PIP-11: Free Insurance To Positions Migrated From Bend DAO
Abstract JPEG’d DAO will offer free insurance to eligible NFTs that migrate from Bend DAO to JPEG’d within a two-week period.
Background Bend DAO is another NFT lending platform within the emerging DeFi NFT lending space. To attract users in joining JPEG’d over Bend DAO we will offer a one-time free insurance offer if users migrate within a two week period.
Insurance typically costs 5% of debt drawn and allows position holders to repurchase their NFTs within 48 hours if they are liquidated. This fee would be waived if positions are migrated within a two week period. Users would still have to pay the 25% liquidation fee if they are liquidated, but the 5% insurance fee would be waived. The two week period would be between 8/17/2022 - 8/31/2022. Insurance would be valid as long as the position is open.
JPEG’d offers the lowest interest rate within the DeFi / NFT Lending space at 2%, while also having a Convex pool that yields 10-20% APY.
Proposal Offer free insurance to Bend DAO positions that migrate to JPEG’d and draw at least 10,000 PUSd between 8/17/2022 - 8/31/2022.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x4FeF...B8317e | 1.446B | Yes. Offer free insurance. |
 0x6625...884448 | 1.132B | Yes. Offer free insurance. |
 0x9c50...a5dAC5 | 898.184M | Yes. Offer free insurance. |
 0x88a6...1E7FC3 | 365.24M | Yes. Offer free insurance. |
 0xC283...29F3dF | 350M | Yes. Offer free insurance. |
VOTE POWER
Proposal Status
- Tue August 23 2022, 10:46 pmVoting Period Starts
- Fri August 26 2022, 10:46 pmEnd Voting Period
Current Results
1-Yes. Offer free insurance.
5.621B
2-No. Do not offer free insurance
15.919M