Sky Protocol Announces WBTC Withdrawal Plan From SparkLend

According to Foresight News, the DeFi protocol Sky (formerly MakerDAO) has released its second notice regarding the withdrawal of WBTC-A, WBTC-B, WBTC-C, and WBTC from SparkLend. The plan, outlined by Block Analitica, details that the withdrawal of WBTC from traditional vaults (WBTC-A, WBTC-B, and WBTC-C) and SparkLend will be executed in multiple steps through several executive votes, pending governance approval. The withdrawal process is expected to commence with an administrative vote on September 26, 2024. Users of traditional vaults and SparkLend holding WBTC are advised to follow Block Analitica's recommendations and close their positions with WBTC collateral to avoid liquidation. This step is crucial to ensure a smooth transition and mitigate potential risks associated with the withdrawal process.