Summary
This proposal is proposed to extend the TWAP time interval from 6 hours to 12 hours and halt collecting floor prices from marketplaces(LooksRare and X2Y2) with listing rewards.
Background
Bend protocol uses NFT floor price from OpenSea, X2Y2 and LooksRare as data of price feeding for NFT collateral. Bend protocol only supports the bluechip NFT asset’s floor price for price feeding on-chain. Besides that, the Protocol calculate time-weighted average price (TWAP) of floor price to filter the price fluctuation from OpenSea, X2Y2 and LooksRare marketplaces.
Proposal
It is believed by many that Bluechip NFT’s floor price is not easily manipulated.
But someone managed to manipulate the floor price of BAYC to fluctuate over 13e in just two days recently.
To tackle with future attacks alike, it is proposed to
a. extend the TWAP time interval from 6 hours to 12 hours.
b. and halt collecting floor prices from marketplaces(LooksRare and X2Y2) with listing rewards while giving the final flool price calculated from other market(OpenSea) a 5% diccount to balance the different market service fee structure and OpenSea banned NFT discount.
- No, Keep 6 hours as TWAP time interval unchanged
- Yes, extend from 6 hours to 12 hours
- Yes, extend from 6 hours to 18 hours
- Yes, extend from 6 hours to 24 hours
0 voters
- No, make no changes
- Yes, No LooksRare and X2Y2
0 voters
halt collecting floor prices from marketplaces(LookRare and X2Y2) with listing rewarding