Join the movement to decentralize WBTC.
Content on this page was provided by the wbtc.party team
wbtc.party is a movement to save WBTC from the risks of centralization! This program is designed to reward users who sign the Save WBTC Pledge.
wbtc.party invites the CoinList community to participate in its new rewards campaign, featuring a raffle pool of $25,000 in T tokens, a $150K reward pool of tBTC, and free swaps from WBTC to tBTC (gas reimbursements paid in tBTC).
| wbtc.party: Save WBTC Pledge Rewards Campaign Details | |
| Program | Save WBTC Pledge |
| Eligibility | Certain jurisdictional limitations apply (i.e. users must be non-U.S./Canada and OFAC compliant). |
| Participation Limit |
Participants: Unlimited |
| Timeline | Phase 1: Decentralize WBTC: Sign the Pledge & join the movement This phase is expected to run from September 12, 2024 until September 27, 2024. Phase 2: Sign the pledge and migrate to tBTC. This phase is expected to run from September 27, 2024 until October 9, 2024. |
| Allocated Rewards |
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| Testnet FAQ | wbtc.party FAQ |
WBTC was created when DeFi was in its infancy.
The founding team did everything they could to decentralize the new product. They put together multisigs to manage minting, and merchants to help users deposit and redeem BTC.
These efforts did not go unnoticed: BitGo has been a trusted custodian for its entire existence, peaking at an ATH of 281,000 in total WBTC supply.
WBTC’s role in shaping DeFi is undeniable.
But everything changed on August 9, 2024.
BitGo announced that 2 keys that custody the Bitcoin backing WBTC would be held by a Justin Sun-owned entity. wbtc.party believes this change could pose a serious threat to WBTC and DeFi as a whole.
WBTC’s minting process is wholly reliant on BitGo and its associated parties, compared to a decentralized option like tBTC, which uses a network of operators.
Sun’s previous Bitcoin product, HBTC, which was also "backed" 1:1 with Bitcoin, depegged earlier this year. It’s now worth only 0.169 BTC, as of 2pm ET on September 11, 2024, leaving HBTC holders at a significant loss.
He also recently moved 12,000 of the BTC backing USDD, a “decentralized” stablecoin, without any notice or vote by the DAO.
So what is wbtc.party doing about it?
DeFi projects have started a movement to offboard from WBTC and save DeFi.
Wintermute, Aave, and Maker DAO have already started limiting exposure to WBTC. Popular DeFi protocols like Curve, Synthetix, Wormhole, and more have joined the saveWBTC movement.
DeFi protocols like Synthetix, GMX, and Euler have discussed adding tBTC as a more decentralized Bitcoin alternative.
wbtc.party is raising awareness of this situation and showing that DeFi needs a better alternative. Users can help by signing the pledge. WBTC is a public good that has been the bedrock of Bitcoin DeFi.
But wbtc.party believes that BitGo’s unilateral decision to change the custody arrangement, without input from the DAO and the broader community, is a mistake.
By joining wbtc.party, users can help raise awareness and push the movement to decentralize WBTC.
There is a total raffle pool of $25,000 in T tokens that will be distributed via raffle. $500.00 in T tokens will be raffled to a user who completes Phase 2 requirements every 12 hours. This raffle will be live from September 12, 2024 until the end of the program on October 9, 2024.
All users who complete Phase 2 tasks will be entered into the raffle, be eligible to receive a portion of the $150k tBTC reward pool, and will be eligible to receive reimbursement for WBTC swaps into tBTC.
Below is the list of crypto addresses of current raffle winners.
BitGo is changing the custody on October 9, 2024.
wbtc.party seeks to protect users from the change in custody and potential depeg of WBTC. The wbtc.party program will be live until the custody change is set to take place.
wbtc.party is a movement to save WBTC!
wbtc.party was created to raise awareness around the WBTC situation.
Decentralized systems cannot rely on centralized actors. WBTC giving the custody of the WBTC to Justin Sun is the antithesis of what the industry was built on: trustlessness, security, decentralization.
Bitcoin deserves better, DeFi deserves better, everyone deserves better.
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