Overview

BendDAO is a decentralized non-custodial NFT liquidity and lending protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an over-collateralized (perpetually) using NFTs as collateral, or un-collateralized (one-block liquidity) fashion.

Then, we can say that BendDAO is the first NFT liquidity protocol supporting instant NFT-backed loans, Collateral Listing, and NFT Down Payment.

Methodology

This dashboard has been created with the intention to provide a comprehensive balance sheet analysis for BendDAO, which includes:

• Total debt metrics: borrow and repay actions, borrowers and repayers, ETH borrowed and repayed
• Daily average utilization rate
• Total reserves: deposits, depositors, ETH deposited and daily reserves
• Distribution of collaterals and users by NFT collection

To be able to see your preferred results:

1. Please choose a period of time (1 week, 1 month, 3 months or 6 months) and a granularity (daily, weekly or monthly) by selecting them on the above parameters.
2. Click on the “Apply All Parameters” button to display the results.

These first charts shows the following metrics represented in a daily basis:

• Borrows and repays: the second ones are higher than the first ones from the beginnin until the end. It can be seen clearly how the activity increased during May, just after the UST depegging phase.
• Borrowers and repayers: the numbers are similar to the previous metric.
• ETH borrowed and repayed: here again the numbers looks similar as the previous metrics as well.
• Average ETH borrowed and repayed: here it can be seen how there have been a downgrade since April 2022 in both cases. Since June, it seems like the metrics have been consolidated between 5 and 10 ETH in both cases.

The utilization rate represents how much of a pool has been loaned out. To determine how much depositors (liquidity providers) should be compensated (the saving rate) we need to see how much those borrowers are currently paying us in interest.

In this case, there has been calculated the daily average utilization rate, which seems to be so volatile over time. The maximum rates have been registered during UST depegging period. As well, in the middle of August, some high values were registered.

I want to give some acknowledgements to 0x79721a785056EF69B266094C6eFb0548584f2d31 for the sharing of some part of the code.

The following metrics represents the number of deposits in a daily basis as well as the number of depositors and the daily ETH deppsoted.

In general, we can see how May was the most important month in terms of activity, but Also, the second half of August has been active as well. It is also notorious the hype during the last days of the evaluated period.

Here, in the right side, we can see the amount of daily and cumulative reserves. It can be seen how there have been positive and negative days, but the major of the days have been positive acumulative more than 400k as a total reserves.

The highest values were around 25k registered on June 6th and August 12th.

The final metrics are about the collateralization for the different NFT collections. Here it can be seen as well the higher activity during the May month in comparison to the rest of the months. In both cases the distribution is similar. The two first Ape Yatch collections represent more than 50% of the activity.

The number of collaterals and the users doing it have been calculated. In both cases, the top 3 collections have been the same:

• Mutant Ape Yatch Club
• Bored Ape Yatch Club
• Azuki

Take into account that the global analysis of the dashboard has been done considering data from the beginning of the platform, so the commented results have been described since the launch of the BendDAO.