孙宇晨:参与 WBTC 是战略性举动,目的在于推动行业去中心化

链捕手Pubblicato 2024-08-12Pubblicato ultima volta 2024-08-12

近日,波场TRON创始人孙宇晨参与WBTC一事引发行业内广泛关注,孙宇晨在社交媒体平台表示,个人参与 WBTC 完全是战略性的,目标是推动致力于去中心化、安全协议和安全的项目。

他还指出,其个人并不控制 WBTC 储备的私钥,也不能移动任何 BTC 储备。对于WBTC的重要性,孙宇晨认为,它是 DeFi 生态系统的重要组成部分,将确保继续其继续如此。

WBTC(Wrapped BTC),也称为包装比特币,是由BitGo发行的一种在以太坊区块链上的 ERC-20 代币,由比特币1:1挂钩支持。自2019 年 1 月推出后,WBTC已是最大的比特币DeFi应用之一。目前WBTC合作方有74家,且已支持以太坊、波场TRON、Base、Kava、Osmosis。

而作为WBTC的托管方BitGo,自2019年成立后,一直担任其托管机构, 负责保管所有底层比特币以及铸造WBTC代币的智能合约私钥。Bitgo 作为全球最大的数字资产独立托管机构, 在行业具备很高的信誉, 其股东包括高盛等知名机构

8月9日,BitGo发布推文称,通过与 BiT Global 建立独特的合作伙伴关系和合资企业,其 WBTC 业务将转向全球首个跨司法管辖区和跨机构托管。此次升级将在 60 天内进行,不会中断或中断服务。随后在其官网披露了相关合作方,其批露的个人合作者中提及孙宇晨,引发了加密社区的热烈讨论。

孙宇晨表示,WBTC与之前相比没有任何变化。审计是实时进行的,铸造过程完全由托管人Bitglobal 和BitGo按照之前的相同程序管理。据媒体报道,2017年,孙宇晨创办了公链平台波场TRON,致力于将互联网重新去中心化。2021年底,成为全球三大公链平台之一的波场TRON完成完全去中心化,成为社区治理的去中心化组织(DAO),目前,TRON DAO也是世界上最大的去中心化组织。

BitGo CEO Mike Belshe对推文引发的讨论回应称,“BiT Global作为一家持牌托管平台,有完整的团队运作体系通过多签机制管理托管的资产,他们也必须遵守监管要求,合規保管客户资产,不能违规随意转移资金。”

此前,加密用户中出现“MakerDao的所谓下架WBTC提议”,被证实只是个別不明WBTC运作机制的社区成员引起的Fud,Mike Belshe也进行了反驳。

Jupiter联合创始人meow在社交媒体平台发文评论时说,“不打算对Bitgo做出任何评判,他们确实迄今为止一直是出色的托管商,我相信他们有着最好的意图。”

Letture associate

Borrowed Faith: How Much of the Bitcoin ETF Flows Are Real Money

"Rented Faith: How Much of Bitcoin ETF Flows Are Real Money?" Bitcoin ETF inflows are often seen as a barometer of institutional conviction. However, week-to-week analysis reveals they are primarily driven by a hidden arbitrage trade rather than directional bullishness. This is the cash-and-carry trade: buying the ETF while simultaneously shorting Bitcoin futures on the CME to lock in the price difference (basis). This delta-neutral activity registers as ETF inflows but reflects a rate-seeking, not price-betting, strategy. Data shows weekly ETF flow volatility is closely tied to hedge fund ("leveraged funds") short positions on CME futures, with a correlation of 0.70. About half of weekly flow variation can be explained by this single factor. In contrast, Bitcoin's weekly price changes have no statistically significant power to predict flows. Crucially, while this arbitrage trade dominates weekly *fluctuations*, it is not the main component of the cumulative *stock*. Of the ~$55 billion total net inflow, the estimated net arbitrage position is only about $1 billion. The vast majority is steady, directional buying averaging ~$400 million per week. Thus, ETF flows overstate the *volatility* of belief, not its *level*. The "rented" arbitrage capital churns, while "owned" directional capital forms the bedrock. This arbitrage trade has been unwinding for two years, with hedge fund shorts peaking at ~$14 billion in late 2024 and falling to ~$4.5 billion. Recent outflows align with basis compression, signaling the trade's exit, not a loss of faith. For Ethereum ETFs, the same dynamic is weaker due to negative carry from forgone staking yield. The key takeaway: To interpret ETF flows, watch the basis vs. Treasury yields and CME hedge fund net shorts. They reveal how much of the weekly "demand" headline is driven by rented, rate-seeking capital versus real conviction.

