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Wrapped Bitcoin: The Crypto Bro’s Pet Project That Finally Gets Ditched by a Smart Company

A comic illustration depicting a giant hammer smashing through a pile of coins labeled 'WBTC', with broken chains and shattered glass surrounding it. In the background, a company logo (Sky) is shown being released from shackles, while two figures representing Justin Sun and BitGo are fleeing in opposite directions.

DeFi lending protocol Sky is ditching Wrapped Bitcoin like it’s going out of style – and who can blame them? It’s not just the fact that Justin Sun, a notorious crypto bro with more baggage than a luggage carousel at JFK airport, has his grubby little hands all over WBTC. No, no, my friends, this move by Sky is about common sense – something woefully lacking in most of the DeFi space.

Source: cointelegraph

Decentralized finance pioneer Sky, formerly Maker, is forging ahead with a plan to offload wrapped Bitcoin collateral from the platform. Following a governance vote that ran for three days and closed on Sept. 19, the DeFi lending and borrowing platform has ratified to remove its exposure to wrapped Bitcoin (WBTC). The vote garnered overwhelming support from the Sky community, with the proposal passing with 88.17% approval, pledging 95,826 MKR. Additionally, […]

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