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BREAKING: Desperate Defi Protocol Proposes Merger to ‘Save’ Token That Was Never Decentralized in the First Place

A distressed WBTC token is shown being pulled out of a sinking ship by Threshold's tBTC token, while BitGo's custody wallet looms ominously in the background.

The never-ending saga of cryptocurrency’s greatest farce: the quest for decentralization.

Source: cointelegraph

Bitcoin (BTC) decentralized finance (DeFi) protocol Threshold is proposing to merge its own BTC “wrapper” token, tBTC, into Wrapped Bitcoin (WBTC) in a bid to “save WBTC” following concerns about an impending change in control of the popular BTC wrapper, according to an Aug. 29 proposal in Threshold’s governance forum. On Aug. 9, BitGo — the cryptocurrency custodian holding the Bitcoin backing WBTC — announced a planned partnership with BiT […]

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