BIP#33: Temporarily Increase LTV for Staked BAYC and Staked MAYC for BendApeStaking V1 to V2 Migration

Voting ended almost 3 years agoSucceeded

Background

According to the rules of community governance:

Phase 1: Idea
- Minimum number of supports: Pass
- Discord Idea: https://discord.com/channels/897709643948761148/1115952367620337664
Phase 2: BIP
- Minimum number of voters: Pass
- BIP#33: https://governance.benddao.xyz/t/bip-33-temporarily-increase-ltv-for-staked-bayc-and-staked-mayc-for-bendapestaking-v1-to-v2-migration/473
Phase 3: On-chain voting
- Voting Quorum: Approximately 42M veBEND (10% of the total supply)
- Pass Rate: Over 84% Approve
- The voting will last for 3 days.

Summary

In order to facilitate a smoother transition for our BendApeStaking V1 users to V2, a temporary increase in the Loan-to-Value (LTV) ratio for Staked BAYC and Staked MAYC is proposed.

The temporary increase is only for V1 to V2 migration. The increased LTV will be 80% to make sure all V1 users can migrate from V1 to V2.
For regular borrowing, there will be no adjustment on LTV. The UI will only support the original LTV borrowing which is 60% for Staked BAYC and 50% for Staked MAYC.

The goal of this proposal is to reduce potential barriers to our V1 users as they migrate to BendDAO’s newly launched V2 platform. By temporarily increasing the LTV ratio, all users are able to migrate from V1 to V2 without concern about loan debts.

This change would only be temporary, with the LTV set to revert back to its original percentage after a designated time period.

This period is proposed to be 14 days.
If after the period expired, there are still some users who need to be migrated, the community can create a new proposal again.

Off-Chain Vote

For

123.67M veBEND100%

Against

0 veBEND0%

Abstain

0 veBEND0%

Download mobile app to vote

Timeline

Jun 13, 2023Proposal created

Jun 13, 2023Proposal vote started

Jun 16, 2023Proposal vote ended

Oct 26, 2023Proposal updated

Summary

In order to facilitate a smoother transition for our BendApeStaking V1 users to V2, a temporary increase in the Loan-to-Value (LTV) ratio for Staked BAYC and Staked MAYC is proposed.

The temporary increase is only for V1 to V2 migration. The increased LTV will be 80% to make sure all V1 users can migrate from V1 to V2.

For regular borrowing, there will be no adjustment on LTV. The UI will only support the original LTV borrowing which is 60% for Staked BAYC and 50% for Staked MAYC.

This change would only be temporary, with the LTV set to revert back to its original percentage after a designated time period.

This period is proposed to be 14 days.

If after the period expired, there are still some users who need to be migrated, the community can create a new proposal again.