Lower the First Bidder Bonus to 2%

BIP Drafts
#1

Summary
This proposal is proposed to lower the first bidder bonus to 2% of the debt to the first bidder.

Background
BendDAO is a peer-to-pool model NFT lending platform, and the Protocol uses the over-collateralization method to provide services to both lenders and borrowers.

Proposal
During the last time liquidity crisis, the first bidder bonus was introduced to protect the stability of the Protocol.
But it seems that the current bonus of 5% is so high as to attract someone to attack the Protocol by manipulating the floor price of BAYC.
To tackle with future attacks alike, it is proposed to lower the first bidder bonus to 2% of the debt to the first bidder.

  • 0 first bidder bonus
  • 1% first bidder bonus
  • 2% first bidder bonus
  • 3% first bidder bonus
  • 4% first bidder bonus
  • 5% first bidder bonus

0 voters

#2

How about make a vote for different options like: 2%, 3%, 4%, 5%?

#3

Great suggestion!
I will add more options soon.

1 Like
#4

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#5

Before we got any conclusion, let us review again what we benefited through introducing the first bidder bonus mechanism. 5% of debt to the first bidder as a reward is good to auction liquidity. Furthermore, BendDAO protocol can keep a record of 0 float loss and 0 auctionable assets so far. We believe that enhanced ETH depositors’ confidence level to benddao protocol. Especially all of us see the cefi like FTX collapse last week.

1 Like
#7

is this still up for vote or is this topic now closed?

#8

This proposal did not pass the vote.

1 Like