观点：WBTC该升级技术方案了

Odaily星球日报Publicado em 2024-08-12Última atualização em 2024-08-12

Resumo

基于比特币原生验证能力的wrapped技术方案是未来方向。

原文作者：Kevin He，BitlayerLabs 联合创始人

背景

近日关于  WBTC 项目控制权转移而引发了广泛的社区讨论和担忧。

作者在区块链基础设施方向建设多年，亲自建设了中心化 wrapped token 系统，和基于 MPC 的托管平台，当前正在建设比特币原生验证能力。

本文中，作者将会回顾事件的脉络，主要涵盖多方的实际举动和反馈，呈现事实本身。

作者基于实际系统建设经验，为 wrapped btc 的产品抽象了一个简单的架构和安全模型。

接下来作者根据免信任的程度来划分不同的产品的技术方案，指出基于比特币原生验证能力的 wrapped 技术方案是未来方向。

事件回顾

当事人

• WBTC

https://d1x7dwosqaosdj.cloudfront.net/images/2024-08-12/90ea7b1086b164a5818466f0535ff69d

实现了超过 150 K BTC（价值超过 9 B USD）的 wrap，网站上实现了 proof of reserve 展示。

• Bitgo（WBTC 的原控制方）

https://d1x7dwosqaosdj.cloudfront.net/images/2024-08-12/6a5c666ed10c9efc34c33e661f0b5001

https://blog.bitgo.com/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global-expansion-plan-2ea0623fa2c 8 

宣告在未来 60 天内实现 WBTC 项目控制权转移，从 bitgo 转到 justinsun 相关的机构 BiT Global。

相关方

• Makerdao（DAI） 的风控团队（https://d1x7dwosqaosdj.cloudfront.net/images/2024-08-12/ac7befad082ce6d7ac5d3db24f398356）

https://d1x7dwosqaosdj.cloudfront.net/images/2024-08-12/8ed464989303cd07a9c80159a1eec605

表示对上述控制权的转移表示担忧，认为 WBTC 存在风险，将减少相关协议的敞口。

• Justinsun（WBTC 的新控制方）

https://d1x7dwosqaosdj.cloudfront.net/images/2024-08-12/3494e412583529087cb869b609c355e7

承诺不会动 bitgo 的储备

第三方

• Weidai （VC）

https://x.com/_weidai/status/1822338179640218081?s=46&t=d7GvsY4LzVKLbD34L3 431 w

认为 validating bridges 将会是更好的解决方案

• Liufeng （Media）

https://x.com/fishkiller/status/1822455929247498459?s=46&t= h 607 g 0 TWNMlmAGBrzTVpyw 

质疑 biT global 的资质

Wrapped BTC 的业务模型

Wrapped BTC 的业务模型其实非常简单，如下图：

观点：WBTC该升级技术方案了

wrap：

表示从 BTC 转换成 W-BTC。

wrap-house：

表示 wrap 的运作机制， 确保用户存入的 BTC 都有对应的 w-btc 在某一个账本（通常是一个区块链，例如 ETH）得到铸造，不多不少。

unwrap：

表示从 W-BTC 转换成 BTC。

unwrap-house：

表示 unwrap 的运作机制，确保用户在销毁 w-btc 之后，会有机制让他获得 Bitcoin 上的 BTC，不多不少。

对比 Trustless 程度

对比上述业务和技术模型的维度特别多，下面作者将从 wrap/unwrap 2 个方向的免信任水平来进行对比。

Non-Trustless

典型的就是 BitGO 的当前 WBTC，wrap-house 和 unwrap-house 的运作，都是由 bitgo custody 控制。

观点：WBTC该升级技术方案了

很明显，用户需要信任 BitGO custody 服务商始终能够正常工作。

Single Way Trustless

接下来再来看在 2020 年前后出现的两个有代表性的项目：tBTC/renBTC。

观点：WBTC该升级技术方案了

我们可以看到，在 x-chain（例如有完整验证能力的情况下，例如具备 evm），wrap-house 比较容易做较高水平的 trustless。

但 unwrap-house 由于受到当时技术条件的局限，只能通过阈值签名的方式来提高安全性，无论这个预支签名的做到哪种程度。

Dual Way Trustless

时间来到了 2024 年，得益于包括 BitVM/Starkware 的团队在比特币原生验证能力（包含 fraud proof 和 validity proof）的开创性尝试，随着 BitlayerLabs 等社区团队的实践落地，unwrap-house 将有望实现 trustless。

