BendDAO contract only has 15 ETH left to pay lenders

Many non-fungible tokens (NFTs) that were used as collateral in the platform failed without any offers.

Lending protocol BendDAO no longer has wrapped ether (wETH) in its contract. At the time of writing, the contract only has 15 wETH to pay the lenders and approximately 15,000 Ether (ETH) remaining to be paid to the lenders.

Researcher NFTStatistics.eth dissected the issue in a Twitter thread, pointing out that borrowers of non-fungible tokens (NFTs) on the platform should now pay 100% interest on the ETH they borrowed. Additionally, debt positioned against NFTs is also on the rise.

Furthermore, the researcher noted that many NFTs that were used as collateral and defaulted currently have no bids. Compared to this, there are more NFTs on the platform's alert list, which are NFTs that are about to default and be auctioned due to lower NFT floor prices or rising debt and high interest rates.

gm

While you were sleeping, the BendDAO bank run finally happened

15 wETH ($25,081) remaining in wallet which contained 18,000 ETH ($29,160,000) just 48 hours ago

Another 14,500 wETH due to lenders...

Absolute Shitshow pic.twitter.com/RKkdqVAVIf

According to the co-founder of BendDAO, his team is working on a proposal to change the parameters of the NFT lending platform. The update will take effect 24 hours after being approved through the voting process.

In the midst of the crisis, a Twitter user took the opportunity to mock the platform...