BendDAO Releases Detailed Financial Statement, Achieves Transparency9. April 2023
• BendDAO has released a financial report of its operations on the first-year anniversary of its launch.
• The EDGAR-style report provides detailed information about BendDAO’s finances, such as profit and loss statements and balance sheets.
• BendDAO currently holds 63,000 ETH in liquidity, earns 29.35% APR against 21,342 total borrowing rate, and depositors can earn 7.81% APR.
BendDAO Celebrates One Year Anniversary with Financial Transparency
BendDAO, the decentralized NFT-powered lending liquidity protocol, has made good on its commitment to openness by publishing a detailed financial statement of its operations on the first-year anniversary of its launch. The EDGAR-style report is similar to those provided to the U.S. Securities and Exchange Commission by publicly traded companies and is being made available to any community member that’s looking for insights into BendDAO’s financial health.
What Is BendDAO?
BendDAO is a lending liquidity protocol that allows users to borrow crypto instantly against the value of their NFTs (non fungible tokens) which must be deposited as collateral. Its lending capital is provided by its community members who then earn APR (annual percentage rate) on their deposits as borrowers repay their loans with interest. By taking NFTs as collateral lenders have insurance in the event that the borrower fails to repay their loan.
Financial Report Highlights
The full report covers BendDAO’s profit and loss statements, balance sheets and associated risk measures and shows that it made annual interest revenue of 3,097 ETH in its first year with annual interest expenses of 2,168 ETH resulting in an operating income of 929 ETH ($1.69 million at the time of writing.) For context, BendDAO currently holds 63,000 ETH in liquidity and earns a 29.35% APR against a total borrowing rate of 21,342 while depositors in the protocol can earn 7.81% APR equating to a utilization rate of 34%. Additionally there’s also a breakdown of cash reserves loans NFTs on books including those escrowed transferred or deposited plus equity breakdown too included in this report for full transparency purposes only..
Commitment To Openness
According to BendDAO this whole point was meant for full transparency for community benefit so potential users can make better informed decisions whether or not use this platform instead just using simple metrics such as total value locked or APRs which often times misleading .
This article is provided for informational purposes only It is not offered or intended to be used as legal tax investment financial or other advice