{"id":253490,"date":"2022-08-23T23:00:14","date_gmt":"2022-08-23T17:30:14","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=253490"},"modified":"2022-08-23T15:23:31","modified_gmt":"2022-08-23T09:53:31","slug":"nft-lending-platform-benddao-initiates-vote-to-alter-protocol","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/nft-lending-platform-benddao-initiates-vote-to-alter-protocol\/","title":{"rendered":"NFT lending platform BendDAO initiates vote to alter protocol"},"content":{"rendered":"<p>Ripples of the credit crisis that affected several crypto-exchanges are now being felt in the NFT space. Popular NFT-based lending platform BendDAO has now initiated a vote to approve emergency changes. This, in a bid to avert what experts are describing as a &#8220;death spiral&#8221; for the NFT market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Writing a proposal to improve the protocol, including some parameters change, will post in the forum today and will effect 24hours after voting, hope that WAGMI.<\/p>\n<p>&mdash; Andy Chan (@AndyChanWeb3) <a href=\"https:\/\/twitter.com\/AndyChanWeb3\/status\/1561564603347509248?ref_src=twsrc%5Etfw\">August 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In fact, an alarming statistic recently obtained from <a href=\"https:\/\/etherscan.io\/address\/0xed1840223484483c0cb050e6fc344d1ebf0778a9\">Etherscan<\/a> is that the BendDAO contract has run out of Wrapped Ether, leaving 0 ETH for payment to lenders.<\/p>\n<h4><b>BendDAO\u2019s proposed changes<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In the <\/span><a href=\"https:\/\/governance.benddao.xyz\/t\/bip-9-adjusting-liquidation-threshold-auction-period-and-interest-base-rate-ui-improvement\/114\"><span style=\"font-weight: 400;\">proposal<\/span><\/a><span style=\"font-weight: 400;\">, BendDAO&#8217;s Co-founder who goes by the pseudonym <\/span>CodeInCoffee<span style=\"font-weight: 400;\"> said, <\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;We are sorry that we underestimated how illiquid NFTs could be in a bear market when setting the initial parameters. In the past several days, we got tons of feedback and suggestions from the community. After a comprehensive review and discussion, it\u2019s time to make a proposal to help ETH depositors to build confidence.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Here are the short-term changes proposed for the protocol 0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Systemically adjust Liquidation threshold to 70%, 5% weekly reduction beginning from 30 August, 2022<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Change the auction period from 48 hours to 4 hours in order to improve liquidity for auctions<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Eliminate first bid limitation of 95% of floor price to cap auction competitors<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Adjust Interest Base Rate to 20% to encourage repayment by NFT holders and help ETH depositors earn more interest<\/li>\n<\/ul>\n<p>The BendDAO protocol is using Snapshot, an off-chain voting system, to arrive at a consensus. As per the rules on the Snapshot, 47 million veBEND i.e 20% of the total supply would constitute a quorum. A 75% approval would make the proposed changes possible.<\/p>\n<p><span style=\"font-weight: 400;\">In addition to changes to the protocol, BendDAO developers revealed user interface (UI) improvements. These include a section on the BendDAO auction page, one where the number of floating bad debts in ETH would be displayed. This, along with information about interest total generated for veBend holders and ETH depositors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BendDAO Co-founder also outlined protocol improvements for the future. These include supporting offers for collateral on the platform, supporting down payment for auctions, and securing partnerships with other exchanges in order to list collateral.<\/span><\/p>\n<h4><b>When the first ape fell<\/b><\/h4>\n<p>Panic struck on 18 August when the first Bored Ape Yacht Club (BAYC) NFT entered a <a href=\"https:\/\/docs.benddao.xyz\/portal\/faq\/liquidation\">liquidation<\/a> auction after its floor price fell to 72, down 52% from its all-time high in May 2022. What followed was a bank-run on BendDAO, <a href=\"https:\/\/twitter.com\/CirrusNFT\/status\/1561383476137365504?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1561383476137365504%7Ctwgr%5Ee6f2e0880f7b534fec4dcaacc905fd703f902d8a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbenddao-contract-drained-overnight-with-15-eth-left-to-pay-lenders\">depleting<\/a> its wallet by over 99.9%.<\/p>\n<p><span style=\"font-weight: 400;\">As a result, hundreds of NFTs have defaulted and entered into the liquidation auction window, with no bids. Investors are hesitant to bid on the defaulted NFTs because the prospect of submitting a bid higher than the debt and locking up ETH for 48 hours seems risky.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is important to note that a number of NFTs are nearing the liquidation window, even though their debts have not defaulted. This, because of the declining <\/span><a href=\"https:\/\/docs.benddao.xyz\/portal\/faq\/liquidation#what-is-the-health-factor\"><span style=\"font-weight: 400;\">health factor<\/span><\/a><span style=\"font-weight: 400;\"> assigned by BendDAO, with the same depending on the liquidation threshold of the collateral.<\/span><\/p>\n<h4><b>Voting figures<\/b><\/h4>\n<p>At the time of writing, polling <a href=\"https:\/\/snapshot.org\/#\/benddao.eth\/proposal\/0x055c065c8f088b123590d904786d2b7511f9520cee06b2fb93b5b9fcbd62790b\">results<\/a> showed that 60 million <span style=\"font-weight: 400;\">veBEND (97.13%) had voted in favor of the proposal, meaning that the platform will go ahead with the changes.\u00a0<\/span><\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-23-at-3.06.05-PM.png\"><img decoding=\"async\" class=\"aligncenter wp-image-253497 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-23-at-3.06.05-PM.png\" alt=\"\" width=\"652\" height=\"1120\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-23-at-3.06.05-PM.png 652w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-23-at-3.06.05-PM-175x300.png 175w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-23-at-3.06.05-PM-596x1024.png 596w\" sizes=\"(max-width: 652px) 100vw, 652px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripples of the credit crisis that affected several crypto-exchanges are now being felt in the NFT space. Popular NFT-based lending platform BendDAO has now initiated a vote to approve emergency changes. This, in a bid to avert what experts are describing as a &#8220;death spiral&#8221; for the NFT market. In fact, an alarming statistic recently<a href=\"https:\/\/ambcrypto.com\/nft-lending-platform-benddao-initiates-vote-to-alter-protocol\/\">Continue reading <span class=\"sr-only\">&#8220;NFT lending platform BendDAO initiates vote to alter protocol&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":253502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-253490","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NFT lending platform BendDAO initiates vote to alter protocol - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ripples of the credit crisis that affected several crypto-exchanges are now being felt in the NFT space. 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