• BendDAO is a decentralized NFT-powered lending liquidity protocol that allows users to borrow crypto instantly against the value of their NFTs.
• On its first-year anniversary, it released a detailed EDGAR-style financial statement of its operations produced by NFTBank’s Unboxing Labs.
• The report shows that BendDAO made annual interest revenue of 3,097 ETH in its first year, with annual interest expenses of 2,168 ETH, resulting in an operating income of 929 ETH ($1.69 million at the time of writing).
BendDAO: Decentralized NFT-Powered Lending Protocol
BendDAO is a decentralized NFT-powered lending liquidity protocol that enables users to borrow crypto instantly against the value of their Non-Fungible Tokens (NFTs) which must be deposited as collateral. Its lending capital is provided by community members who can earn APR on their deposits from borrowers repaying their loans with interest. This ensures lenders are covered in case the borrower fails to repay the loan on time.
Financial Statement Release on First Year Anniversary
On its first year anniversary, BendDAO has released an EDGAR style financial statement which provides a detailed overview of its finances and operations for transparency purposes. The report was produced by Unboxing Labs and is available to all community members looking for insights into BendDAO’s financial health.
Annual Interest Revenue & Expenses
The report reveals that BendDAO earned annual interest revenue of 3,097 ETH in its first year while incurring expenses amounting to 2,168 ETH – resulting in an operating income of 929 ETH ($1.69 million at press time). It currently holds 63,000 ETH in liquidity and earns 29.35% APR against a total borrowing rate of 21,342 while depositors can earn 7.81% APR – equating to 34% utilization rate for the protocol overall.
Breakdown Of Cash Reserves & Loans
The report also gives further insight into BendDao’s cash reserves, loans and equity as well as breakdowns on all Non Fungible Tokens (NFTs) it holds iincluding those escrowed or transferred and deposited respectively .
Commitment To Openness And Transparency
BendDao has made good on its commitment to openness and transparency by releasing this detailed report enabling potential users make informed decisions on whether or not they should use the protocol based off more than just metrics such as total value locked and Annual Percentage Rate (APR) which can often be misleading .
