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Mutant Cats DAOMutant Cats DAOby0xD2AE149dA9445d6476EA5d119410267dcE038a08yakuzah.eth

Should DAO convert WBTC to ETH?

Voting ended over 1 year agoSucceeded

The DAO recently converted 50 ETH to BTC and currently holds 2.72 BTC in Wrapped BTC form on Ethereum.

The board has been following the developments with WBTC regarding the upcoming transfer of control from a US-based custodian to a multi-jurisdiction custody as Bitgo is forming a partnership with BiT Global, controlled by Justin Sun and the TRON ecosystem.
The transition will happen within the next 2 months.
As a result, Maker DAO has announced its intention to remove WBTC as collateral for DAI.

The board believes that the DAO should also divest from WBTC and is proposing to convert our WBTC holdings back to ETH. As of today, our WBTC is worth ~60 ETH (or 10 ETH of profit).

Off-Chain Vote

Yes, Swap to ETH
2.43K MUTCATS95.7%
No, Keep WBTC
109 MUTCATS4.3%
Download mobile app to vote

Timeline

Aug 14, 2024Proposal created
Aug 14, 2024Proposal vote started
Aug 17, 2024Proposal vote ended
May 12, 2025Proposal updated