On September 20th, in response to the untrue news about Aave initiating a proposal to detach wBTC, Aave co-founder Stani Kulechov stated, "Aave has not eliminated wBTC, and the proposal does not mean an exit decision." On the same day, the law firm Kneupper & Covey in Georgia, USA, stated on its official website that it is collecting information from affected parties and providing assistance for a collective lawsuit due to the forced liquidation of Wrapped Bitcoin (wBTC) by the cryptocurrency lending platform Sky (formerly MakerDAO), which would harm users' interests.
On the day when Sky officially planned to detach wBTC, rumors about the DeFi platform Aave initiating a proposal to detach wBTC once again stirred up controversy about wBTC. In response, Aave co-founder Stani Kulechov stated, "This is incorrect. Aave has not eliminated wBTC. This is a proposal from one of the risk providers to restrict wBTC. Aave DAO is a true DAO, and the proposal does not mean an exit decision. This specific proposal is also not about an exit."
According to The Defiant, ACI founder Zeller and some community representatives opposed this radical proposal, calling for a more cautious approach. Currently, Aave has not delisted or adjusted any wBTC-related parameters. Zeller explicitly stated in the forum, "Unless there are sufficient reasons, wBTC users have the legitimate right to use the Aave protocol, and ACI will not support this proposal."
According to the website of the US law firm Kneupper & Covey, the proposal initiated by BA Labs in the Sky community lacks legitimate and objective basis, and even claims that there is no need for due diligence, but insists on "delisting" the existing collateral wBTC for user loans. This proposal has not only caused serious concerns in the market, including doubts from users about its true motives and potential profits from liquidation for Sky, but also harmed the interests of opposing users through forced liquidation.
Kneupper & Covey specifically pointed out that considering the highly internationalized ecosystem of wBTC, Sky's unilateral plan to detach wBTC collateral assets in a very short period of time may force uninformed users to face a large amount of liquidation.
It is reported that on the 20th, Sky officially proposed to detach $200 million worth of wBTC collateral assets, with approximately 12% of the votes being abstentions.
wBTC is a type of ERC-20 compatible cryptocurrency anchored to Bitcoin, aimed at increasing Bitcoin's liquidity and providing more use cases for the DeFi ecosystem. wBTC is managed by the decentralized organization WBTC DAO. The idea of launching this token was proposed by BitGo, Kyber Network, and Ren in 2019. The key advantage of wBTC is its integration of Bitcoin with Ethereum-compatible wallets, dApps, and smart contracts. Currently, wBTC has exceeded 150,000 tokens, with a value of over $9 billion, making it the largest wrapped BTC token.
The news of Sky detaching wBTC has attracted attention from the cryptocurrency industry, including users and competitors of wBTC. On the proposal page on the Sky forum, there are multiple similar projects seeking attention and collaboration.
During this event, MakerDAO was renamed Sky and issued the stablecoin USDs. Rune Christensen, co-founder of Sky and former founder of Maker, pointed out the possibility of "designing a more decentralized freezing function than a centralized stablecoin." However, USDs and Sky have been criticized for moving further away from decentralization and failing to reflect their values as a decentralized organization (DAO).
On September 12th, the cryptocurrency exchange Coinbase officially entered the wrapped BTC track, launching Coinbase Wrapped BTC (cbBTC). However, the lack of decentralization and transparency of reserves has become the focus of controversy and questioning for cbBTC, even bearing the controversial label of "central bank Bitcoin."
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