BendDAO Empowers NFT Investors with Web3 Financial Reporting – Cryptopolitan

by James · April 7, 2023

Seoul, Korea, April 7, 2023, Chainwire

One of the best NFT-backed lending liquidity protocols, BendDAO, has celebrated its one-year anniversary by publishing a detailed financial report. It is parallel to the level of those found in traditional finance. Produced by Unboxing Lab, it reveals the progress BendDAO has made over the past 12 months.

EDGAR-style reports provide web3 projects with an unprecedented level of transparency, giving community members insight into the financial health of protocols they routinely use. The report details BendDAO’s assets and liabilities, including an overview of cash reserves, loans, NFTs (both escrow, transfer and escrow) and other capital such as equity.

Key highlights of the BendDAO report include:

Annual interest income of 3,630.66 ETH
Annual interest cost of 2,447.04 ETH
Operating income of 1,183.62 ETH ($2.22 million)

BendDAO’s decision to make its finances public is part of its commitment to make as much of its operations transparent as possible for the benefit of the community. Unboxing Lab’s report enables BendDAO users to examine the protocol’s P&L, balance sheet and associated risk measures. This allows potential investors to participate, be better informed and make informed decisions. It goes far beyond a simple look at TVL or APR, which can be a misleading indicator of protocol success.

BendDAO currently has liquidity of 67,624 ETH, while paying a deposit APR of 6.82% and a loan APR of 28.44% for a total loan interest of 20,375 ETH. This corresponds to a protocol utilization rate of 30%.

About BendDAO

BendDAO is the most popular NFT liquidity protocol that supports instant NFT backed loans, collateral and NFT prepayment. The seamless experience of prepayment, borrowing and listing creates a perfectly closed loop for users, forming a one-stop NFT liquidity solution.

About Unboxing Labs

Unboxing Labs is the financial research and reporting arm of NFTBank, the market leader in NFT pricing and portfolio management. Unboxing Labs is dedicated to making web3 financial data more standardized, interpretable and therefore truly transparent. Unboxing Labs is currently accepting new requests for web3 financial reporting on DAOs, protocols and investors/funds.

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