BA Labs proposes that Sky gradually vote to divest its exposure to wBTC collateralized assets
September 13 news, according to a governance article on Thursday, MakerDAO rebranding Sky will vote to completely remove wBTC from its ecosystem, which could be a major development for DeFi as the platform has $200 million of wBTC mortgages. On Thursday, BA Labs proposed to gradually divest all of wBTC's mortgage asset exposure in five steps, with the first beginning on September 26. Each step will be voted on. "We found that legal due diligence could not provide sufficient assurance," BA Labs said in its proposal.
If the proposal passes, BA Labs proposes to add an alternative product to the platform. According to the BA Labs article, currently, wBTC mortgages are worth about $73 million on Sky's lending platform SparkLend, while wBTC mortgages are worth about $127 million in Sky's legacy vault.