United States, April 07, 2023 / AlexaBlockchain/ – BendDAO, which is among the leading lending liquidity protocols backed by NFTs, marked its one-year milestone by releasing a comprehensive financial report that matches the standards of traditional finance. Prepared by Unboxing Lab, the report highlights the advancements made by BendDAO during the last year.
By adopting EDGAR-style reporting, web3 projects are providing an unparalleled level of transparency that allows users to gain an understanding of the financial state of the protocols they frequently engage with.
BendDAO’s report, for instance, offers a comprehensive account of its assets and liabilities, encompassing cash reserves, loans, NFTs (both in escrow, transferred, and deposited), and other capital, such as equity.
Key highlights of the BendDAO report include:
- Annual interest revenue of 3,630.66 ETH
- Annual interest expense of 2,447.04 ETH
- Operating income of 1,183.62 ETH ($2.22M)
BendDAO’s choice to disclose its financials is a manifestation of its dedication to ensuring maximum transparency in its operations for the benefit of the community. The report by Unboxing Lab allows BendDAO users to scrutinize the protocol’s profit and loss statement, balance sheet, and associated risk metrics.
This creates an opportunity for potential investors to participate, gain better insights, and make well-informed decisions. Such a comprehensive review goes beyond a superficial assessment of total value locked or annual percentage rate, which can be an unreliable measure of a protocol’s success.
At present, BendDAO has 67,624 ETH in liquidity, and is offering a deposit annual percentage rate (APR) of 6.82% and a borrowing APR of 28.44%, resulting in a total borrowing rate of 20,375 ETH. This translates to a protocol utilization rate of 30%.
About BendDAO
BendDAO is the leading NFT liquidity protocol that facilitates prompt NFT-backed loans, collateral listing, and NFT down payment. Its streamlined process of down payment, borrowing, and listing results in a smooth and seamless experience for users, providing a comprehensive NFT liquidity solution.
About Unboxing Labs
Unboxing Labs is the financial research and reporting division of NFTBank, the top player in NFT portfolio management and pricing. Unboxing Labs is committed to establishing more uniform, understandable, and hence genuinely transparent web3 financial data. Currently, Unboxing Labs is accepting fresh requests for web3 financial reporting on DAOs, protocols, and investors/funds.
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COO
Jen Kim
jen@nftbank.ai
Source: BendDAO
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