Sky Ecosystem's Proposal for WBTC Off-boarding: What You Need to Know
Sky Ecosystem's Vote on WBTC Off-boarding
Sky, formerly known as MakerDAO, is taking important steps to ensure the security and integrity of its ecosystem. The proposal to vote on off-boarding WBTC (Wrapped Bitcoin) highlights the company's commitment to risk management. As part of this process, a multi-step program will be implemented to unwind WBTC from Sky Lend and legacy vaults. This initiative aims to enhance the overall stability of the Sky platform.
Key Details of the Proposal
- Date of Vote: October 8
- Custody Transfer: BitGo will transfer custody of the underlying BTC to BitGlobal.
- Enhanced focus on security and risk management.
This vote may have significant implications for the cryptocurrency industry, particularly in how platforms manage risks associated with wrapped assets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.