Bitcoin. Plan To Offboard Wrapped Now 2024
Due to sun concerns, Defib Lender Sky approves the plan to offboard wrapped bitcoin.
Since the token is used as collateral for $200 million in loans on the Sky platform and WBTC is one of the largest cryptocurrencies with approximately $10 billion in outstanding balances, the story has received considerable attention in the cryptocurrency markets.
After a vote that ended on Thursday and received resounding support from the project’s community, Sky, the decentralized finance lender formerly known as
Maker DAO, will proceed with its proposal to offboard wrapped bitcoin (WBTC) as collateral. The poll finished on Thursday.
Bitcoin.com Wallet Address
Since the token is used as collateral for $200 million in loans on the Sky platform and WBTC is one of the largest cryptocurrencies with approximately $10 billion in outstanding balances, the story has received considerable attention in the cryptocurrency markets.
Reducing exposure to WBTC was first suggested by BA Labs, a significant project advisor. Last week, a formal recommendation to proceed with the vote to completely reduce the exposure was made, confirming the original plan.
In this week’s Sky vote, which took place over the course of three days starting on Monday, 88% of voters supported doing away with wBTC in five different suggestions for a five-step offboarding procedure.
Eleven percent abstained.
Following the vote, Sky will proceed with the WBTC offboarding; the first phase will begin on October 3 and end on November 28.
Perceived dangers stemming from Tron founder Justin Sun’s relationship with Bit Global, the custodian of the underlying assets, were mentioned by BA Labs in their requests to offboard WBTC.
The original WBTC custodian, Bit Go, declared in August that it intended to hand over ownership of the asset to a joint venture with Bit Global, a Hong Kong-based regulated organization.
WBTC is a token that enables investors to use bitcoin (BTC) on other blockchains, such as Ethereum, and is frequently at the center of the Defib lending space as collateral. Sun told Coin Desk last week that WBTC has a “sterling track record that is unmatched by any competing offers recently floated by the skeptics.”
As of right now, the market capitalization of WBTC is $9.7 billion.
The community behind Aare, the largest Deify lender, is not persuaded that WBTC needs to be offloaded as collateral, according to a separate story published in The Defiant.
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