Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

MakerDAO Moves Away From WBTC Over Controversial Custodian

Altszn.com by Altszn.com
August 17, 2024
in Web3
0
MakerDAO Moves Away From WBTC Over Controversial Custodian
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter


The changes were implemented on August 15 after a proposal passed with nearly 113,000 MKR Support.

MakerDAO passed a proposal to disable borrowing against wrapped bitcoin (WBTC) and reduce the WBTC vault debt ceilings to zero.

The motion, approved on Aug.15, will reduce MakerDAO’s exposure to WBTC and prevent future WBTC borrowing, however current WBTC positions and uses will remain unaffected “for now,” the proposal said.

The move is a response to the decision of WBTC’s custodian Bitgo, to transfer control of the asset to a joint venture consisting of itself and BiT Global. Bit Global includes a partnership with Justin Sun, the controversial founder of the Tron blockchain.

MakerDAO contributors found the development to be a potential security concern when considering Sun’s reputation, which was most recently called into question when TrueUSD (TUSD) depegged in January. Sun became heavily involved in TUSD after he minted 25% of the TUSD supply and sent the funds to a HTX, a centralized exchange that he controls.

Maker is not the only large decentralized finance (DeFi) primitive that is considering changing their WBTC usage. Members of the Aave community are preparing a proposal to also move away from WBTC, and implement tBTC as an alternative.

It was reported by Unchained on Aug 15, that Marc Zeller, head of the Aave-Chan Initiative, wrote to the outlet stating “his organization is actively working to onboard tBTC and aims to have a governance vote on the improvement proposal by next week.”

the-defiant
Tokenized Bitcoin by Market Cap – CoinGecko

While these DeFi giants move away from WBTC, it remains the largest tokenized version of Bitcoin by a landslide. WBTC’s market capitalization is just over $9 billion, nearly 50 times larger than tBTC and its $185 million market cap.

However, there are rumors that a new tokenized Bitcoin alternative may be coming to market soon after Coinbase cryptically posted “cbBTC. Coming Soon” on Aug 13.



Read More: thedefiant.io

Tags: controversialCustodianMakerDAOmovesWBTCweb 3.0Web3
ADVERTISEMENT

Recent

VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

June 15, 2025
Is it the future of finance?

Is it the future of finance?

June 15, 2025
U.S. Lawmakers Unveil CLARITY Act Regulating Digital Assets

U.S. Lawmakers Unveil CLARITY Act Regulating Digital Assets

June 10, 2025

Categories

  • Bitcoin (4,227)
  • Blockchain (10,191)
  • Crypto (8,116)
  • Dark Web (343)
  • DeFi (7,822)
  • Ethereum (4,237)
  • Metaverse (6,158)
  • Monero (194)
  • NFT (762)
  • Solana (4,800)
  • Web3 (18,989)
  • Zcash (431)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

    VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

    June 15, 2025
    Is it the future of finance?

    Is it the future of finance?

