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DeFi Protocol Threshold Wants to Merge with WBTC
Threshold has proposed a merger of its tBTC token with WBTC as the industry is concerned for the latter’s future.
Threshold, a protocol offering a decentralized version of wrapped bitcoin through its tBTC token, has proposed a merger with BitGo’s WBTC token in an effort to “save” the biggest wrapped bitcoin token by market cap. WBTC’s future has become concerning for the crypto community after BitGo partnered with Hong Kong-based BiT Global to expand its foothold beyond the United States.
BiT Global is partly owned by Justin Sun and the Tron ecosystem, bringing massive worries to WBTC holders and DeFi protocols relying on the token for various purposes. For instance, MakerDAO approved a proposal to stop WBTC from being accepted as collateral and close all debts on the platform collateralized by WBTC. Other protocols have also motioned to stop their reliance on the token.
The worries come from Justin Sun’s track record, with his affiliated projects misappropriating collateral. As MakerDAO proceeded to opt out of WBTC, Justin Sun explained his involvement in WBTC’s affairs, claiming there was nothing to worry about. “My personal involvement in WBTC is entirely strategic. I do not control the private keys to the WBTC reserves and cannot move any BTC reserves.”
Threshold Wants to Ensure DeFi Is Not Affected Due to WBTC’s BiT Global Exposure
The industry remains skeptical. Threshold wants to prevent the long-tenured WBTC from being weeded out of the DeFi ecosystem. Its proposal seeks to “ensure the safety and stability of the underlying collateral, reassure market participants and users of WBTC, and protect the many DeFi protocols that have significant exposure to the asset as collateral.”
Threshold aims to successfully merge its wrapped bitcoin token with WBTC by being given the “merchant (mint/redeem) privileges” for the latter and having the others with the privileges removed. This will ensure that WBTC minting and freezing take on a decentralized nature already used by Threshold for its tBTC wrapper token. As the merchant privileges are handed over to Threshold, it will disable tBTC minting. Existing tBTC holders can redeem wBTC tokens 1:1.
Image by Gerd Altmann from Pixabay
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