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Falling prices for “blue chips” from leading digital collections have led to the fact that more than 600 tokens can be forcibly put up for auction
The reduction in the minimum prices for NFT led to the threat of liquidation of tokens from the collection of Bored Ape Yacht Club (BAYC) in the amount of about $ 5.3 million on the BendDAO platform. The minimum price of the cheapest token of this collection has updated the minimum since January of this year and is 67 ETH ($ 104 thousand) according to Coingecko.
The credit platform BendDAO issues loans secured by “blue chips” (the most expensive NFT) from seven well-known collections. The loan amount does not exceed half of the minimum price pledged by the NFT. BendDAO sells at the NFT auction if the minimum price of the collection tokens falls and reaches the collateral amount (liquidation threshold).
The founder of the cryptoprotocol BendDAO put to the vote of the community the issue of putting up for liquidation auction more than 600 NFT from well-known collections, the collector of digital tokens Cirrus said on Twitter (the social network is blocked in Russia).
BendDAO has more than 700 pledged tokens worth 21.9 thousand ETH (about $ 34 million), 220 of them are NFT from the collection of Bored Ape Yacht Club, 250 – Mutant Ape Yacht Club, 124 – Azuki.
At the same time, BendDAO is facing a liquidity crisis: at the time of writing, only 546 wETH (wrapped in Ethereum) of the required 13,000 ETH to pay creditors remain in the contract. The sale of NFT will allow the platform to get the necessary liquidity.
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