Announcing the Save WBTC Rewards Campaign on CoinList
wbtc.party is a movement to save Wrapped Bitcoin (WBTC), a 1:1 representation of BTC on Ethereum used for trading, lending, and borrowing on Ethereum-based dApps.
All BTC backing WBTC is stored in a trust in the U.S., and managed by one of the most credible custodians in the space — BitGo.
That all changed on Friday, August 9th, when BitGo posted about an update to WBTC's custody model. The BTC backing WBTC is to be moved to BitGlobal, an international custodian whose last several stablecoins suffered from de-pegs. This change in custody may have significant negative impacts on WBTC and risk the collapse of a $9B asset at the center of DeFi.
Today, we’re excited to announce the Save WBTC Pledge Rewards Campaign. In an effort to encourage users to sign the Save WBTC Pledge and prevent this move, wbtc.party has launched a raffle with a rewards pool of $25,000 in T tokens.
Rewards
$500.00 in T tokens will be raffled to a new signer 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 the tasks will be eligible to be entered into the raffle.
Timeline
On October 9, 2024, BitGo is changing its custody to BitGlobal, an international custodian whose last several stablecoins suffered from de-pegs. wbtc.party seeks to protect users from this change in custody and potential de-peg of WBTC.
The wbtc.party program will be live until the custody change is set to take place.
About wbtc.party
wbtc.party is a community movement with the goal of “saving WBTC” from its upcoming change in custody to BitGlobal, an international custodian whose last several stablecoins suffered from de-pegs. The movement also advocates for an upgrade to a more decentralized and secure system, reflecting core Bitcoin values, such as censorship resistance and community ownership.
Join the wbtc.party community
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