BendDAO Makes Emergency Proposal During Credit Crisis

Prominent borrowing protocol BendDAO has introduced an emergency proposal after the banking platform experienced a bank run and credit crisis this weekend. The platform which collateralizes loans with NFTs experienced a bank run when it was discovered that the protocol had just 15 wrapped Ether (wETH) worth $23,715 to pay back lenders.

  • BendDAO introduced an emergency proposal after experiencing a bank run
  • The protocol has just 15 wrapped Ether (wETH) worth $23,715 to pay back lenders
  • The proposal will alter the liquidation threshold for collateral, the minimum bid price, the auction period, and the interest rates on loans

BendDAO is a borrowing protocol where borrowers use NFTs to take out Ether loans rather than cryptocurrency collateral. The lenders of this ETH can then earn interest on deposited funds. There are currently only six groups of NFTs that are recognized by BendDAO as NFTs able to be locked in as collateral. This group includes …

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