- Wrapped Bitcoin (WBTC) relaunched on the Tron blockchain but has seen no adoption for its new version.
- The previous version of WBTC on TRON still holds around 100 WBTC tokens, while the new contract’s supply remains zero.
- WBTC claims governance by decentralized autonomous organizations (DAOs), but the DAOs have been inactive for nearly three years and still include failed firms as merchants.
- An alternative tokenized bitcoin product tied to Poloniex exchange, also linked to Justin Sun, holds a much larger supply but does not provide proof of reserves.
- No official responses were given regarding the transition to the new contract, the inactive DAOs, or the outstanding tokens in the old contract.
Wrapped Bitcoin (WBTC), a token designed to represent bitcoin on other blockchains, was relaunched on the TRON blockchain, according to the project’s website. The new version of WBTC on TRON, available at this contract address, currently shows a total supply of zero, indicating no adoption since its deployment in July.
The previous version of WBTC on TRON, which was introduced in early 2021 and later removed from the official WBTC website, continues to hold roughly 100 WBTC. According to public smart contract data, around 100 tokens remain, which likely means that 100 bitcoin are still held in reserve.
The “Transparency” page for WBTC on TRON now lists the new contract but does not explain the transition or why the old version maintains tokens while the new version doesn’t. The reason for moving to the new contract or the lack of migration by users remains unclear.
WBTC states that its products are managed by decentralized autonomous organizations, or DAOs, that oversee contract changes and merchant approvals. Documentation from WBTC still lists failed firms, including Three Arrows Capital and Alameda Research, among its merchant members. Public records show that the last transaction on the DAO occurred nearly three years, or 1,040 days, ago, suggesting little current activity. The DAO has not approved any new products in that time frame.
In addition to WBTC, another tokenized bitcoin product operates on TRON. This version, associated with the Poloniex exchange owned by Justin Sun, does not disclose its bitcoin reserves and is significantly larger, with 17,545 tokens outstanding according to its smart contract. In a recent analysis, this product accounted for over half of the bitcoin registered on Sun’s other exchange, HTX.
Poloniex previously promised a third-party proof-of-reserves verification but has yet to complete this process. Justin Sun has commented that proof of reserves is an industry standard. “There is only one explanation for why exchanges fail to have proof of reserves, namely, they are unable to meet the requirements,” he wrote.
Representatives from WBTC did not respond to requests for details about the contract switch, DAO involvement, or unresolved tokens before publication.
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