MakerDAO, rebranded as Sky, is set to vote on completely removing wBTC from its ecosystem, a potentially significant development for DeFi, as the platform holds $200 million in wBTC collateralized loans. On Thursday, BA Labs proposed a five-step process to gradually unwind all wBTC collateral exposure, starting from September 26th. Each step will be subject to a vote.

"We have found that legal due diligence does not provide sufficient assurance," BA Labs stated in its proposal. If the proposal passes, BA Labs suggests adding alternative products to the platform. Currently, according to BA Labs' article, wBTC collateralized loans are valued at approximately $73 million on SparkLend, Sky's lending platform, and $127 million in debt secured by wBTC within Sky's legacy vaults. (CoinDesk)