BIP#9 has passed the quorum with 97% approval. BIP#9 Adjusting Liquidation Threshold, Auction Period, and Interest Base Rate & UI Improvement
During discussions with the community, tons of feedback from the community is that it would be more reasonable to vote and implement in phases for both Liquidation Threshold and Auction Duration. So this new proposal is to adjust the implementation plan of Liquidation Threshold & Auction Duration considering the suggestions collected from the BendDAO forum https://governance.benddao.xyz/ and Discord BendDAO.eth.
When the liquidation threshold reaches 80%, new voting for the Liquidation Threshold of 75% and 70% will be initiated.
Voting and Implementation Timetable of Liquidation Threshold
Feedback from bidders
- 4-hour for the auction is too short. It’s impossible for users to participate in different time zones.
Feedback from borrowers
- The notice period is too short. Not every borrower is active in the community. Borrowers need more time to learn about the update.
If Auction Duration is directly shortened from 48 hours to 4 hours, most of the loans will be ended immediately. Since the adjustment of Auction Duration will affect the auctions in the process, the parameters will be reduced every week from 48 hours to 4 hours more smoothly and initiate two more votes to decide the suitable Auction Duration.
Voting and Implementation Timetable of Auction Duration
BIP#9 Snapshot: Snapshot
BIP#10 Snapshot: Snapshot