TBTC 的目標是在其他打包比特幣去中心化失敗的領域取得成功

將比特幣與以太坊連接起來的許多嘗試都成為一項西西弗斯式的任務。我們推上去中心化的山峰，卻只能眼睜睜地看著我們包裹的比特幣回滾

In Greek mythology, Sisyphus was condemned to eternally roll a boulder uphill, only for it to roll back down each time he neared the summit. In the world of cryptocurrency, a similar Sisyphean task unfolds as we relentlessly strive to achieve Bitcoin's decentralization, yet witness wrapped versions slipping back into the clutches of centralization.

在希臘神話中，西西弗斯被判永遠滾一塊巨石上山，但每次他接近山頂時，巨石又滾下來。在加密貨幣世界中，當我們不懈地努力實現比特幣的去中心化時，類似的西西弗斯任務也隨之展開，但同時也見證了打包版本又重新落入中心化的魔爪。

As we near the peak once more, a new development threatens to derail our ascent. WBTC, which boasts nearly $10 billion in locked Bitcoin, now faces Bitgo's transition into a joint venture with Bit Global. Furthermore, Justin Sun's involvement casts an ominous shadow over the endeavor, considering his past influence in suspending Trueusd's real-time proof of reserves.

當我們再次接近頂峰時，一項新的發展可能會破壞我們的上升軌道。 WBTC 擁有近 100 億美元的鎖定比特幣，現在面臨著 Bitgo 轉型為與 Bit Global 的合資企業的問題。此外，考慮到孫宇晨過去對暫停 Trueusd 即時儲備證明的影響，孫宇晨的參與給這項努力蒙上了不祥的陰影。

The pattern repeats itself with chilling regularity. At its height, Renbtc endeavored to propel a $1.48 billion Renbtc boulder up the same arduous incline. However, Alameda's acquisition ultimately sent it tumbling down, and when FTX imploded in late 2022, Renbtc's TVL plummeted from $1.12 billion to $117 million in a mere seven days, leaving users crushed beneath the weight of centralization's gravity.

這種模式以令人毛骨悚然的規律性重複出現。在其鼎盛時期，Renbtc 努力將價值 14.8 億美元的 Renbtc 巨石推上同樣艱鉅的斜坡。然而，Alameda 的收購最終導致其暴跌，當 FTX 在 2022 年底崩潰時，Renbtc 的 TVL 在短短 7 天內從 11.2 億美元暴跌至 1.17 億美元，讓用戶被中心化的引力壓垮。

Unveiling the tale behind each wrapped Bitcoin solution, we encounter a common thread of promising decentralization at the outset. Yet, many succumb to the allure of centralization's convenience.

在揭開每個打包的比特幣解決方案背後的故事時，我們從一開始就遇到了一個共同的線索：承諾去中心化。然而，許多人屈服於集中化便利的誘惑。

Renbtc's once-promising Darknode network, a system designed to mint wrapped Bitcoin, carried a critical flaw from its inception: the Ren team controlled all Darknodes from genesis. This initial centralization of power inevitably paved the way for corporate capture, culminating in Alameda's acquisition and eventual collapse.

Renbtc 曾經大有前途的 Darknode 網路是一個旨在鑄造包裝比特幣的系統，但從一開始就存在一個嚴重缺陷：Ren 團隊從一開始就控制了所有 Darknode。這種最初的權力集中不可避免地為企業收購鋪平了道路，最終導致阿拉米達被收購並最終倒閉。

Examining the architectural choices reveals contrasting narratives: WBTC established dominance through openly centralized custody, while BTCB, Binance's variant, never pretended to be anything but centralized, peaking at over 42,000 BTC before encountering regulatory headwinds. In stark contrast, TBTC distributes power across its network through threshold cryptography from day zero, rendering capture mathematically impossible.

檢查架構選擇揭示了截然不同的敘述：WBTC 透過公開的中心化託管確立了主導地位，而幣安的變體 BTCB 從未假裝自己是中心化的，在遇到監管阻力之前最高達到了 42,000 BTC。與此形成鮮明對比的是，TBTC 從零開始就透過閾值加密技術在其網路上分配權力，這使得捕獲在數學上是不可能的。

The pull toward centralization unfolds in predictable stages: After FTX and Alameda collapsed, Renbtc users found themselves stranded, their assets locked in a system that had failed to fulfill its initial promises. Now WBTC shows similar warning signs, with nearly $10 billion under the shadow of Bitgo's transition and Sun's growing influence.

