

The DAO set the initial supply at 10 billion T: 4.5 billion for the NuCypher side, 4.5 billion for the Keep side and 1 billion for the Threshold treasury. A bootstrapping phase minted 1.155 billion more as node incentives, bringing the total to 11,155,000,000 T, which the documentation now describes as fully diluted.

Value flow reversed direction in 2025. TIP-103 eliminated tBTC staking subsidies, saving a reported 8.5 million dollars a year, and the DAO used part of the savings to buy back roughly 30 million T from the market in April 2025, with bridge fees continuing to accumulate tBTC and fund buybacks under TIP-54.

Who builds T

Threshold combines two teams: Keep, incubated by the venture studio Thesis, and NuCypher, co-founded by MacLane Wilkison. In February 2025 the DAO approved TIP-100, creating T Network Labs, a Wyoming company known as tLabs and led by Wilkison, which took over tBTC development and growth from the DAO's guilds.

How T is governed

The Threshold DAO uses a three-body design built on Governor Bravo contracts. The Token Holder DAO controls the treasury, token issuance and governance changes; the Staker DAO approves contract upgrades and protocol parameters; and a nine-seat Elected Council sets rewards and can veto dangerous proposals.

Proposals move from forum discussion to a Snapshot temperature check, then on-chain: submitting requires 0.25% of supply in delegated votes, passing requires a 1.5% quorum across a ten-day vote, and execution waits behind a two-day timelock.

What people use T for

T is a working asset: most of what it does is connect its holders to the fees and decisions of the tBTC bridge.

• Stake T for rebates and waivers on tBTC mint and redemption fees.
• Vote in the Token Holder DAO or delegate voting power.
• Convert legacy KEEP or NU through the vending machine contracts.
• Provide liquidity for T and tBTC pairs on decentralized exchanges.

T risks and considerations

T's value case leans on one product. tBTC secures Bitcoin deposits with threshold cryptography, and a compromise of the signer set, a bug in the bridge or weak tBTC adoption would each hit the token's fee flows and the treasury behind it.

The 2025 restructuring concentrated development in tLabs, a single company, and ended staking emissions, so returns now depend entirely on bridge volume. The supply is fully diluted, which removes dilution risk but also means no reserve of unissued tokens exists to fund future incentives without a DAO decision.