WBTC DAO Replaces FTX as it Migrates to New Multisig Smart Contract

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To make the Wrapped Bitcoin (WBTC) more effective, WBTC DAO, the community that governs WBTC projects is migrating to a new smart contract Multisig adding new members and updating its voting threshold.

Notably, the migration is a response to the pull request on the projects GitHub submitted by the CEO of Kyber Network Victor Tran. According to Victor, as part of the modifications, the migration which is coordinated by BitGo and Kyber will see the new Multisig now have 13 signers as opposed to its previous 18 signers.

WBTC DAO Welcomes Six New Members

To make this happen, it removed 11 of its previous signers including companies like FTX, MarkerDAO, and Airswap. 

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These previous signers were replaced with six new members including automated market maker Balancer, decentralized Oracle protocol Chainlink, and multi-chain platform Krystal. Other additions are RiskDAO and Badger.

Seven members from its initial list including Bitgo, Kyber, Compound, and Loopring complete the 13 signers list representing stakeholders from around the DeFi ecosystem.

The migration became necessary since many of its initial signers have either become inactive or lost access to their keys. This resulted in the reduction in the availability of Multisig whose sole responsibility is to responsibly govern contracts.

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After completion of the migration, WBTC DAO will now require the vote of 8 out of its 13 signers to form a consensus and process a transaction. Before this change, the previous multisig which was created about 4 years ago needed 11 out of its 18 signers to reach a consensus on any issue.

These new signers will be tasked with governance of the wrapped token’s contract making decisions on replacing custodians, and modifying or upgrading the token contract amongst others.

Recall that a Nexo-linked address pulled out 7758.8 WBTC from the DeFi platform MakerDAO in October. The hijacked WBTC worth about $153 million at the time represented exactly 50% of the amount of wBTC that MakerDAO held before the breach. 

Wrapped Bitcoin (WBTC) is a cryptocurrency that operates on the Ethereum (ETH) platform and is supposed to maintain a 1:1 parity with Bitcoin (BTC).

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