What Happened to NuCypher (NU)? Threshold (T) Merger, NU to T Conversion and Price Prediction 2026-2030

Last Updated: October 29, 2026

Quick Answer: NuCypher (NU) no longer exists as an active project. It merged with Keep Network (KEEP) into Threshold Network, whose token T launched in 2022, and each NU can still be converted into about 3.26 T through Threshold’s Vending Machine contract on Ethereum, which processed a conversion as recently as October 26, 2026. T trades near $0.0047 as of October 29, 2026, with a market cap of about $52.5 million, so one NU is worth about $0.0154 in T. Central estimates from the two models we track put T between about $0.0030 and $0.0038 at the end of 2026, below today’s price.

This update explains what happened to NuCypher, how the NU to T conversion works, which exchanges ended NU trading, what Threshold does now and what models expect for T through 2030.

Key Takeaways

• NuCypher merged with Keep Network into Threshold Network, and NU was replaced by the T token; Threshold’s docs say the migration began around the network’s launch in 2022
• The conversion ratio is about 3.26 T per NU (about 3.2592 T by our calculation, 4.5 billion T divided by the NU supply) and about 4.78 T per KEEP, set from token supplies rather than market prices
• Conversion is still possible: Threshold’s docs say the Vending Machine contracts “were designed to remain available indefinitely,” and Etherscan shows NU wraps as recently as October 26, 2026
• About 86% of all NU has been converted; about 192.8 million NU, worth about 628 million T, has not
• T trades about 97.9% below its all-time high of $0.2245 from March 2, 2022, and is down about 45% since the end of 2025
• CoinMarketCap counts all 11.155 billion T as circulating, and Threshold’s docs say staking rewards involve “no inflationary emissions or token unlocks”
• Central estimates from current models put T between about $0.0030 and $0.0038 at the end of 2026 and between about $0.0022 and $0.0085 in 2030

Threshold (T) and NuCypher (NU) Key Data (October 2026)

Sources: CoinMarketCap, CoinGecko, Threshold’s documentation and Etherscan, as of October 29, 2026. CoinGecko ranks T #434 and shows a lower 24-hour volume of about $5.1 million.

What Happened to NuCypher (NU)?

NuCypher was an encryption and access control network on Ethereum whose NU token was used for staking by node operators. Keep Network, a separate project, ran tBTC, a token meant to bring Bitcoin onto Ethereum without a single custodian.

In 2021, both communities approved what they called the RC0 T Token Proposal; Threshold’s blog says they “voted overwhelmingly in favor” of it. The result was Threshold Network, which its website calls the first onchain merger of two decentralized networks. The merger created a new token, T, and contracts that let holders of either old token swap it for T at a fixed ratio.

NU and KEEP to T Conversion Ratio Explained

Threshold set the initial T supply at 10 billion tokens: 4.5 billion for NU holders, 4.5 billion for KEEP holders and 1 billion for the Threshold DAO treasury, according to its documentation. Because each holder group received the same share, the ratios come from dividing 4.5 billion by each old token’s supply, not from market prices.

Ratios to four decimals are our calculation; Threshold publishes ~3.26 and ~4.78.

Exchanges used the rounded figures. A further 1.155 billion T were minted during the network’s inflationary bootstrapping phase, according to the docs, bringing the final supply to 11.155 billion T, about 11.6% more than the launch supply.

Can I Still Convert NU to T?

Yes. Threshold’s docs say the KEEP and NU Vending Machine contracts “were designed to remain available indefinitely” and that there is no migration deadline for liquid NU or KEEP. The docs say the old upgrade interface “is no longer a practical way to complete the conversion,” so the practical route today is to call the contracts directly through Etherscan:

1. Approve: on the NU token contract (0x4fe83213d56308330ec302a8bd641f1d0113a4cc), call “approve” with the NU Vending Machine (0x1cca7e410ee41739792ea0a24e00349dd247680e) as the spender and the amount in 18-decimal units.
2. Wrap: on the Vending Machine’s Write Contract tab, call “wrap” with the same amount.
3. Receive T: after the transaction confirms, T appears in the same wallet.

Keep ETH for gas, never send NU straight to the contract, and KEEP holders use the KEEP Vending Machine (0xE47c80e8c23f6B4A1aE41c34837a0599D5D16bb0). Always check contract addresses against Threshold’s official documentation before signing.

