CandleFocus DeFi Lender Sky Ratifies Plan to Offboard Wrapped Bitcoin, Due to Sun Concerns
2024-09-19
Author: Content Editor
Decentralized finance lender Sky, formerly known as MakerDAO, will proceed with its plan to remove wrapped bitcoin (WBTC) as collateral following an overwhelming show of support from the community. This decision is significant as the Sky platform has $200 million worth of loans backed by WBTC, which has a market capitalization of nearly $10 billion. The offboarding process will take place between October 3 and November 28. BA Labs, an advisor to the project, cited perceived risks related to Tron founder Justin Sun's involvement with BiTGlobal, the custodian for WBTC, as a reason for the decision. However, the Aave community, the largest DeFi lender, remains unconvinced about the need to remove WBTC as collateral.
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