观点：WBTC该升级技术方案了

其中 fraud proof 的代表是 BitVM 及其衍生项目，指的是没有 OP_CAT 的情况下实现乐观验证，主流的实现方案是承诺和挑战 ZK 验证的过程。

Validity proof 则是在假设具备 OP_CAT 操作码的情况下，实现 ZK 的直接验证；有了 OP_CAT，锁定的 BTC 将由所谓的 covenant（类合约）来控制。

方案总结对比

横向对比上述提到的各种技术方案，可以发现基于比特币验证能力（validation）的技术方案，将会在 2 个方向上 trustless 水平有更好的表现。

观点：WBTC该升级技术方案了

总结

WBTC 在 2018 年的横空出世，拉开了将 BTC 流动性带入 DeFi 世界的序幕。后续 2020 年的 tBTC 等项目做了一部分的优化和改进，以比特币原生的验证能力为代表的 validation 技术方案，将会在双向免信任上有更好的表现。WBTC，是时候升级你的技术方案了！

Leituras Relacionadas

Infamous MEV Bot JaredFromSubway Drained For $7.5 Million

The notorious Ethereum MEV bot "JaredFromSubway" has been drained of approximately $7.5 million after attackers tricked its automated system. Security firm Blockaid reported that the bot was deceived into approving malicious trading routes by attacker-controlled contracts. These approvals were then used to siphon WETH, USDC, and USDT from the bot's contract. The incident is ironic as MEV bots are designed to exploit minute market advantages, but in this case, its own automation became the vulnerability. The attack specifically targeted the bot's trading logic, not the Ethereum protocol or a broader DeFi application. It underscores a critical risk in automated trading: the pursuit of speed can create fragility, making systems susceptible to carefully crafted traps. While the financial loss is significant, the broader impact is reputational for MEV infrastructure. It serves as a warning that automated systems granting token approvals require stringent safeguards, simulation, and route verification. The event is considered a targeted exploit on a trading bot, not a network-wide security issue.

bitcoinistHá 47m

Infamous MEV Bot JaredFromSubway Drained For $7.5 Million

bitcoinistHá 47m

Report Interpretation: J.P. Morgan Details Micron's Pre-Earnings Sentiment, Current Hardware Sector Dynamics

Morgan Stanley analyst Joshua Meyers' report (June 21, 2026) highlights key trends in the hardware and semiconductor sector ahead of Micron's earnings. The core takeaways are: 1. **Micron & Memory:** Memory remains a high-conviction long theme, driven by strong AI demand and rising ASPs. However, investor focus is shifting to the sustainability of Micron's >80% gross margins and the specifics of potential new long-term supply agreements (SCAs). 2. **Hardware Supply Chain:** AI-related demand for servers, networking, and storage remains robust, but company performance is diverging. Celestica (CLS) shows improved margin confidence, Western Digital and Seagate benefit from pricing, Fabrinet (FN) sees predictable AI optics growth, and Teradyne (TER) anticipates a new Google customer. 3. **AI Capex & WFE Forecasts:** JPMorgan increased its Wafer Fab Equipment (WFE) market growth forecasts to 28% in 2026 and 29% in 2027. AI infrastructure financing is evolving, with higher project-level debt reducing constraints on capex expansion. The report signals that while the AI-driven hardware cycle is strong, the market is entering a phase focused on execution verification (e.g., Micron's SCA details, Fabrinet's ramp with Amazon) and valuation sustainability. Key near-term signals include Micron's guidance, Arista Networks' outlook, and the pace of demand normalization post potential tariff-related pull-ins.

marsbitHá 1h

Report Interpretation: J.P. Morgan Details Micron's Pre-Earnings Sentiment, Current Hardware Sector Dynamics

marsbitHá 1h

Research Report Analysis: The Fed's New Chair's Debut – New Leader, But Same Script?

