After a bank run over the weekend, NFT-collateralized loan platform BendDAO is trying to prevent future liquidity crises. realDannyNelson reports
Read more:The pressure partially abated Monday as some depositors came back to the platform and other borrowers repaid their NFT-backed loans. That momentary relief gave BendDAO’s community a chance to grapple with the faulty liquidation mechanics that sparked DeFi’s latestBendDAO attempts to shield itself from defaulted borrowers by auctioning off their NFT collateral for ETH.
“They basically don't allow the DAO to be leveraged in any way whatsoever,” Yakovenko said. “They don’t allow the DAO to take a loss on anything, which as a result makes them take a loss on everything.
BendDAO’s 48-hour amnesty program gives borrowers time to rescue their NFT by repaying the loan and a penalty. This “” ultimately worked against the protocol; bidders didn’t want to lock up their assets in an auction that could end with the borrower clawing their NFT back or – worse – paying for an asset that fell even further in the interim.
Holders of BendDAO’s native governance token BEND had cleared the proposal’s quorum with votes overwhelmingly in favor Monday afternoon, signaling the motion will likely pass and take effect Tuesday morning.
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