Satoshi

The full story: tSAT was created with a maximum supply of 21 trillion tokens (equivalent to 210,000 BTC or 1% of Bitcoin's total supply). All 21T tokens were minted at genesis and locked in the Fixed Ratio Trading smart contract.

FDV vs Market Cap:

• Fully Diluted Valuation (FDV): 21 trillion tokens × current price = $24.6 billion
• Actual Market Cap: ~80 million tokens × current price = ~$96,000

Why the difference? Only 0.0004% of the total supply is currently in circulation! The vast majority (over 99.99%) remains locked in the FRT smart contract as backing reserves. tSAT only enters circulation when users deposit tBTC to mint it.

Real Market Value: The actual market cap reflects only the circulating supply that's actively being traded. As adoption grows and more users mint tSAT, the circulating supply (and real market cap) will increase organically based on demand.

Check the live data above to see current circulating supply and real market cap.

Every tSAT token is backed 1:1 by Threshold Network's tBTC, which itself is backed 1:1 by Bitcoin. The backing is held in an immutable smart contract with verifiable on-chain reserves that anyone can audit in real-time.

Redemption is instant through the Fixed Ratio Trading protocol. Simply swap your tSAT tokens for tBTC at the guaranteed 1:100,000,000 ratio whenever liquidity is available in the pool.

No—tSAT is a fully backed utility token, not a yield product. It maintains a 1:1 peg with Bitcoin satoshis and does not promise any returns beyond Bitcoin's natural price movements.

The maximum supply is capped at 21 trillion tSAT (equivalent to 210,000 BTC or 1% of Bitcoin's total supply). Once this limit is reached, no new tSAT can be minted. Market forces will balance supply and demand through price discovery.

All reserves are verifiable on-chain. You can check the Fixed Ratio Trading pool on Solscan at any time to see exactly how much tBTC backs the circulating tSAT supply. The smart contract code is open source and auditable by anyone.

Trading tSAT through the Fixed Ratio Trading protocol currently has 0% pool fees (governance-controlled). You only pay standard Solana network fees for transactions, which are typically fractions of a cent.

Locking liquidity is actually counterproductive for this type of protocol. Here's why tSAT liquidity remains accessible:

• Capital efficiency: This represents real working capital. If locked, the value becomes inaccessible forever, reducing the protocol's ability to maintain the 1:1 peg and serve users.
• Fee management: In locked liquidity scenarios, trading fees accumulate but cannot be redistributed or managed. Over time, these fees would compound exponentially, eventually consuming the entire tSAT supply through inefficiency.
• Redeemability guarantee: Unlike speculative tokens, tSAT must maintain instant redeemability for tBTC. Locked liquidity would prevent users from redeeming their tokens, breaking the core promise of 1:1 backing.
• Protocol flexibility: Active liquidity management allows the protocol to respond to market conditions, upgrade to better liquidity solutions, and maintain optimal trading conditions for users.
• Transparent reserves: All reserves are verifiable on-chain in real-time. The LP tokens are burned, permanently committing the reserves to the protocol, but the underlying assets remain functional rather than frozen.

The Fixed Ratio Trading protocol uses burned LP tokens to ensure reserves cannot be withdrawn while maintaining the flexibility needed for a fully-backed, redeemable token system.

tSAT isn't meant to replace Bitcoin—it's designed to make Bitcoin more accessible and useful. Here's why you might choose tSAT:

• Psychological clarity: Track your holdings in whole numbers (100,000 sats) instead of confusing decimals (0.001 BTC). This makes Bitcoin accumulation feel more tangible and motivating.
• Solana speed and cost: Transfer your Bitcoin-backed value in seconds with fees under $0.01, compared to Bitcoin network fees that can exceed $5-50 during congestion. Perfect for everyday transactions.
• DeFi integration: Use your Bitcoin in Solana's DeFi ecosystem—lending, borrowing, trading—while maintaining full Bitcoin exposure through the 1:1 tBTC backing.
• Instant redeemability: Unlike Bitcoin bridges that require hours of confirmations, tSAT converts to tBTC (and ultimately BTC) in seconds through the Fixed Ratio Trading protocol with guaranteed 1:1 exchange.
• No custody risk: Your tSAT is backed by Threshold Network's tBTC, which is secured by a decentralized network of signers—no single custodian can run away with your funds.
• Same Bitcoin exposure: You get 100% Bitcoin price exposure. When Bitcoin goes up 10%, your tSAT value (in BTC terms) stays perfectly aligned through the fixed 1:100,000,000 ratio.

Best use case: Buy Bitcoin, hold the majority in cold storage for long-term savings, but keep some as tSAT for active use—payments, DeFi, or quick transfers—knowing you can always convert back to BTC instantly at the guaranteed ratio.