NFT Lender wants to shake things up
A proposal has been filed by BendDAO. The proposal titled “Phased-based Governance- Proposal to Establish the BendDAO Non-performing Assets Investments Fund” Has a long name but a direct premise.
The proposal comes right off the back of another proposal that brought a lot of attention and discussion from the BendDAO community. This proposal has two phases, one phase focusing on financing and the other phase on implementation, though the implementation phase has not yet been fully fleshed out.
Read More: BendDAO Holds Vote To Solve Liquidity Issues
For the first phase there would need to be a second round of financing for the BendDAO Treasury. The amount for the post-money valuation is set at $80 Million in ETH. The financing share would see 1 million BEND tokens or 10% of the supply to be sold by the DAO treasury at a purchase price equal to that of 6208 ETH. The share of a single VC,individual, or bluechip project will not exceed 2% and there would need to be an investment of at least 100 ETH per share. Vesting will come with two options:
100% TGE; BEND tokens will be released immediately after the investment without locking.
The same amount of ETH as the investment amount is injected into the ETH liquidity pool. These ETH will also earn the staking rewards but will be automatically locked by the protocol control for 12 months.
6-month locked and then linearly released in 2.5 years.
The targets will be VCs, bluechip projects, and members of the community with the allocation being 60% for VC, 20% for bluechip projects, and 20% for the commmnity.
Funds from the financing round would be used for BendDAO and its acquisition of Non-performing Assets.
The BendDAO team is seeking permission from the community to sell 1 billion of its tokens. The goal is still to attract the investments from Venture Capital firms , blue chip projects, and members of the community that want to make the investments.