中心化的趨勢在可預見的階段展開：FTX 和 Alameda 崩潰後，Renbtc 用戶發現自己陷入困境，他們的資產被鎖定在一個未能履行最初承諾的系統中。現在，WBTC 也顯示出類似的警訊，在 Bitgo 轉型和 Sun 影響力不斷增強的陰影下，WBTC 的市值已接近 100 億美元。

The current WBTC situation weaves a compelling narrative. Justin Sun, the Tron founder whose endeavors have ranged from innovative to controversial, now casts a long shadow over WBTC's future with his involvement in custody operations.

當前 WBTC 的情況編織了一個令人信服的故事。波場 (Tron) 創辦人孫宇晨 (Justin Sun) 的努力既有創新性，也有爭議性，現在他參與託管業務，給 WBTC 的未來蒙上了陰影。

Yes — he was recently elected as the Prime Minister of Liberland, but that doesn’t mean we should trust Justin Sun. His past actions, like the suspension of real-time proof of reserves for Trueusd, highlight a pattern where transparency and decentralization might be compromised for strategic advantage.

是的——他最近當選為利伯蘭總理，但這並不意味著我們應該信任孫宇晨。他過去的行為，例如暫停 Trueusd 的即時儲備證明，凸顯了一種為了戰略優勢而犧牲透明度和去中心化的模式。

WBTC's Precarious Position:

WBTC 的處境岌岌可危：

Bitgo, a well-known crypto custodian, was initially involved with WBTC for handling the underlying Bitcoin assets. With the transition plan towards a joint venture involving Bitgo, Bit Global and Justin Sun, there’s a shift in how custody might be managed. This mirrors the same old patterns we’ve seen before:

Bitgo 是一家知名的加密貨幣託管機構，最初與 WBTC 合作是為了處理比特幣基礎資產。隨著 Bitgo、Bit Global 和孫宇晨組建合資企業的過渡計劃，託管管理方式將會改變。這反映了我們之前見過的相同的舊模式：

As WBTC's boulder edges towards an unknown peak, the entire crypto community faces a familiar choice: Continue pushing the same weight up the same hill, or embrace a fundamentally different approach.

隨著 WBTC 的巨石走向未知的頂峰，整個加密社區面臨著一個熟悉的選擇：繼續將同樣的重量推上同一座山，或採用根本不同的方法。

The hill of decentralization remains steep, but perhaps we've been climbing it wrong. What if the answer isn’t to push harder, but to push differently?

去中心化之山仍然陡峭，但也許我們一直在錯誤地攀爬它。如果答案不是加大力度，而是用不同的方式推動怎麼辦？

Threshold’s TBTC approaches the problem by staying true to Bitcoin's values: instead of rolling a single boulder up the hill, distribute the weight across a distributed network. Threshold’s approach:

Threshold 的 TBTC 透過忠於比特幣的價值觀來解決這個問題：不是將一塊巨石滾上山，而是透過分散式網路分配重量。閾值的方法：

Where Renbtc faltered by concentrating control in the hands of Alameda and ultimately succumbing to centralization pressures, TBTC takes a radically different approach. Here’s how:

Renbtc 由於將控制權集中在 Alameda 手中並最終屈服於中心化壓力而舉步維艱，而 TBTC 則採取了截然不同的方法。方法如下：

Perhaps Sisyphus would appreciate the irony. Sometimes victory doesn’t come from pushing through the pain, but from realizing the boulder itself is the problem.

也許西西弗斯會欣賞這種諷刺。有時勝利並不是來自克服痛苦，而是來自於認識到巨石本身就是問題。

The question for us is: will we continue to push the same boulder, or cross the threshold without sacrificing our values? The choice is ours, and it defines not just the future of wrapped Bitcoin, but of decentralization itself.

我們面臨的問題是：我們會繼續推動同一塊巨石，還是在不犧牲我們價值觀的情況下跨越門檻？選擇是我們的，它不僅定義了打包比特幣的未來，也定義了去中心化本身。