Krutika Adani
DeFi protocol Sky, formerly Maker, will ditch WBTC in a phased manner after the community voted in favor of its removal by an overwhelming 88% majority vote.
WBTC has come under scrutiny over alleged Chinese links and a few security concerns. However, several well-known figures, such as Mike Belshe and Justin Tron, dismissed any FUDs related to it.
A similar proposal has also been put forward on AAVE’s governance portal.
This year, the offload will occur in phases starting on 3 October and ending on 28 November. This is done to limit its market impact.
Wrapped Bitcoin is a BTC-pegged cryptocurrency used instead of Bitcoin in DeFi because the Ethereum blockchain cannot process native Bitcoin.