NFT Lending Protocol Bend DAO Propose Emergency Changes!

Bend DAO's dev team regrets underestimating how illiquid NFTs could be in a bear market when setting initial parameters.

Bend DAO's developers proposed emergency measures Monday to stabilize the ecosystem.

The same day, the project had just 15 wrapped Ether (wETH) worth $23,715 to repay lenders. The mechanism lent 15,000 ETH.

Bend Dao's development team suggested limiting collateral liquidation to 70% of loan value, down from 85%, to avoid a credit crisis.

Next, its platform will reduce NFT auctions from 48 to 4 hours.

The requirement that Bend DAO's minimum bid price be 95% of OpenSea's floor price would be removed.

Loan rates will drop from 100% to 20%.

Finally, BendDAO's treasury could cover bad debts with revenue.

Even among reputable collections, falling NFT floor prices in the bear market have put many NFTs in danger of liquidation as interest rates soar.

As interest rates on "debt-secured" NFTs skyrocket to nearly 100%, some users may find it more economical to let go of their digital collectibles (which are also decreasing in value), resulting in bad loans.

Third, NFT markets are less liquid than coin or token markets, so there may be no bids during liquidation, adding to the death spiral.

Before credit issues, Bend DAO was a top NFT borrowing and lending platform.

Current proposal vote will last 24 hours and has passed quorum with 99.23% in favor.

Comments

Musk presents "Optimus" at Tesla's AI Day.

Tesla CEO Elon Musk unveils "Optimus" at "AI Day" on Friday. A robot-based business would be worth more than a car-based business, the billionaire said. He wants to move beyond self-driving cars, which he has repeatedly promised. Onstage, a robot model waved to the audience. In the automaker's factory, a video showed the robot moving metal bars and watering plants. "Our goal is to make a useful humanoid robot as soon as possible," Musk said. "Optimus needs a lot of work to be effective." Musk said humanoid robots "lack a brain" because they can't travel the world independently. He also said they're expensive and rare. Optimus would be mass-produced in the millions and cost less than $20,000, he said. Musk expected to discuss Tesla's self-driving car technology. In May, the CEO said the world's most valuable car company would be "worthless" without self-driving cars. The company faces regulatory and techno...

Hackers from North Korea are stealing NFTs using almost 500 different phishing domains.

The cybercriminals established dummy websites that posed as legitimate NFT marketplaces, NFT projects, and even a DeFi platform. There have been reports that hackers with ties to North Korea's Lazarus Group are behind a massive phishing campaign aimed at investors in nonfungible tokens (NFTs). This campaign is said to have used nearly 500 phishing domains to trick victims. SlowMist, a blockchain security company, published a report on December 24 revealing the strategies that North Korean Advanced Persistent Threat (APT) groups have used to separate NFT investors from their NFTs. These strategies include the use of decoy websites that are disguised as a variety of different NFT-related platforms and projects. Some examples of these fake websites include a website that pretends to be a project associated with the World Cup, as well as websites that impersonate well-known NFT marketplaces like OpenSea, X2Y2, and Rarible. Another example of one of these fake websites is a website th...

By 2030, the GCC economies are expected to receive $15 billion annually from the metaverse.

According to the most recent report from Strategy& Middle East, a member of the PwC network, the potential contribution of the metaverse to the GCC economies may be roughly US$15 billion yearly by 2030, of which $7.6 billion would be in Saudi Arabia and $3.3 billion in the UAE. The metaverse is still in its early stages, yet change is happening quickly. Companies in the GCC should move right away to take advantage of this chance. According to Tony G. Karam, Partner at Strategy & Middle East, by 2030, the metaverse will contribute $15 billion yearly to the economies of the GCC. The forecasts evaluated new metaverse applications like content production, commerce, and other activities as well as growth in the underlying platforms, hardware, and software. The metaverse's charm lies in the fact that it is neither a location nor a tool. Instead, it represents the most recent development in human/computer interface technology, one that aims to produce a seamless, pervasive, immers...

Meta Financies

Search This Blog