DeFi Platform Sky Votes on Dropping Wrapped Bitcoin (wBTC)

ChainCatcher reports that Sky, formerly known as MakerDAO, will vote on whether to completely abandon wrapped Bitcoin (wBTC) from its ecosystem. This could be a significant development for DeFi, as the platform has $200 million in loans backed by the token.

DeFi risk management firm BA Labs, an influential figure in Sky's protocol governance, previously proposed reducing exposure to wBTC due to concerns about the involvement of Tron founder Justin Sun in the underlying asset custodian.

BA Labs has proposed a five-step plan to gradually eliminate all wBTC risk exposure from collateral assets, with the first step beginning on September 26th. Each step will be voted on. BA Labs stated in its proposal: "We found that due diligence did not provide sufficient assurances."