Thesis founder initiates proposal on “WBTC Decentralization Roadmap”

Matt Luongo, founder of Thesis, initiated a proposal on the "WBTC Decentralization Roadmap" at Threshold. The idea is not to merge in advance, but to slowly increase the number of signers of WBTC, avoid changes to related contracts, and maintain the current market structure. Phase 1 - BitGo and BitGlobal join the Threshold network (1 month) In the first phase, the DAO will entrust 40 million T to BitGo and BitGlobal to run nodes, enabling both companies to join the Threshold network. Both companies will be able to participate in decentralized custody supporting tBTC, obtain T release, while understanding the Threshold network, and further decentralize custody in the network. In addition, all WBTC DAO members and merchants with operational capabilities will be provided with smaller delegations to further align interests and strengthen the network. Phase 2-Build a free decentralization path for WBTC holders (3-12 months) Next, we will build a cost-effective way for WBTC holders to decentralize their custody. WBTC custodians will waive all burn fees for holders who wish to do so. As confidence in the new system builds, contracts that automatically mint tBTC from WBTC can be deployed. Finally, we will introduce a vending machine for smooth bidirectional conversions between the two tokens. Phase 3 - Decentralized WBTC Operational Overhead (12+ months) At this point in the roadmap, tBTC and WBTC will be largely interchangeable, with two different minting schemes. In the final phase, merchants will migrate to decentralized minting, and WBTC token contract ownership can be transferred to the Threshold DAO or 0x0 addresses. Any remaining BTC held by WBTC custodians can be migrated to Threshold wallets that support tBTC, with fully decentralized custody.