NuCypher (NU) Token Soars 87% Amid Threshold Network Merger
The Keep Network and NuCypher are being hard merged into one project called the Threshold Network. KEEP tokens and NU tokens will cease to exist and holders will instead be issued T Tokens in an agreed ratio.
The hard merge will enable both crypto projects to take advantage of each other’s capabilities and will also allow them to drive synergies:
NuCypher and Keep are ETH-based layer-2 solutions that deal in privacy infrastructure projects. The new combined blockchain will issue new tokens called Threshold Network Tokens (Ts) to KEEP and NU holders at an agreed ratio:
What are KEEP and NuCypher?
The Keep Network is a global decentralised network of computers that securely stores private information in an encrypted format and builds off-chain containers called “keeps”, where data is stored securely and privately. To achieve this, the network splits data into different Keeps which are then allocated to validators, where the use of Random Beacon encrypts and stores the data securely. The network is powered by KEEP tokens, which have a fixed supply of 1 billion.
NuCypher is a similar project model to the Keep Network, but it focuses on providing security and privacy layers to dApps built on Ethereum and other blockchain platforms. NuCypher provides its users with end-to-end encrypted data sharing on public blockchains and decentralised storage solutions. NU tokens power the NuCypher platform with a limited supply of 3.89 billion. NuCypher pumped 760 percent in a week following the news of a protocol merger.
How Will the Merger Work?
The initial supply of the new Token Threshold will be limited to 10 billion, with each of the projects getting 45 percent of the total supply at the agreed ratio, which means that for each I KEEP, 4.78 T tokens will be issued, and for every 1 NU token, 3.26 T tokens will be issued. The remaining 10 percent of the T token supply will be set aside for the Keanu Decentralised Autonomous Organisation (DAO).