TLDR
- WBTC has relaunched on the TRON blockchain through a new smart contract but it has zero supply.
- The old WBTC contract on TRON still holds nearly 100 WBTC and remains more widely used.
- The WBTC website lists the new contract as active but users continue to rely on the older version.
- The DAOs that govern WBTC have not been active for nearly three years and still include defunct members.
- Poloniex operates another tokenized BTC product on TRON, with a supply of 17,545 BTC, but lacks proof of reserves.
Wrapped Bitcoin (WBTC) has relaunched on the TRON blockchain through a new smart contract but remains unused months later. Meanwhile, the older abandoned version on TRON still holds approximately 100 WBTC, signifying greater adoption. The disparity in supply raises concerns about governance, transparency, and operational direction within the WBTC ecosystem.
New WBTC Contract on TRON Sees Zero Adoption
The official WBTC website lists a “new” WBTC on TRON smart contract deployed on July 23 under the address TYhWwKpw43ENFWBTGpzLHn3882f2au7SMi. This version of WBTC on TRON currently displays a total supply of zero, highlighting its limited use. Although labeled new, the concept of WBTC on TRON dates back to early 2021.
Shortly after Justin Sun became an advisor, the earlier WBTC on TRON version was removed from the site. Despite its removal, the previous smart contract at TXpw8XeWYeTUd4quDskoUqeQPowRh4jY65 remains active. It still holds nearly 100 WBTC, backed by the same reserve structure.
The absence of adoption for the relaunch raises questions about the purpose behind the contract transition. The WBTC project has not clarified why it launched a new version. The website reflects the new contract, yet users continue to engage only with the old one.
WBTC DAOs Show No Recent Activity or Oversight
WBTC operates under two DAOs: one for merchant approvals and another that controls smart contracts. The large DAO reportedly governs key decisions, but the last recorded interaction occurred 1,040 days ago. This gap indicates that the DAOs have not reviewed or approved recent product updates.
Three Arrows Capital and Alameda Research remain listed as merchants despite their collapse years ago. Their presence indicates that governance structures have not kept pace with recent industry changes. WBTC has not explained whether DAO members reviewed or authorized the switch to the TRON contract.
Poloniex-Linked BTC Token Raises More Concerns
Apart from WBTC, another TRON-based tokenized BTC product linked to Justin Sun holds a significant footprint. The Poloniex exchange, also owned by Sun, operates this product with a supply of 17,545 BTC. That is roughly 175 times larger than the combined WBTC on TRON versions.
This token made up 51% of all BTC on the HTX exchange, according to a September Protos report. However, Poloniex has not yet completed the promised third-party proof-of-reserves process. Transparency remains lacking, despite repeated claims of industry compliance.
Justin Sun stated on X that “all exchanges in the industry have already implemented proof of reserves.” He added, “There is only one explanation for why some exchanges fail to provide proof. This admission appears to suggest that Poloniex cannot meet industry standards, putting HTX and users at potential risk.
