BendDAO is an NFT lending service that originally allowed users to take loans of up to 40% of their collateral. A recent liquidation crisis has led to a vote to lower the liquidation threshold and make it easier for exchanges to go through. This also enticed lenders to stay put with a higher interest rate. The protocol supports instant NFT-backed loans, Collateral Listing, and NFT Down Payment. Borrowers also have a 24-hour liquidation protection period to repay the loan.
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