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BA Labs proposes Sky to gradually vote to strip wBTC collateral exposure

2024-09-12 23:54:13

Odaily Planet Daily According to a governance article on Thursday, MakerDAO's rebranded Sky will vote to completely remove wBTC from its ecosystem, which could be a significant development for Decentralized Finance as the platform has $200 million in wBTC collateral loans.
On Thursday, BA Labs proposed a five-step plan to gradually unwind all wBTC collateral exposures, with the first step starting on September 26. Each step will be decided by voting.
"We have found that legal due diligence cannot provide sufficient assurance," BA Labs stated in its proposal. If the proposal is approved, BA Labs proposes to add alternative products to the platform.
According to BA Labs' article, currently, the value of wBTC collateralized loans on SparkLend, a lending platform under Sky, is approximately $73 million, while the debt secured by wBTC in Sky's legacy vault is approximately $127 million. (CoinDesk)

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