DAI stablecoin issuer MakerDAO is deprecating renBTC to reduce risk in the stablecoin collateral vault.
The bankruptcy of FTX in the crypto industry has put derivative projects into turbulent situations as well. Projects with FTX and Alameda products make an intense effort to survive after the process. RenBTC, the product of Ren Protocol backed by Alameda Research, has faced various speculations. As part of security and fraud measures, studies have been carried out to remove this pair from the crypto ecosystem. An anonymous hacker of FTX tried to launder the stolen assets via renBTC. Following these processes, MakerDAO voted to remove renBTC from stablecoin collateral.
MakerDAO Community Makes Its Decision
MakerDAO, the stablecoin issuer and DAO platform, has presented its renBTC decision to its community. The community of the popular project preferred that this pair be removed from the collateral vault.
Wanting to remove renBTC from collateral and preserve the healthy progress of the DAO, the team also received support from community voting. Ren Protocol, acquired by Alameda Research, is at the target of the arrows.
The team behind renBTC has announced that it will launch a new version. The team made a request to its users to upgrade to this new version. According to the request, users would burn their old tokens and demand the new version. Following this decision, MakerDAO decided to remove the coin from its collateral, which it thought could get out of Bitcoin stability.
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