“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’s time to make a proposal to help ETH depositors to build confidence.
Adjust Interest Base Rate to 20% to encourage repayment by NFT holders and help ETH depositors earn more interest 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.
In addition to changes to the protocol, BendDAO developers revealed user interface 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.
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.Panic struck on 18 August when the first Bored Ape Yacht Club NFT entered a
Did you really post a headline stating that they initiated a vote to alter the protocol 5 hours after the vote approved the alteration?
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