On Etherscan, the NU Vending Machine showed its latest “wrap” on October 26, 2026, and holds about 86% of the NU supply.

Which Exchanges Delisted NU?

Most centralized exchanges handled the swap for their users in early 2022 and then ended NU trading:

• MEXC said in February 2022 that NU and KEEP spot trading would end on February 16, 2022, with T distributed at 1 NU = 3.26 T and T/USDT trading opening on February 18.
• KuCoin said on April 14, 2022, that it had completed the NU and KEEP merge to T using a March 29 snapshot, that “NU and KEEP tokens are no longer supported” and that T/USDT trading would open on April 15, 2022.

If an exchange still shows an NU balance in your account, contact its support team; for self-custodied NU, the Vending Machine above remains the official route.

What Does Threshold Network Do Now?

Threshold’s main product is tBTC, which its FAQ describes as “a 1:1 Bitcoin-backed, decentralized wrapped Bitcoin secured by threshold cryptography.” According to the docs, 51 of 100 randomly selected signers must cooperate to move Bitcoin, and operators rotate every two weeks.

• Supply and reach: CoinGecko counts about 4,167 tBTC in circulation, worth about $333 million, on networks including Ethereum, Arbitrum, Base, Optimism, Polygon, Solana, Starknet and Sui. Threshold’s website shows $5.2 billion in accumulated bridge volume.
• Role of T: T is the governance token of the Threshold DAO. tBTC holders have no direct governance rights, according to the FAQ. Staking T is optional, and the docs say stakers receive rebates from tBTC mint and redemption fees, “with no inflationary emissions or token unlocks involved.”
• Management: since February 2025, after DAO proposals TIP-098 and TIP-100 passed, Threshold Labs has managed operations, development and growth, according to the docs. The Threshold Foundation is registered in the Cayman Islands.

More details are on the official Threshold Network website.

T Price History

In 2026 T peaked on January 10, then slid to an all-time low on June 26. It rose about 54% in September, from $0.0036 to $0.0055, then drifted lower in October. On October 25, it spiked about 72% intraday to $0.0079 on CoinMarketCap volume of about $259 million, about 90 times its average daily volume earlier in the month, before closing at $0.0055. It has since returned to about $0.0047. We found no official Threshold announcement tied to that move.

Threshold (T) Price Prediction 2026

Both models we track put T below today’s price at the end of 2026. The last column uses the 3.2592 ratio.

CoinCodex expects about $0.0038 in December, a fall of about 19%, and its technical summary was bearish, with T about 7% below its 50-day moving average of $0.00507. CoinLore’s base case of $0.00298 would be a fall of about 37%, while its bull case of $0.0167 would be about 3.5 times today’s price.

Range of central 2026 estimates: about $0.0030 to $0.0038.

T Price Prediction 2027 to 2030

The two models diverge after 2027. CoinCodex’s path falls to about $0.0022 in 2030, about 53% below today’s price, while CoinLore’s base case rises to about $0.0085, about 80% above it. In NU terms, that is about $0.0072 to $0.0276. CoinLore’s page says T could “approach $0.05” by 2030, but that is its bull case. By 2040, CoinCodex projects about $0.0083 and CoinLore’s base case is $0.0713.

All forecasts are third-party model estimates, not investment advice. Most of these models extrapolate past prices.

Can NU or T Reach $1?

Not on the central estimates of either model we track through 2040. NU’s value follows T: an NU would be worth $1 only if T reached about $0.307, above T’s all-time high of $0.2245. With 11.155 billion T in circulation, each price level implies a market cap.

T reaching $1 would need a market cap of about $11.2 billion, more than 30 times the current value of all tBTC in circulation. None of the forecasts we track has T reaching $1.

What Drives T and the Main Risks

• tBTC adoption: growth in tBTC supply and fees supports the case for T staking and governance, though T holders do not own the Bitcoin backing tBTC.
• Deep drawdown: T trades about 97.9% below its 2022 high and set a new all-time low in June 2026.
• Concentration: CoinMarketCap counts all 11.155 billion T as circulating, but the top 10 holders control about 75.6% of the supply.
• Leftover NU and KEEP: about 628 million T for NU and about 387 million T for KEEP still sit in the Vending Machines and can reach the market whenever holders convert.
• Thin trading: NU has almost no market left, and sudden spikes such as the October 25 move show how thin T trading can amplify prices. Converting NU also means calling contracts manually, and mistakes cannot be undone.
• Data gaps: CoinMarketCap lists an NU all-time high of $3.58 and CoinGecko $2.61, and CoinMarketCap shows T volume about four times CoinGecko’s.
• The wider market: T tends to move with Bitcoin and overall risk appetite. Our Bitcoin price prediction covers the market leader.

