Threshold Network is a decentralized threshold cryptography network formed by the merger of NuCypher and Keep Network in January 2022, with T as its unified governance and staking token — powering tBTC (a decentralized Bitcoin bridge to Ethereum) and TACo (Threshold Access Control for privacy-preserving data sharing). T token holders govern the network and node operators stake T to participate in cryptographic operations.
| Total Supply | 11.155 billion T |
| CoinGecko | Live data |
| Stat | Value |
|---|---|
| Ticker | T |
| Price | $0.004802 |
| Market Cap | $53.56M |
| 24h Change | -1.00% |
| Circulating Supply | 11.155 billion T |
| Max Supply | No fixed maximum listed by CoinGecko |
| All-Time High | $0.2269 |
| Contract (Ethereum) | 0xcdf7…bee5 |
| Contract (Base) | 0x26f3...2e29 |
| Contract (Optimistic Ethereum) | 0x747e...4ea7 |
| Contract (Solana) | 4Njvi3...7xXC |
How the Merger Worked
Both NuCypher (NU) and Keep (KEEP) token holders voted to merge their networks into Threshold. Legacy NU and KEEP tokens can be wrapped or upgraded to T at fixed ratios. The merged network inherits the technology and staker base of both predecessors, resulting in one of the largest decentralized staker networks on Ethereum.
T Tokenomics and Supply
T is Threshold Network’s ERC-20 token and is distinct from tBTC, the Bitcoin-backed asset issued by the network. T emerged from the merger of the KEEP and NuCypher (NU) communities.
- Launch allocation: Threshold documentation records an initial 10 billion T allocation: 4.5 billion for NU holders, 4.5 billion for KEEP holders and 1 billion for the DAO treasury.
- Bootstrap emissions: The documentation says another 1.155 billion T was minted during the inflationary bootstrap phase, bringing the recorded total to 11.155 billion. CoinGecko currently reports about 11.155 billion as both circulating and total supply, while listing no fixed maximum. These fields describe the current tracker view and should not be confused with the original launch allocation.
- Use: T supports network governance and staking participation. The protocol documentation describes staking-related benefits such as fee waivers or rebates for tBTC operations; they are subject to the live protocol rules.
T is not itself backed one-for-one by Bitcoin. The Bitcoin-backed asset is tBTC, whose minting and redemption are separate from T-token supply.
Threshold Cryptography
The network uses threshold signature schemes (TSS) and Distributed Key Generation (DKG) to ensure no single party ever holds a complete private key. A threshold number of operators must cooperate to sign any transaction, making collusion or single-point compromise extremely difficult.
Key Products
- tBTC v2: Trust-minimized Bitcoin bridge; node operators stake T to serve as signers for Bitcoin custody
- TACo (Threshold Access Control): End-to-end encrypted data sharing using proxy re-encryption for Web3 applications
History
- 2017 — Keep Network founded by Matt Luongo; NuCypher founded separately
- 2020 — Keep Network launches tBTC v1; NuCypher mainnet launches
- 2021 — Both communities vote to merge networks
- January 2022 — Threshold Network launches; T token created; NU and KEEP token migration begins
- January 2023 — tBTC v2 launches under Threshold; improved signer model
- 2024 — TACo (Threshold Access Control) enters production for Web3 privacy applications
Common Misconceptions
- “T is only about Bitcoin bridging.” — Threshold also provides TACo, a general-purpose decentralized access control layer for any Web3 application requiring encrypted data management.
- “NU and KEEP holders lost their tokens.” — Legacy tokens can be upgraded to T at fixed ratios and were not destroyed; migration was voluntary but incentivized.
Social Media Sentiment
- A 2025 Reddit discussion about Threshold Network is a small, price-focused conversation with promotional framing. It offers one limited snapshot of how the project was discussed, not a reliable measure of broad or current community sentiment.
Last updated: 2026-10
Related Terms
See Also
- Crypto Bridges: Hacks and Security
- Bitcoin as Collateral in TradFi and DeFi
- What Is Tokenomics?
- Swap crypto with ChangeNOW
Sources
- Threshold Docs: T Token — Official documentation covers the NU and KEEP merger, allocation and bootstrap supply.
- Threshold Network — The current project site explains the network's Bitcoin-finance products and role.
- CoinGecko: Threshold Network — CoinGecko reports T's market listing, circulating supply and maximum-supply classification.