TBTC 的目标是在其他打包比特币去中心化失败的领域取得成功

将比特币与以太坊连接起来的许多尝试都成为一项西西弗斯式的任务。我们推上去中心化的山峰，却只能眼睁睁地看着我们包裹的比特币回滚

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.

在希腊神话中，西西弗斯被判处永远滚一块巨石上山，但每次他接近山顶时，巨石又滚下来。在加密货币世界中，当我们不懈地努力实现比特币的去中心化时，类似的西西弗斯任务也随之展开，但同时也见证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.

当我们再次接近顶峰时，一项新的发展可能会破坏我们的上升轨道。 WBTC 拥有近 100 亿美元的锁定比特币，现在面临着 Bitgo 转型为与 Bit Global 的合资企业的问题。此外，考虑到孙宇晨过去对暂停 Trueusd 实时储备证明的影响，孙宇晨的参与给这一努力蒙上了不祥的阴影。

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.

这种模式以令人毛骨悚然的规律性重复出现。在其鼎盛时期，Renbtc 努力将价值 14.8 亿美元的 Renbtc 巨石推上同样艰巨的斜坡。然而，Alameda 的收购最终导致其暴跌，当 FTX 在 2022 年底崩溃时，Renbtc 的 TVL 在短短 7 天内从 11.2 亿美元暴跌至 1.17 亿美元，让用户被中心化的引力压垮。

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.

在揭开每个打包的比特币解决方案背后的故事时，我们从一开始就遇到了一个共同的线索：承诺去中心化。然而，许多人屈服于集中化便利的诱惑。

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 曾经大有前途的 Darknode 网络是一个旨在铸造包装比特币的系统，但从一开始就存在一个严重缺陷：Ren 团队从一开始就控制了所有 Darknode。这种最初的权力集中不可避免地为企业收购铺平了道路，最终导致阿拉米达被收购并最终倒闭。

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.

检查架构选择揭示了截然不同的叙述：WBTC 通过公开的中心化托管确立了主导地位，而币安的变体 BTCB 从未假装自己是中心化的，在遇到监管阻力之前最高达到了 42,000 BTC。与此形成鲜明对比的是，TBTC 从零开始就通过阈值加密技术在其网络上分配权力，这使得捕获在数学上是不可能的。

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.

中心化的趋势在可预见的阶段展开：FTX 和 Alameda 崩溃后，Renbtc 用户发现自己陷入困境，他们的资产被锁定在一个未能履行最初承诺的系统中。现在，WBTC 也显示出类似的警告信号，在 Bitgo 转型和 Sun 影响力不断增强的阴影下，WBTC 的市值已接近 100 亿美元。

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.

当前 WBTC 的情况编织了一个令人信服的故事。波场 (Tron) 创始人孙宇晨 (Justin Sun) 的努力既有创新性，也有争议性，现在他参与托管业务，给 WBTC 的未来蒙上了阴影。

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——他最近当选为利伯兰总理，但这并不意味着我们应该信任孙宇晨。他过去的行为，比如暂停 Trueusd 的实时储备证明，凸显了一种为了战略优势而牺牲透明度和去中心化的模式。

WBTC's Precarious Position:

WBTC 的处境岌岌可危：

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 是一家知名的加密货币托管机构，最初与 WBTC 合作是为了处理比特币基础资产。随着 Bitgo、Bit Global 和孙宇晨组建合资企业的过渡计划，托管管理方式将发生变化。这反映了我们之前见过的相同的旧模式：

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.

随着 WBTC 的巨石走向未知的顶峰，整个加密社区面临着一个熟悉的选择：继续将同样的重量推上同一座山，或者采用根本不同的方法。

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，但也许我们一直在错误地攀爬它。如果答案不是加大力度，而是以不同的方式推动怎么办？

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 通过忠于比特币的价值观来解决这个问题：不是将一块巨石滚上山，而是通过分布式网络分配重量。阈值的方法：

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 由于将控制权集中在 Alameda 手中并最终屈服于中心化压力而举步维艰，而 TBTC 则采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.

也许西西弗斯会欣赏这种讽刺。有时胜利并不是来自克服痛苦，而是来自认识到巨石本身就是问题。

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.

我们面临的问题是：我们会继续推动同一块巨石，还是在不牺牲我们价值观的情况下跨过门槛？选择是我们的，它不仅定义了打包比特币的未来，也定义了去中心化本身。