CandleFocus GMX Launches BTC-USD Market Backed by Decentralized tBTC Token on Arbitrum
2024-09-12
Author: Content Editor
GMX, a decentralized perpetual exchange, has launched a BTC-USD market backed by tBTC, a decentralized Bitcoin-backed token from Threshold Network. This market offers a trust-minimized alternative to wrapped Bitcoin (wBTC) and allows for Bitcoin trading without relying on centralized entities. GMX users can now easily move Bitcoin in and out of the exchange through Threshold Network's decentralized infrastructure. Additionally, tBTC can be minted natively on the Arbitrum blockchain, expanding user options for interacting with Bitcoin-backed products. To boost tBTC deposits on GMX, Threshold DAO has launched a three-month incentives program offering rewards to users. With seamless minting and bridging options, the new tBTC market aims to provide enhanced opportunities in the decentralized finance space.
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