    June 15, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 105,798.00
    • ethereumEthereum (ETH) $ 2,568.28
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.17
    • bnbBNB (BNB) $ 651.07
    • solanaSolana (SOL) $ 155.84
    • usd-coinUSDC (USDC) $ 0.999810
    • dogecoinDogecoin (DOGE) $ 0.176147
    • tronTRON (TRX) $ 0.270792
    • staked-etherLido Staked Ether (STETH) $ 2,567.32
    • cardanoCardano (ADA) $ 0.637740
    • hyperliquidHyperliquid (HYPE) $ 42.23
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 105,689.00
    • wrapped-stethWrapped stETH (WSTETH) $ 3,100.89
    • suiSui (SUI) $ 3.07
    • bitcoin-cashBitcoin Cash (BCH) $ 457.39
    • chainlinkChainlink (LINK) $ 13.41
    • leo-tokenLEO Token (LEO) $ 9.27
    • avalanche-2Avalanche (AVAX) $ 19.33
    • stellarStellar (XLM) $ 0.259376
    • the-open-networkToncoin (TON) $ 2.99
    • shiba-inuShiba Inu (SHIB) $ 0.000012
    • usdsUSDS (USDS) $ 0.999940
    • wethWETH (WETH) $ 2,569.52
    • wrapped-eethWrapped eETH (WEETH) $ 2,747.42
    • hedera-hashgraphHedera (HBAR) $ 0.155885
    • litecoinLitecoin (LTC) $ 86.60
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999931
    • ethena-usdeEthena USDe (USDE) $ 0.999681
    • polkadotPolkadot (DOT) $ 3.84
    • moneroMonero (XMR) $ 314.55
    • whitebitWhiteBIT Coin (WBT) $ 39.66
    • bitget-tokenBitget Token (BGB) $ 4.55
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 105,802.00
    • pepePepe (PEPE) $ 0.000011
    • pi-networkPi Network (PI) $ 0.601162
    • uniswapUniswap (UNI) $ 7.31
    • aaveAave (AAVE) $ 277.53
    • daiDai (DAI) $ 0.999568
    • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
    • bittensorBittensor (TAO) $ 372.63
    • okbOKB (OKB) $ 51.39
    • internet-computerInternet Computer (ICP) $ 5.64
    • aptosAptos (APT) $ 4.56
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • nearNEAR Protocol (NEAR) $ 2.25
    • crypto-com-chainCronos (CRO) $ 0.091259
    • jito-staked-solJito Staked SOL (JITOSOL) $ 188.56
    • tokenize-xchangeTokenize Xchange (TKX) $ 32.47
    • ethereum-classicEthereum Classic (ETC) $ 16.79
    • bitcoinBitcoin (BTC) $ 105,798.00
    • ethereumEthereum (ETH) $ 2,568.28
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.17
    • bnbBNB (BNB) $ 651.07
    • solanaSolana (SOL) $ 155.84
    • usd-coinUSDC (USDC) $ 0.999810
    • dogecoinDogecoin (DOGE) $ 0.176147
    • tronTRON (TRX) $ 0.270792
    • staked-etherLido Staked Ether (STETH) $ 2,567.32
    • cardanoCardano (ADA) $ 0.637740
    • hyperliquidHyperliquid (HYPE) $ 42.23
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 105,689.00
    • wrapped-stethWrapped stETH (WSTETH) $ 3,100.89
    • suiSui (SUI) $ 3.07
    • bitcoin-cashBitcoin Cash (BCH) $ 457.39
    • chainlinkChainlink (LINK) $ 13.41
    • leo-tokenLEO Token (LEO) $ 9.27
    • avalanche-2Avalanche (AVAX) $ 19.33
    • stellarStellar (XLM) $ 0.259376
    • the-open-networkToncoin (TON) $ 2.99
    • shiba-inuShiba Inu (SHIB) $ 0.000012
    • usdsUSDS (USDS) $ 0.999940
    • wethWETH (WETH) $ 2,569.52
    • wrapped-eethWrapped eETH (WEETH) $ 2,747.42
    • hedera-hashgraphHedera (HBAR) $ 0.155885
    • litecoinLitecoin (LTC) $ 86.60
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999931
    • ethena-usdeEthena USDe (USDE) $ 0.999681
    • polkadotPolkadot (DOT) $ 3.84
    • moneroMonero (XMR) $ 314.55
    • whitebitWhiteBIT Coin (WBT) $ 39.66
    • bitget-tokenBitget Token (BGB) $ 4.55
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 105,802.00
    • pepePepe (PEPE) $ 0.000011
    • pi-networkPi Network (PI) $ 0.601162
    • uniswapUniswap (UNI) $ 7.31
    • aaveAave (AAVE) $ 277.53
    • daiDai (DAI) $ 0.999568
    • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
    • bittensorBittensor (TAO) $ 372.63
    • okbOKB (OKB) $ 51.39
    • internet-computerInternet Computer (ICP) $ 5.64
    • aptosAptos (APT) $ 4.56
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • nearNEAR Protocol (NEAR) $ 2.25
    • crypto-com-chainCronos (CRO) $ 0.091259
    • jito-staked-solJito Staked SOL (JITOSOL) $ 188.56
    • tokenize-xchangeTokenize Xchange (TKX) $ 32.47
    • ethereum-classicEthereum Classic (ETC) $ 16.79