Report Analysis: Federal Reserve's New Chair Debut – A New Captain, But the Same Script? Morgan Stanley's chief global economist Seth B. Carpenter analyzes the first FOMC meeting under new Fed Chair Kevin Warsh in a June 21 report. Warsh deliberately avoided providing forward guidance on interest rates, aligning with his philosophy. However, market expectations for a rate hike this year were reinforced. Key signals lie elsewhere: inflation may fall more than expected, and quantitative tightening (QT) could be more aggressive than anticipated. The FOMC's "dot plot" suggests only one rate hike in 2026. Carpenter argues that if inflation undershoots forecasts, the logic for even a single hike weakens, especially as projections indicate potential rate cuts in 2027. On QT, Warsh's stance is clear. Carpenter notes that measures like halving the Treasury's account balance could shrink the Fed's balance sheet by around $500 billion with minimal market impact. Combined with adjustments to reserve interest and liquidity rules, the ultimate QT scale may exceed expectations, though its market effect might be less disruptive unless the Fed actively sells Mortgage-Backed Securities (MBS). While Warsh initiated a review of the Fed's policy framework, the 2% inflation target remains intact for now. The report concludes that the market may be overestimating the significance of reduced forward guidance and the near-term rate hike risk, while potentially underestimating the scope and manageable nature of the coming balance sheet reduction. The key debates will hinge on upcoming core PCE data, the specifics of the QT path, and the framework review's findings.

marsbitHá 1h

Research Report Analysis: The Fed's New Chair's Debut – New Leader, But Same Script?

marsbitHá 1h

Critical Game Week: BTC Retracement Confirmation vs. HYPE Support Battle | Guest Analysis

This weekly analysis outlines a critical juncture for BTC and HYPE markets, focusing on key price level confirmations. **BTC Analysis:** BTC is at a pivotal point after a five-wave rally from the June 5th low of $59,100. The price has broken below a short-term rising channel's lower boundary, with the current move seen as a pullback to test this breakdown. Failure to reclaim this level could lead to a retest of the $59,000-$60,000 support zone. The core scenario hinges on this channel retest outcome. * **Key Levels:** Resistance at $64,500-$65,000 (channel boundary) and $69,500-$70,500. Support at $59,000-$60,000 and $55,000. * **Strategy:** A core bearish stance is maintained (20% short from last week), with short-term plans for tactical trades. Three detailed contingency plans (A/B/C) are provided for short positions on resistance tests or breakdowns, emphasizing strict stop-loss discipline. **HYPE Analysis:** HYPE shows strong momentum but is currently in a corrective phase after hitting a new high of $76.94. The price is retesting the crucial $64-$66 support area. * **Key Levels:** Resistance near $77 and $80-$82. Support at $64-$66 and $52-$54. * **Strategy:** The short-term approach is "buy on dips, avoid chasing rallies." A long position is considered only if clear stabilization signals appear at the $64-$66 or deeper $52-$54 support zones, with tight risk controls. **General Risk Management:** A standardized trailing stop-loss protocol is emphasized: set initial stop, breakeven at +1% profit, then trail stops upward to lock in gains. *Disclaimer: All analysis is presented as a personal trading framework, not investment advice. Market conditions are complex and require dynamic adjustment.*

marsbitHá 2h

Critical Game Week: BTC Retracement Confirmation vs. HYPE Support Battle | Guest Analysis

marsbitHá 2h

Research Report Interpretation: Citi Attends AWS Summit, Bullish on Cloud Business Acceleration but Data Governance Remains Key Variable

Citi analyst Tyler Radke's team attended the AWS New York Summit (June 17-18), engaging with over 10 clients and partners. In a June 19 report, they highlighted the summit's focus on scaling agent AI for enterprise deployment. Citi maintains a "Buy" rating on Amazon, forecasting AWS revenue growth to accelerate to 37% in FY27 from 30% in FY26, noting this estimate may be conservative. Key takeaways: 1. **AWS Strategy Shift:** AWS is moving from proof-of-concepts to scalable deployment. New offerings like AWS Context (building enterprise knowledge graphs), Amazon Quick (cross-application AI assistant), and security tool Continuum address core enterprise pain points for AI adoption. 2. **Data Infrastructure Beneficiaries:** Data infrastructure companies like Snowflake, Elastic, Oracle, and ClickHouse are seen as direct beneficiaries of scaling AI workloads, as evidenced by strong growth and use cases presented. 3. **Critical Role of Data Governance:** As AI agents scale from hundreds to thousands, effective data governance becomes the key variable for deploying AI in core business processes. AWS Context represents AWS's strategic extension from providing compute/models to offering a data governance infrastructure layer. The report emphasizes that without solving data governance, AI will remain confined to pilot projects. The investment thesis focuses on AWS revenue acceleration and data infrastructure vendors' growth, while monitoring signals like AWS's quarterly revenue growth, Bedrock AgentCore task volume, and pricing impacts on companies like Elastic.

marsbitHá 2h

Research Report Interpretation: Citi Attends AWS Summit, Bullish on Cloud Business Acceleration but Data Governance Remains Key Variable

marsbitHá 2h

Trading

Spot
Futuros
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow