Background

DAO Treasury

On-chain details: https://etherscan.io/address/0x472fcc65fab565f75b1e0e861864a86fe5bced7b BendDAO is also trying to diversify revenue and grow users through product development including Collateral Listing, Down Payment, and BendApeStaking.

BendApeStaking Pairing Service Fee The DAO Treasury collects the BendApeStaking Pairing Service Fee which should be ApeCoin. Users who pair with NFT and ApeCoin via BendDAO pay a 4% pairing service fee at the time of staking rewards claim, and calculated based on time since the previous claim.

Summary

BEND value is strongly correlated with the Ethereum NFT ecosystem and $ETH. For long-term sustainability, all $APE coins generated by BendApeStaking are proposed to be swapped to USDC on a weekly basis.

Motivation

BIP#17 is proposed to maximize the benefit for the DAO by swapping $APE in the DAO Treasury to stablecoin regularly for long-term sustainability, growing the ecosystem, and improving the protocol’s market position.

Specification

All veBEND holders are members of BendDAO. Voting Quorum: 41.3M veBEND (10% of the total supply). Pass Rate: Over 80% Approve. The voting will last for 7 days.