12 February 2023 10:55, UTC
Reading time: ~2 m
Data from Dunes, an open-source data provider shows that the ETH reserve for BendDAO has surpassed the 90,000 level. At the same time, the NFT collection supply of the protocol has recorded new highs, with BAYC, MAYC, Azuki, and Cryptopunks recording individual supplies of 430, 525, 337, and 66 respectively.
As of the time of writing, the total Bend total value locked (TVL) was $217,634,144, with the ETH deposit accounting for $138,605,209. BAYC dominates the collateral value on BendDAO by claiming 64% of all NFT collaterals on Bend. MAYC, Azuki, and WPUNKS follow BAYC in dominance by claiming 15.8%, 9.8%, and 8.1% of the collateral value respectively.
BendDAO is a liquidity protocol that supports instant NFT-backed loans, Collateral Listing, and NFT Down Payment. On BendDAO, users can borrow ETH using their NFTs or deposit their ETH tokens to earn yield. Deposited ETH is the liquidity that powers the peer-to-peer (p2p) network, with the liquidity providers entitled to interest on their deposits.
Data from BendDAO’s website shows that out of the total 90,602.54 ETH in its reserve, 22,117.86 ETH have been borrowed by 563 borrowers, leaving an available reserve of 66,484.67 ETH.
The BendDAO NFT liquidity protocol has been running for over ten months. During this period, it has paid up to 26.67% interest in ETH, and users have earned 52.73% in BEND tokens.
According to an internal security audit report, the platform has not encountered any security lapses since it launched. The project creators claim to have spent all the necessary resources to ensure that the protocol matches the highest security standard.