Summary

This proposal suggests adding Chromie Squiggles NFTs as collateral on BendDAO.

Background

According to the rules of community governance:

• Phase 1: Idea or Draft
  • Minimum number of supports: 10 - Pass
  • Discord Idea: https://discord.com/channels/897709643948761148/1079612953239748618
• Phase 2: BIP
  • Minimum number of voters: 10 - Pass
  • BIP#20: https://governance.benddao.xyz/t/bip-22-add-chromie-squiggles-as-collateral/344/3
• Phase 3: On-chain voting
  • Voting Quorum: Approximately 80M veBEND (20% of the total supply)
  • Pass Rate: Over 80% Approve.
  • The voting will last for 3 days.

Chromie Squiggles Parameters

If this proposal is passed by the community, Chromie Squiggles will be used as collateral for BendDAO, and the relevant parameters will be set as follows:

• LTV / Collateral Ratio: 30%.
• Liquidation Threshold: 80%.
• Auction & Redeem Duration: 24 hours.
• Redeem Fine: maximum (5% of the debt, 0.2 ETH).
• Redeem Threshold: 50%.