Aave DAO's Risk Management Units Weigh Treatment of WBTC as BitGo Plans Custody Split
- 王林Original
- 2024-08-13 21:49:11844browse
The Aave DAO’s risk management unit Chaos Labs kicked off a governance discussion on how to treat Wrapped Bitcoin (WBTC) as BitGo plans to split custody across multiple jurisdictions.
Aave’s risk management unit Chaos Labs has initiated a discussion among Aave community members regarding the treatment of Wrapped Bitcoin (WBTC) in light of BitGo's plans to split custody across multiple jurisdictions.
In a post on Aave's governance forum, Chaos Labs expressed concerns that issuing a “risk-off” recommendation at this stage would be “premature” and could negatively impact the protocol in the long run.
The unit highlighted the substantial usage of WBTC on Aave, with around $900 million in debt against $2.2 billion in supplied WBTC on Aave V3 on Ethereum, and $90 million in debt against $212.99 million in supplied WBTC on Aave V3 on Arbitrum.
“The existing debt against WBTC generates approximately $6 million in annualized revenues from the reserve factor alone, with demand continuing to grow at a notable pace,” the post noted.
Aave Chan Initiative founder Marc Zeller also addressed concerns around how Aave would treat WBTC following custody changes. In a post on X, Zeller stated that no single entity would unilaterally decide the fate of collateral, especially one as valuable as WBTC.
“wBTC users are legitimate. Aave values its users. I won’t vote to rug anyone overnight,” Zeller said.
“No immediate changes for at least two months. wBTC team and alternatives are welcome to discuss,” he added.
Zeller's comments come after a proposal from MakerDAO’s risk unit BA Labs suggested off-boarding WBTC entirely in light of BitGo’s custody shake up and Tron founder Justin Sun’s involvement with the firm.
According to data from Daistats, around 10% of DAI's token supply is backed by WBTC.
The above is the detailed content of Aave DAO's Risk Management Units Weigh Treatment of WBTC as BitGo Plans Custody Split. For more information, please follow other related articles on the PHP Chinese website!