BendDAOPrice

(BEND)

BendDAO is a decentralized "peer-to-pool" NFT liquidity protocol. It allows NFT owners to use their digital assets as collateral for instant loans. Unlike peer-to-peer (P2P) platforms where users must wait for specific counterparty offers, BendDAO utilizes a liquidity pool to ensure instant access to funds. In its V2 evolution, the protocol has transitioned into a modular system for Web3 data liquidity, supporting a wider range of on-chain assets beyond traditional blue-chip NFTs.

BEND is the native governance token of BendDAO. Users can lock their BEND to receive veBEND (vote-escrowed BEND), which provides voting rights on supported NFT collections, a share of protocol revenue from loan interest, and boosted rewards for liquidity providers. BEND is also earned by providing liquidity to lending pools or borrowing against NFTs. Furthermore, the protocol rewards liquidators through a "First Bid Bonus" in BEND to ensure system stability.

BendDAO V2 offers modular lending options: Cross Borrowing and Isolated Borrowing. Cross Borrowing allows users to pool multiple NFT assets as collateral for a single loan, optimizing capital efficiency. Isolated Borrowing keeps specific collateral separate, ensuring that a price drop in one specific NFT collection does not trigger the liquidation of the user's entire portfolio. These features support various assets including USDC, USDT, DAI, WETH, and USDS.

Yes. BendDAO uses "boundNFTs" to maintain user utility. When you deposit an NFT, you receive a non-transferable boundNFT that retains the original metadata, allowing its use as a profile picture. Additionally, the "Flash Claim" feature enables borrowers to claim airdrops and project-specific rewards while their NFT is locked. For ApeCoin ecosystem participants, a specialized staking sub-protocol allows users to earn rewards without losing custody of their assets.

If a loan's "Health Factor" falls below 1 due to floor price volatility, the NFT enters a liquidation auction. To manage market risk, the auction duration is set to 4 hours. However, BendDAO includes a 24-hour Liquidation Protection grace period. This allows borrowers to reclaim their NFT by repaying their debt within 24 hours of the auction's start, though they must pay a penalty fee to the initial bidder to compensate for the liquidation attempt.

BendDAO utilizes proven decentralized lending logic and has undergone multiple audits by security firms such as Verichains and PeckShield. The protocol manages "utilization risk" by monitoring the ratio of borrowed funds to pool liquidity to ensure lenders can withdraw their assets. Furthermore, by transitioning to a modular V2 architecture, the protocol enhances its resilience and ability to support a diverse range of Web3 data and assets securely.