Bitcoin News Today: DeFi Trust Shifts: Centralized WBTC Custodians Face Decentralized Challenge
WBTC, the tokenized version of BitcoinBTC-- on the EthereumETH-- blockchain, has recently depegged to $111,000, trading at a $2,000 discount to Bitcoin's current price of $113,000 [1]. This divergence has raised concerns among investors and DeFi participants, as it highlights vulnerabilities in WBTC's custodial model and broader market dynamics. The depegging follows a decline in WBTC's circulating supply, which has fallen to its lowest level since 2021 due to burns outpacing mints [2]. This trend reflects shifting preferences in the DeFi ecosystem, where alternative wrapped BitcoinWBTC-- solutions like Coinbase's cbBTC are gaining traction [2].
The custodial arrangement for WBTCWBTC--, managed by BitGo, has faced scrutiny after the firm announced a governance shift involving TRONTRX-- founder Justin Sun's entity, BiT Global. Critics argue this change undermines trust in WBTC's decentralization, given Sun's history with depegged assets like HBTC and USDD [5]. In response, DeFi platforms such as AaveAAVE-- and MakerDAO have initiated offboarding efforts, reducing WBTC's role as collateral in lending and borrowing protocols [5]. This shift underscores growing skepticism toward centralized custodians and a preference for alternatives with transparent governance.
The rise of cbBTC, a competing tokenized Bitcoin solution backed by CoinbaseCOIN--, has further intensified competition. cbBTC's rapid adoption-56% of its supply is now on Aave-has positioned it as a viable alternative, though its lack of publicly disclosed reserve addresses has raised transparency concerns [2]. Meanwhile, decentralized alternatives like tBTC, operated by the ThresholdT-- Network DAO, are gaining attention as a trustless solution to WBTC's centralization risks [5]. tBTC's fully decentralized minting and redemption process contrasts with WBTC's reliance on a limited set of custodians [6].
Price forecasts for WBTC remain mixed. Analysts at Traders Union predict WBTC could reach $136,918.55 by year-end 2025 and $220,848.42 by 2029, aligning with broader Bitcoin price expectations . However, bearish scenarios suggest WBTC could stagnate around $30,000–$50,000 if Bitcoin faces regulatory or macroeconomic headwinds . The current discount to Bitcoin also reflects liquidity imbalances and DeFi-specific demand fluctuations [6].
The depegging event has reignited debates about the risks of centralized custodians in tokenized assets. WBTC's governance structure, while hybrid, remains reliant on BitGo for security and compliance. This centralization has led to calls for decentralized custody models, as seen in tBTC's design, which distributes control across multiple nodes [4]. For now, WBTC's dominance in the wrapped Bitcoin market (96.6% share) persists, but its market share is under pressure from both decentralized and institutional alternatives [2].
Comentarios
Aún no hay comentarios