MakerDAO, the decentralised organisation behind Dai stablecoin, has voted to remove renBTC tokens as part of the stablecoin’s collateral assets in response to the collapse of Alameda Research.

renBTC is among the popular Ethereum tokens pegged to Bitcoin. The token is part of Ren Protocol, which got acquired by Alameda earlier this year. However, following the collapse of Alameda earlier this month, there have been projections of a possible price depeg due to their connection.

MakerDAO Votes 100% in Favour to Offload Alameda’s renBTC

To minimise potential future complications, the MakerDAO governance community passed a proposal to offload renBTC, which has now ended in full support of the plan. Up to 30 members participated in the governance exercise, voting 100% in favour of removing the Bitcoin token from Dai’s collateral.

“With Alameda filing for bankruptcy and the elevated risk of renBTC depegging, we support offboard renBTC as collateral to minimise risk to the platform,” one of the voters commented.

According to the Maker’s Core Risk Unit, there are currently 14 open renBTC vaults on Maker, which collectively has loaned out 850,000 Dai stablecoins, ranging from 180–400% in collateral ratio. The team targets December 7th to liquidate these positions and has set the liquidation ratio to 5000%.

“While the situation is not an emergency, we have to move fast,” the team said.

Lots of Reshuffles in Dai’s Collateral This Year

The development today marks yet another change coming to Dai’s collateral assets. The stablecoin is backed by a basket of 18 crypto-assets, including Circle’s USDC stablecoin, which happened to be one of the single most significant sources of Dai’s collateral.

However, the MakerDAO community began reconsidering the exposure to USDC in August after the Circle banned some addresses in connection with the US-sanctioned Ethereum mixing protocol, Tornado Cash.