# T Token The [T token](https://etherscan.io/address/0xCdF7028ceAB81fA0C6971208e83fa7872994beE5) is an ERC-20 token that powers tBTC and serves as the value accrual asset for the Threshold Network. As of late, the T token is fully diluted. ### T Token History and Supply Historically, the T token was formed through the merger of two entities, NU and KEEP. Based on the final merger proposal, the conversion ratio for each token is determined by total supply rather than price. During the merger, the supply of NU is approximately 1,380,688,920, and the total supply of KEEP is approximately 940,795,010. Accordingly, the conversion factors are \~3.26 T per NU and \~4.78 T per KEEP. The initial supply of T was established by the DAO at launch as 10Billion T with the following allocation during launch: * 4.5B T allocated to NU token holders * 4.5B T allocated to KEEP token holders * 1B T allocated to the Threshold DAO treasury An additional **1.155B tokens** were minted during the network's inflationary bootstraping phase as incentives for stakers and node operators, resulting in a final total supply of 11,155,000,000 T tokens. *** ### Supply Endpoints * Supply API endpoint - * Total Supply - * Circulating Supply - * Treasury Supply - *** ### Where to access T Tokens **T Token** trades across most major centralized exchanges (Coinbase, Binance, Kraken, KuCoin, Bybit) and leading decentralized exchanges (Uniswap, Curve, Balancer). This gives both institutional and retail participants direct access to the token through fiat on-ramps or self-custodied wallets. For a complete, real-time view of every venue where T is traded, including current pricing, volume, and the full list of active spot markets, refer to [CoinMarketCap's T Markets page](https://coinmarketcap.com/currencies/threshold/). *** ### Using T Tokens T tokens give holders two ways to participate in Threshold Network. 1. **The first is governance:** T holders can vote on proposals that determine how the protocol evolves, from product priorities to fee adjustments to treasury allocation. {% hint style="info" %} For a complete walkthrough of how governance works, see the [Threshold Governance Process](https://docs.threshold.network/governance/governance-process). {% endhint %} 2. **The second is staking:** by staking T, holders earn fee waivers and rebates on every tBTC mint and redemption, capturing a share of the real economic activity flowing through the network. {% hint style="info" %} For the staking mechanics and the fee savings available to stakers, see [Staking T Tokens](https://docs.threshold.network/t-token/staking-t-tokens). {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.threshold.network/t-token.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.