DeFi Giant Wants to Delist Bitcoin: 200 Million Positions Will Be Affected!
Sky, the giant of the decentralized finance sector, has attracted attention with the vote it has initiated regarding Bitcoin.
Sky, previously known as MakerDAO, is preparing to make a significant move in the DeFi world with this development.
In a governance announcement made on Thursday, September 12, Sky initiated a vote to completely remove Wrapped Bitcoin (wBTC) assets from its ecosystem.
If the proposal is accepted by the community, $200 million in DeFi loans on the platform will be directly affected.
The Possible Impact of TRON and Justin Sun on DeFi
However, the possible influence of TRON founder Justin Sun regarding the custody of these assets has raised concerns in the governance structures in the Sky ecosystem. DeFi risk management firm BA Labs had suggested reducing exposure to wBTC and has now proposed to initiate a process aimed at completely removing it.
BA Labs has proposed removing wBTC assets from the ecosystem in five steps, with the first step of the process set to begin on September 26.
It was reported that a vote will be held for each stage. BA Labs suggested that alternative assets be integrated into the platform, stating that “Legal reviews do not provide sufficient assurance.”
The Tron team has not yet made a statement on the subject. Currently, there is a $73 million loan collateralized by wBTC on the SparkLend platform, which is affiliated with Sky, while Sky’s old vaults contain a $127 million debt against wBTC.
Are BitGo and wBTC confusing the equation?
While these developments increase tensions regarding wBTC, BitGo’s announcement comes to mind.
Crypto custody firm BitGo announced earlier this month that wBTC would be restructured under a joint operation with BiT Global, a global custody platform.
