BendDAO's Liquidity Crisis & BIP-10 Proposal
Summary: BendDAO faced severe liquidity strain due to a depressed NFT market, triggering mass ETH borrowing against NFT collateral. A recovery emerged after community-approved parameter adjustments and a potential 10K ETH liquidity injection from Web3 fund ABCDE.
Key Events:
- Aug 19: Analyst Cirrus flagged liquidation risks for 32,267 ETH worth of NFT collateral.
- Aug 22: 28 NFTs (BAYC, MAYC, etc.) entered liquidation auctions.
Aug 23: BIP-10 passed, implementing phased changes:
- Liquidation threshold reduced to 70%.
- Auction duration cut from 48hr to 4hr.
- ETH base rate set at 20%.
- Community governance for bad debt handling.
Synthetix Proposes 300M SNX Hard Cap via SIP-276
Update: Founder Kain Warwick’s SIP-276 aims to cap SNX supply at 300M tokens, ending inflation rewards in ~10 weeks. Current supply: 293M SNX.
Why It Matters:
- Staker rewards will shift to atomic swap fees.
- Inflation initially spurred network growth but now deemed unnecessary.
- 7-day avg protocol revenue: $158,857 (Source).
Evmos v8.0.0 Upgrade Delayed
Planned Features:
- FeeSplit: 50/50 revenue split between validators & dApp developers.
- DApp Store: Curated contracts with monetized interactions.
Status: Upgrade postponed for revisions after testnet feedback (Vote Prop #50).
Ethereum’s ERC-3475: On-Chain Bonds Go Live
Impact:
- Enables multi-layer bond issuance (e.g., traditional bonds, derivatives).
- Eliminates intermediaries, reducing issuance time from weeks to minutes.
Standard: Mimics EIP-1559 fee redistribution (no burns).
X2Y2’s Controversial "Flexible Royalties"
Feature: Buyers set royalty payments (100%, 50%, or 0%).
Criticism:
- Projects argue this undermines creator incentives.
- Default: Hidden selector to minimize misuse.
MakerDAO Advances RWA Collateral & DAI Withdrawal
Approvals:
- MIP6: Tokenized real estate loans (RBLD) as collateral.
- New Proposal: Withdraw 25M DAI from RWA-009 vault due to liquidity risks.
Lido Expands to Loopring L2
Integration: Stake ETH for wstETH on Loopring’s L2.
Limitation: No ETH redemption pre-Merge, but tradable on DEXs (Guide).
Optimism Devnet Hosts UXD Stablecoin
Launch: Algorithmic stablecoin UXD now live on Optimism Devnet.
Mechanism: Delta-neutral ETH perpetuals via Perpetual Protocol.
Sushi’s Meiji Restoration Vote Imminent
Proposal Highlights:
- On-chain DAO governance.
- veSUSHI model: Lock SUSHI for oSUSHI (emission control) or DAO shares.
- Goal: Deepen liquidity pools & reduce circulating supply.
Sui Explorer Debuts
Features: Real-time chain analytics for the Move-language-based L1.
Stats: 16,705 nodes across 60+ countries (Explore).
Meta’s Horizon Profiles Replace Oculus Logins
Timeline:
- New VR headset launches October 2023.
- Oculus login support ends Jan 1, 2023.
FAQ Section
Q1: Can BendDAO’s BIP-10 prevent future liquidity crises?
A1: Short-term relief likely, but sustained recovery depends on NFT market trends and ETH pool rebalancing.
Q2: How does ERC-3475 differ from ERC-20?
A2: It supports complex financial instruments via multi-layer pools, unlike ERC-20’s single-token framework.
Q3: Is Meta’s login change mandatory?
A3: Yes—after Jan 2023, Horizon Profiles will be the only option for VR device access.
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