Metrics from the first month of tBTC’s second launch

tBTC is a fully backed ERC-20 token pegged to the price of Bitcoin. Anyone can mint tBTC by depositing BTC in a multi-signature Bitcoin address controlled by Keep Network’s custodians.

These custodians (called “signers”) must collateralize the deposited BTC with 1.5x the amount of ETH on the Ethereum chain. If the price of ETH drops, and the signer’s deposit becomes undercollateralized, their ETH bond is seized and used to buy tBTC to compensate the depositor. Any leftover ETH from the misbehaving signer’s bond is a reward to the user that triggered the liquidation process. To determine the price of ETH and BTC, tBTC uses MakerDAO’s price feed.