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Two Giants' Credit Expansion: Loan Balances of $9.9 Billion vs. $14.6 Billion, Brazil Emerges as the Main Battlefield

Title: Two Giants "Credit" Surge: Loan Balances of 99 Billion vs. 146 Billion USD, Brazil Emerges as Main Battlefield Summary: The article compares the rapid expansion of credit businesses by two major e-commerce and fintech players, Sea (via Monee) and Mercado Libre (via Mercado Pago), in overseas markets like Southeast Asia and Latin America, contrasting with a slowing domestic Chinese credit market. Using Q1 2026 financial data, it highlights their significant growth. Sea's Monee reached a loan balance of $99 billion, up 71% year-over-year (YoY), contributing 17.5% to Sea's total revenue. Mercado Pago's loan balance hit $146 billion, up 87% YoY, contributing 45% to its parent company's revenue. Both maintained stable risk metrics (e.g., Monee's 90+ day NPL at 1.1%) despite rapid scaling. Brazil is identified as a key and accelerating growth market for both. Sea's Brazilian operations saw loan volumes exceed $10 billion, growing 250% YoY, with SPayLater GMV penetration still low (~10%) indicating high potential. Sea also secured a key Brazilian financial credit license (SCFI). Mercado Libre's Brazil segment contributed over half (54%) of total group revenue, with its credit business there generating $11.24 billion in revenue, up 89% YoY and accounting for 12.7% of global revenue. Mercado Pago's credit portfolio, especially credit cards (46% of loans, +105% YoY), is a strategic focus, described as crucial as building logistics was a decade ago. Its net interest margin after loss (NIMAL) remains high at 17.8%. The article concludes that while Brazil presents immense opportunities, the success is largely driven by these integrated "e-commerce + fintech" giants with proprietary transaction data and ecosystems, making it challenging for standalone fintech players to compete effectively.

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Research Report Analysis: Is Intel Making a Comeback with Apple? Bernstein's Calculations Show the Right Direction, but the Price Is Already Overvalued

Bernstein analyst Stacy A. Rasgon published a report on June 18 regarding Intel, assessing the potential impact of recent political support for a US-based PC chip design and manufacturing collaboration between Apple and Intel. The report views this as a significant signal for the foundry landscape shift but concludes the initial financial contribution would be minimal. Key conclusions: 1) An Apple deal is seen as a small-scale "proof of concept." Even if Intel wins 40% of Apple's premium notebook chip orders (~5 million units/year), Bernstein estimates it would generate only about $500M in annual revenue and ~$0.03 EPS, negligible against Intel's ~$55B revenue. 2) Political encouragement is not equivalent to enforceable mandates. Winning orders ultimately depends on Intel demonstrating competitive technology (like its 18A node), cost, and reliable supply. 3) The path from validation to large-scale production involves significant challenges, capital investment, and time. Due to these uncertainties, Bernstein maintains a Market-Perform (Hold) rating with a $100 price target, implying potential downside from the ~$121.10 price at the report date. The analysis highlights the tension between near-term validation value—serving as a crucial trust signal for Intel's foundry ambitions and US supply chain resilience—and the long-term opportunity to attract larger cloud and AI chip customers. The investment thesis hinges on successful 18A execution and sustained policy support, not on immediate financial gains from Apple.

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