đ¨ Breaking News: Sky Puts Brakes on WBTC Offboarding! đ¨
Sky Rethinks Strategy for Wrapped Bitcoin
In a surprising twist, Sky (formerly known as Maker) is pausing its decision to remove Wrapped Bitcoin (WBTC) as a collateral option from its lending protocol. This shift in stance was spurred by a new advisory from BA Labs, dated Sept. 24, following an insightful dialogue with BitGo co-founder Mike Belshe.
Here's What's Unfolding:
Commitment Secured: BitGo has addressed concerns by clarifying upcoming management and custody changes for WBTC. They've pledged a 60-day notice period before implementing future changes.
Risk Assessment: With WBTC's reduced exposure now standing at $170M in total borrowings, BA Labs believes the risks are more manageable.
Whatâs Next: An executive vote slated for Oct. 3 will review these new recommendations. Will WBTC stay as part of Sky's collateral strategy?
This development comes on the heels of a Sept. 19 governance vote that initially favored offboarding WBTC. The latest updates and commitments could potentially sway the decision, marking a significant pivot in strategy.
Stay tuned as we continue to bring you the latest twists and turns in this evolving story!
