Summary

BIP#28 is proposed to adjust the bluechip NFT eligibility requirement of the collection's 30-day average floor price. The Bluechip Eligibility Requirements were voted on in May 2022, but current market conditions may necessitate updates to these requirements.

• Past liquidation performance For instance, the current floor prices of Doodles, Moonbirds, and CloneX are around 3 ETH, which is below the 10 ETH threshold required by the eligibility requirements. Despite their lower floor prices, the community has demonstrated strong liquidity support when liquidation was triggered, and all NFTs were successfully liquidated.
• Risk management From a risk management standpoint, the quality of the collateral and liquidation efficiency are critical metrics for a P2Pool-based lending protocol, which are directly related to whether the protocol will generate bad debts.
• User growth By adjusting the requirements, more NFT collections can be proposed as collateral on BendDAO. This leads to user growth and increased revenue for veBEND holders.

Background

As per the community governance rules:

• Phase 1: Discord #Idea
  • Minimum number of supporters: 12 - Approved
  • Discord Idea: https://discord.com/channels/897709643948761148/1078096334445350952
• Phase 2: BIP
  • Minimum number of voters: 12 - Approved
  • BIP#28: https://governance.benddao.xyz/t/bip-28-to-adjust-the-requirement-of-the-30-day-average-floor-price/444
• Phase 3: On-chain voting
  • Voting Quorum: Approximately 75.8M veBEND (20% of the total supply)
  • Pass Rate: Less than 20% disapproval.
  • The voting will last for 7 days.

Details of BIP#7:

https://snapshot.org/#/benddao.eth/proposal/0xae941ac51880c53ac9b534195f8c359f165cf61debcb56932698603db8e4c48d