MakerDAO Removes Alameda-linked renBTC As Reserve Collateral

MakerDAO Removes Alameda-linked renBTC As Reserve Collateral

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MakerDAO Removes Alameda-linked renBTC As Reserve Collateral

Crypto Daily™2 months ago
EthereumEthereum
renBTCrenBTC
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MakerMaker
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Published on November 26, 2022 08:35 GMT+00:00edited on November 28, 2022 14:44 GMT+00:00

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MakerDAO has announced that it has passed a governance vote which will remove Alameda Research-linked renBTC from its stablecoin collateral vaults. 

The move comes after the team at Ren stated that the current Ren 1.0 protocol will be closed. Ren was funded by Sam Bankman-Fried founded Alameda Research. 

RenBTC Removed As Reserve Collateral 

MakerDAO, the issuer of the decentralized DAI stablecoin, has announced that it had passed a governance proposal to remove renBTC from its collateral vaults. The move was announced to reduce the stablecoin’s exposure to what the DAO deems a risky asset following the collapse of FTX and Alameda Research. RenBTC is a wrapped stablecoin asset developed by Ren Protocol, a project backed by Alameda Research. 

MakerDAO enables …