NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
"We are sorry that we underestimated how illiquid NFTs could be in a bear market when setting the initial parameters," says the Bend DAO dev team. On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately 15,000 ETH was lent using the mechanism. To save the protocol from a credit crisis, the Bend Dao dev team suggested that the....
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