According to BlockBeats, on September 13, the DeFi lending platform Sky (formerly known as MakerDAO) will vote on whether to completely abandon wrapped Bitcoin (wBTC) in its ecosystem. This may be a major development for DeFi as the platform has $200 million in loans collateralized by the token.
DeFi risk management firm BA Labs, an influential figure in Sky protocol governance, had previously proposed reducing its investment in wBTC due to the perceived risks of Tron founder Justin Sun’s involvement as a custodian of the underlying asset.
BA Labs proposed to gradually remove all wBTC exposure from collateral assets in five steps, with the first step starting on September 26. Each step will be voted on. BA Labs said in its proposal: “We found that legal due diligence did not provide sufficient assurance.”
