Wrapped Bitcoin On TRON Deemphasized Amid Transparency Issues

HomeNews* Wrapped Bitcoin (WBTC) on the Tron blockchain remains rarely used, with only about 100 Bitcoin backing the product.

• Transparency about the storage of backing assets has decreased following recent changes to dashboards and disclosures.
• Involvement from Justin Sun and BiT Global was announced in August 2023 but no significant advances are evident.
• Data analytics for WBTC on TRON are no longer displayed on TRONSCAN, and the project’s activity remains minimal.
• BitGo, BiT Global, and Wrapped Bitcoin have not issued statements about the product’s status, leaving its future unclear. On August 9, 2023, Justin Sun and BiT Global announced their involvement with the Wrapped Bitcoin (WBTC) project. The update signaled plans for further integration of WBTC within the TRON blockchain ecosystem.

• Advertisement - At the time of the announcement, the WBTC on TRON product existed but remained lightly used. Around 100 Bitcoin (BTC), valued at approximately $6.3 million as of June 2024, were backing the product. After the announcement, the official Wrapped Bitcoin website removed the dashboard for WBTC on TRON, which previously gave details about approved partners and the storage location of the BTC backing the token.

The 2023 press release described the inclusion of the TRON ecosystem, highlighting it as a blockchain with a large circulating supply of U.S. dollar stablecoins. However, there are no signs that adoption or usage of WBTC on TRON has increased since.

Currently, TRON’s blockchain explorer no longer provides detailed analytics for the WBTC token on TRON. A review of the associated smart contract showed the last transaction took place on April 15, 2024, indicating little recent activity.

The number of BTC backing the WBTC on TRON token remains close to 100, according to the latest contract data. No announcements regarding significant changes or discontinuation have been made by BitGo, BiT Global, Wrapped Bitcoin, or Justin Sun.

The removal of public-facing transparency features for WBTC on TRON now aligns it with other similar products offered by Sun-affiliated platforms, such as on the Poloniex exchange. These products also do not disclose where the backing Bitcoin is stored.

Despite outreach for clarification, BitGo, BiT Global, and Wrapped Bitcoin have not responded regarding the current status or future plans for WBTC on TRON.

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