NFT lending protocol BendDAO has been undergoing a liquidity crisis. A large amount of ETH deposits have been withdrawn over the past week. As of 4 p.m. on August 23, the protocol’s lending utilization rate reached 99.26%, with only 90.03 ETH of liquidity available. This means that the vast majority of ETH depositors will be unable to immediately retrieve their assets from the protocol. The worst appears to be over due to the urgent adoption of a new proposal. We analyze BendDAO and the series of events.
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