The NFT lending platform wants to incentivize liquidators to bid on NFT collateral from bad debt positions placed on auction.
The NFT lending platform wants to make wholesale changes to the protocol after underestimating the illiquid nature of NFTs.to make short-term changes to the non-fungible token lending platform as the project tries to navigate a brewing liquidity crisis.
BendDAO is an NFT lending platform. Lenders deposit ether to earn interest and borrowers can obtain loans using their NFTs as collateral. Today’s vote, which will end on Tuesday, is looking to change these parameters. The vote has called for a 5% reduction in the liquidation threshold on a weekly rolling basis. This change will begin with 85% on August 30 up until 70% on September 20.
Early voting figures are indicating support for the vote. BendDAO community members with 20 million veBEND tokens in total have voted in favor of the proposal and this amounts to 98% approval for the protocol changes.
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