Introduction to BendDAO

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.

If users need to use native ETH in the protocol, it must first be wrapped into WETH. The WETH Gateway contract is a helper contract to easily wrap and unwrap ETH as necessary when interacting with the protocol, since only ERC20 is used within protocol interactions. Once WETH is obtained, users can use to deposit as borrower, lender or can also be used as repayment or redemptions.

Methodology

In this dashboard, we are gonna analyze the deposits and withdrawals into BendDAO over the past month, as well as the unique wallets that are depositing and withdrawing on it. Both actions have been calculated in total numbers and daily amounts.

To be able to calculate the metrics, I have used the ethereum.core.fact_transactions filtering transactions with to_address=0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88 referring to WETH gateway smart contract and origin_function_signature=0x58c22be7, which refers to a deposit action. For the withdrawals, I have used the fact_event_logs table filtering transactions with origin_to_address=0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88 and event_name=Withdrawal.

\n

During the last month, there were more ETH removed than deposited, with a negative balance of almost 8k ETH. A total of 80k ETH were deposited while 88k were withdrawn.

If we take a look at daily numbers, we can see how in terms of daily deposited, there was an increase of the activity during the end of August, and a huge increase during the day of this evaluation. In terms of withdrawn ETH, there were to basics days on August and 2 during September.

In the chart situated on the left, we can see the netflow ETH during the past month, were we can see that the trend is like a waves, but it seems that the tendence is negative.

Regarding unique wallets, we can see that the net number is negative again, saying that more users withdrawn ETH than deposited. In this case, a total of 280 users deposited ETH while 419 removed ETH, with a net amount of -139.

Looking at the daily unique depositors vs withdrawers, we can see how in the major of the days more users withdrawn ETH than deposited. In August 21st, there was an increase of the activity. Looking at the cumulative numbers, we can see how from the beginning until the end more users withdrawn than deposited ETH.

In fact, if we take a look at the left chart, the netflow of users has been negative from the beginnin until the end, having few days when more users deposited than withdrawn.

Key insights

• During the last month, there were more ETH removed than deposited, with a negative balance of almost 8k ETH. A total of 80k ETH were deposited while 88k were withdrawn.
• There was an increase of the activity during the end of August, and a huge increase during the day of this evaluation. In terms of withdrawn ETH, there were to basics days on August and 2 during September.
• The netflow ETH during the past month, were we can see that the trend is like a waves, but it seems that the tendence is negative.
• The net number of unique users is negative, saying that more users withdrawn ETH than deposited. In this case, a total of 280 users deposited ETH while 419 removed ETH, with a net amount of -139.
• The major of the days more users withdrawn ETH than deposited. In August 21st, there was an increase of the activity. Looking at the cumulative numbers, we can see how from the beginning until the end more users withdrawn than deposited ETH.
• The netflow of users has been negative from the beginnin until the end, having few days when more users deposited than withdrawn.