Title: Temporarily Increase LTV for Staked BAYC and Staked MAYC for BendApeStaking V1 to V2 Migration
BIP#32: Add BendDAO stakedNFT as collateral
In order to facilitate a smoother transition for our BendApeStaking V1 users to V2, a temporary increase in the Loan-to-Value (LTV) ratio for Staked BAYC and Staked MAYC is proposed.
- The temporary increase is only for V1 to V2 migration. The increased LTV will be 80% to make sure all V1 users can migrate from V1 to V2.
- For regular borrowing, there will be no adjustment on LTV. The UI will only support the original LTV borrowing which is 60% for Staked BAYC and 50% for Staked MAYC.
The goal of this proposal is to reduce potential barriers to our V1 users as they migrate to BendDAO’s newly launched V2 platform. By temporarily increasing the LTV ratio, all users are able to migrate from V1 to V2 without concern about loan debts. This change would only be temporary, with the LTV set to revert back to its original percentage after a designated time period. This period is proposed to be 14 days. If after the period expired, there are still some users who need to be migrated, the community can create a new proposal again.