Sky passed the proposal to "liquidate $200 million of WBTC collateral in 5 phases"

According to TechFlow, the community of Sky (formerly MakerDAO), a decentralized financial lending platform, voted to approve a proposal to clear WBTC as collateral.

Sky currently has $200 million in loans collateralized by WBTC, which has a total market value of nearly $10 billion and is one of the largest cryptocurrencies. The liquidation plan will be implemented from October 3 and is expected to be completed on November 28.

BA Labs previously proposed to liquidate WBTC because it was worried that Tron founder Justin Sun’s participation in BiTGlobal (the custodian of WBTC’s underlying assets) might bring risks.

It is worth noting that the community of Aave, the largest DeFi lending platform, is currently cautious about liquidating WBTC collateral.