Several Bored Ape NFT holders borrowed against their NFT on BendDAO. Liquidation risk has been rising because Bored Ape NFTs floor price has been falling. BendDAO cofounder also risks being liquidated on his platform. To make matters worse, BendDAO is experiencing a bank run. The so-called “NFTfi” protocol saw its Ethereum reserves drained over the weekend, meaning ETH lenders are now unable to recoup their deposits from the protocol’s reserves. Bored Ape NFTs have long been the gold standard of NFTs, a sudden supply shock with no buyers could spell doom for the entire NFT market as a whole.

#ethereum #NFT #Crypto
~MASSIVE Bored Ape NFT Liquidations! Disaster for NFT Markets~
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