How to Buy Threshold (T)

T is an ERC-20 token on Ethereum (contract 0xCdF7028ceAB81fA0C6971208e83fa7872994beE5). CoinGecko lists 45 spot markets, led by Upbit, Binance and BtcTurk. Availability depends on your country, so check what each platform offers where you live. Our guide to the best crypto exchanges compares fees and features.

NU holders can convert through the Vending Machine instead of buying T; our crypto wallets guide explains wallet types. Scams often target migrated tokens with fake “swap” sites, so check such claims against Threshold’s documentation; our guide on how to verify crypto news and rumors explains how.

Is Threshold (T) a Good Investment?

The bull case rests on a working Bitcoin product with about $333 million in tBTC and a supply that CoinMarketCap counts as fully circulating. The bear case is that T trades about 97.9% below its high, is highly concentrated and depends on governance value rather than a direct claim on tBTC fees beyond staking rebates. Both models we track see T ending 2026 below today’s price. For more forecasts across the market, see our crypto price predictions.

Data sources: CoinMarketCap and CoinGecko (prices, supply, holders, markets), Etherscan (Vending Machine contracts), Threshold Network’s documentation, website, FAQ and blog, KuCoin and MEXC announcements, and the CoinCodex and CoinLore forecast pages, as of October 29, 2026.

Frequently Asked Questions

Is NuCypher still a thing?
Not as a separate project. NuCypher merged with Keep Network into Threshold Network, and the NU token began to be replaced by T in 2022. About 86% of all NU has been converted. The remaining NU barely trades: CoinMarketCap shows zero daily volume and CoinGecko lists one inactive Uniswap pool. Its value now follows T, at about $0.015 per NU in late October 2026.

Can I still convert NU to T?
Yes. Threshold’s documentation says the NU and KEEP Vending Machine contracts were designed to remain available indefinitely, with no migration deadline. You approve the Vending Machine to spend your NU, then call its wrap function, which takes two Ethereum transactions and some ETH for gas. Etherscan shows NU conversions as recently as October 26, 2026. Never send NU directly to the contract.

What is the NU to T ratio?
One NU converts into about 3.26 T (about 3.2592 T by our calculation). The ratio comes from splitting 4.5 billion T among about 1.38 billion NU, so it reflects token supply, not market prices. KEEP holders receive about 4.78 T per KEEP. At late October 2026 prices, 3.26 T is worth about $0.0154, which is roughly the value of one NU today.

What is the NuCypher price prediction for 2026?
Because NU converts into T, its outlook follows T. Central estimates from the two models we track put T between about $0.0030 and $0.0038 at the end of 2026, below the late October price of about $0.0047. In NU terms, that is about $0.0097 to $0.0125. CoinLore’s bull case of $0.0167 for T would equal about $0.054 per NU.

What is the Threshold Network price prediction for 2030?
Central 2030 estimates range from about $0.0022 at CoinCodex to about $0.0085 at CoinLore, between a fall of about 53% and a gain of about 80% from the late October price. CoinLore’s bull case is $0.0462. By 2040, CoinCodex projects about $0.0083 and CoinLore’s base case is $0.0713. These are model estimates based mostly on past prices.

Can NU reach $1?
Not on any central estimate we track. One NU equals about 3.26 T, so NU at $1 would need T at about $0.307, above T’s all-time high of $0.2245 from March 2022. That would mean a T market cap of about $3.4 billion, roughly 65 times today’s level of about $52.5 million. Only very optimistic bull cases approach that range.

Which exchanges delisted NuCypher?
Most exchanges swapped NU for T in early 2022. MEXC ended NU spot trading on February 16, 2022, and opened T trading two days later, and KuCoin completed its NU and KEEP merge to T in April 2022. Few, if any, centralized NU markets remain today. If an exchange holds your old NU, contact its support team about the swap.

Nothing in this article is financial advice. Cryptocurrency investments carry substantial risk.