BIP#70 : Community Take Over (CTO)

BendDAO completed its IFO in April 2022 with a valuation of $100 million, the price of Bend tokens has plummeted from a peak of $0.05 to the current $0.00038, representing a 99% drop. Once a leader in the NFT lending sector, the protocol generated income for the project team, yet community members who purchased Bend tokens on the secondary market suffered significant financial losses.

In response, Bend token holders have discussed and decided to initiate a Community Take Over (CTO) proposal through the BendDAO community. The details are as follows:

Demand that the current management team hand over protocol control, specifically the five multi-signature wallet addresses. Elect new custodians for the five multi-signature wallet addresses through a community vote, forming a new management team.

Voting Rules

Eligibility: Voting is open to individual Bend token holders (non-protocol holders) based on the snapshot taken at 21:00 UTC+8 on January 23, 2025. Process: The voting procedure must strictly follow BendDAO’s current voting framework.

Voting Outcome • If the proposal passes, the current management team must transfer the control of the five multi-signature wallet addresses within one week. • Should the management team fail to comply, the community will proceed with further actions, including legal measures, to safeguard its rights.

Motivation

To make BendDAO great again.

Benefits

The BendDAO will get a new management team.

Risks

The current management will lose the control power.