•BendDAO has published a detailed financial statement of its operations on the first-year anniversary of its launch.
•It currently holds 63,000 ETH in liquidity and earns a 29.35% APR against a total borrowing rate of 21,342.
•The report covers BendDAO’s profit and loss statements, balance sheets, associated risk measures and provides insights into the overall financial health.
BendDAO Releases Financial Statement
BendDAO, the decentralized NFT-powered lending liquidity protocol, has released a comprehensive financial statement in order to promote transparency among its community members. The EDGAR-style report was produced by NFTBank’s Unboxing Labs and is made available to any user looking for insights into BendDAO’s finances.
Overview of Operations
BendDAO offers users an instant crypto loan backed by their deposited Non-Fungible Token (NFT) as collateral. Community members provide capital which is then used to fund these loans with interest earned from borrowers repaying their loans with interest. The report outlines BendDAO’s annual interest revenue at 3,097 ETH with annual interest expenses of 2,168 ETH resulting in an operating income of 929 ETH ($1.69 million at the time of writing). Additionally, depositors can earn 7.81% APR while borrowers have access to up to 29.35% APR against a total borrowing rate of 21,342ETH giving it a utilization rate of 34%.
Financial Report Breakdown
The full report includes details such as BendDAO’s profit and loss statements; balance sheets; associated risk measures; cash reserves; loans; NFTs on its books – including those that are escrowed/transferred/deposited – along with equity breakdowns for full transparency on the protocol’s financial health.
Commitment to Openness
BendDOA has committed itself to being open and transparent with its finances so potential users may make better decisions when considering using their platform instead relying solely on simple metrics like total value locked or APR which may not always be accurate or sufficient information for making an informed decision about using the product or service offered by BendDOA .
This article is provided strictly for informational purposes only and should not be taken as legal, tax investment or other advice from any type or kind whatsoever .