监管与信任，笼罩在 WBTC 之上的疑云

深潮Publicado a 2024-08-20Actualizado a 2024-08-20

在加密和 DeFi 的世界中，保管至关重要。

作者：Chaos Labs

编译：深潮TechFlow

自 BitGo 宣布将在 60 天内将 WBTC 管理权转交给与 BiT Global 的新合资企业以来，已经过去一周。此后，发生了许多事情：

→ BitGo 宣布了初步的 WBTC 保管方案，并在行业广泛表达担忧后进行了澄清。

→ MakerDAO 决定暂停对 WBTC 的新借贷。

→ Coinbase 宣布推出 cbBTC，一个竞争性的 WBTC 产品。

让我们深入探讨正在发生的事情、其重要性以及潜在的风险。

首先，提供一些背景信息：WBTC 是比特币和 DeFi 生态系统之间的重要桥梁。

自 2019 年以来，BitGo 一直是 WBTC 的主要保管人和代币发行方。

供应量：154.4K BTC

价值：92 亿美元

WBTC 被广泛用作主要 DeFi 协议中的抵押品。

WBTC 约占总 aaveaave 资本的 15%

Aave V3（以太坊）：

供应量：22 亿美元，借贷量：9 亿美元 - Aave V3（Arbitrum）：

供应量：2.13 亿美元，借贷量：9000 万美元

→ 对 WBTC 的任何更改都可能对 DeFi 的稳定性产生重大影响。

诱因：BitGo 宣布计划将 WBTC 的法律保管权转移至与 BiT Global 的合资企业，合作伙伴包括 JustinSunTron 和 TronDAO 生态系统。

这一公告在加密社区引发了立即的警示。为什么呢？

让我们来分析一下原始提案及其引发的担忧。

BitGo 的原始保管提案（2024 年 8 月 9 日）：

  • 3 个司法管辖区：美国、香港、新加坡

  • 2 个机构：BitGo Inc. 和 BiT Global

  • 2-of-3 冷存储多重签名

  • BitGo Inc.：1 把钥匙，BiT Global：2 把钥匙

BitGo 将 WBTC 移至多司法管辖区保管，以加速全球扩张计划

主要担忧是什么？

与 TronDAO 生态系统相关的 BiT Global 将在多重签名设置中控制两把钥匙。这引入了几个风险。

风险 #1：中心化

将一实体（BiT Global）控制两把钥匙，实际上使 WBTC 的权力集中化。

这违背了支撑 DeFi 的去中心化原则。

风险 #2：监管不确定性

Justin Sun 在加密世界的地位以及潜在的监管问题可能会使 WBTC 面临风险。

如果 BiT Global 遇到监管行动，可能会危及整个 WBTC 生态系统。

风险 #3：信任问题

加密社区对 WBTC 的信任对其在 DeFi 中的持续使用至关重要。

与有争议的人物相关联可能会侵蚀这种信任，可能导致 WBTC 大规模流失。

这些担忧并不仅限于理论。我们已经看到了现实世界的影响：

chaos_labs 已提出适度的建议以减少风险敞口，同时我们获取更多信息。

  • Aave

  • 很快还会向 Jupiter、GMX、Radiant、Venus、Seamless、Zerolend 等合作协议提出额外建议。

请注意，对一个具有如此广泛分布的资产进行退市的次级影响不容小觑，因此我们采取了适度的方法：多测量一次，意图只切一次。

MakerDAO 投票决定停止对 WBTC 的新借贷。

在一周内销毁了价值超过 3000 万美元的 WBTC。

对竞争产品如 tBTC 和 Coinbase 的新产品 cbBTC 的兴趣增加。

针对社区的强烈反响，BitGo 修订了其提案（2024 年 8 月 14 日）。

让我们看看新模型的细节。

BitGo 修订的保管模型（2024 年 8 月 14 日）：

  • 仍然是 3 个司法管辖区：美国、香港、新加坡

  • 现在有 3 个机构：（1）BitGo Inc.，（2）BiT Global，（3）BitGo Singapore Ltd.

  • 2-of-3 冷存储多重签名

  • 每个机构在不同地点各自保管一把钥匙。

关键改进：引入 BitGo Singapore Ltd. 作为第三个密钥持有者。

这消除了一个机构持有多把钥匙的情况，解决了立即的中心化担忧。

但这能解决所有问题吗？并不完全。

仍然存在几个未解的问题和潜在风险。

未解问题 #1：BiT Global 的角色

尽管他们不再持有两把钥匙，但 BiT Global 在 WBTC 的保管中仍然扮演着重要角色。

我们对他们的运营和意图有什么保证？

未解问题 #2：监管合规性

每个实体（特别是 BiT Global 和 BitGo Singapore）在监管合规性方面的状况如何？

他们在各自的司法管辖区是否受到严格的监督？

未解问题 #3：审计和透明度

社区和 DeFi 项目将如何审计这一新设置？

有哪些措施确保对保管安排的持续透明？

未解问题 #4：应急程序

如果发生安全漏洞或针对某个密钥持有者的监管行动，确保包裹 BTC 安全的程序是什么？

WBTC 的情况突显了 DeFi 的一个关键方面：集中保管与去中心化金融之间的微妙平衡。

这提醒我们，即使在 DeFi 中，我们往往也依赖集中实体作为信任的支点。

BitGo 的提案对 DeFi 生态系统有更广泛的影响：

→ 可能加速更多去中心化 BTC 包装解决方案的发展。

→ 可能导致对所有包装资产的保管安排进行更严格的社区审查。

→ 可能促使 DeFi 协议多样化其基于 BTC 的抵押品选项。

展望未来，加密社区将密切关注：

  • BitGo 将如何实施并证明这一新保管模型的有效性？

  • 对 WBTC 的信心是否会完全恢复，还是我们会看到向替代解决方案的转变？

  • 主要 DeFi 协议将如何调整其风险模型以应对这一事件？

总之，虽然 BitGo 对社区反馈的反应值得赞扬，但 WBTC 的情况提醒我们：在加密和 DeFi 的世界中，保管至关重要。

资产保管的安全性、透明度和去中心化可以成就或毁灭整个生态系统。

作为 DeFi 领域的用户、开发者和投资者，我们有责任保持警惕，提出尖锐的问题，并追究项目的责任。金融的未来正在这些基础上构建。

你对 WBTC 的情况有什么看法？你认为这将如何影响 BTC 在 DeFi 中的未来？

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