DeFi lending platform Sky launches vote to gradually remove wBTC assets

BlockBeats news, on September 13, DeFi lending platform Sky (formerly known as MakerDAO) will vote on whether to completely abandon wrapped Bitcoin (wBTC) in its ecosystem, which may be a major development for DeFi as the platform has $200 million in loans collateralized by the token.

DeFi risk management company BA Labs is an influential figure in Sky protocol governance. The company has previously proposed to reduce its investment in wBTC because Tron founder Justin Sun's participation in the work of the underlying asset custodian is considered risky.

BA Labs proposes to gradually remove all wBTC risk exposure from collateral assets in five steps, with the first step starting on September 26. Each step will be voted on. "We found that legal due diligence does not provide sufficient assurance," BA Labs said in its proposal.