Sky, formerly known as Maker, has approved a plan to remove wrapped Bitcoin (WBTC) collateral from its platform. Following a three-day governance vote that ended on September 19, the DeFi lending and borrowing platform approved removing exposure to WBTC.

The vote received overwhelming support from the Sky community with an approval rating of 88.17% and 95,826 MKR pledged. However, only 13 MKR whales participated in the vote. Sky will phase out WBTC; the first phase will begin on October 3 and the final phase will be completed on November 28.

BA Labs expressed concerns about WBTC in August. Sky is evaluating alternative forms of wrapped Bitcoin. We welcome your comments.