Crypto investors redeem over $30 million WBTC as MakerDAO halts new loans
MakerDAO, the decentralized autonomous organization behind the DeFi protocol Maker, has approved a proposal to halt new borrowing against BitGo’s wrapped Bitcoin (WBTC).
- On Aug. 15, MakerDAO revealed that it was reducing the debt ceiling for all WBTC vaults to zero. This move effectively prevents any new borrowing from these vaults and lowers WBTC’s loan-to-value (LTV) ratio on SparkLend to 0%.
#shortsegments #smallbites #lalai #1000fans
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STOPI see some information, the Bank is called Maker and the Dao controlling it is called MakerDao
I see they restricted wBTC by reducing the collateralization ration to zero. This means you can still deposit it in Maker, but borrow zero Dai against it. Smart, so they can change their mind laterI read this in shortsegments article #shortsegments