Seoul, Korea, April 7th, 2023, Chainwire

One of the top NFT-backed lending liquidity protocols, BendDAO, has celebrated its one-year anniversary by publishing a detailed financial statement. It parallels the level of those found in traditional finance. Produced by Unboxing Lab, it reveals the progress BendDAO has made over the past 12 months.

EDGAR-style reports bring an unprecedented level of transparency to web3 projects, giving community members an insight into the financial health of protocols they routinely use. The report details BendDAOs assets and liabilities including a breakdown of cash reserves, loans, NFTs (both escrowed, 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 decision to publicize its financials is part of its commitment to make as much of its operations as possible transparent for the community’s benefit. Unboxing Lab’s report enables BendDAO users to examine the protocol’s P&L, balance sheet, and associated risk measures. This allows potential investors to participate, become better informed, and make well-calculated decisions. It goes far beyond a simple look at TVL or APR, which can be a misleading indicator of success of the protocol. 

BendDAO currently has liquidity of 67,624 ETH, while paying a deposit APR of 6.82% and a borrow APR of $28.44% against a total borrowing rate of 20,375 ETH. This equates to a protocol utilization rate of 30%.

About BendDAO

BendDAO is the most popular NFT liquidity protocol supporting instant NFT-backed loans, collateral listing, and NFT down payment. The seamless experience of down payment, borrowing, and listing creates a perfect closed loop for users, forming a one-stop NFT liquidity solution.

About Unboxing Labs

Unboxing Labs is the financial research and reporting arm of NFTBank, the market leader in NFT pricing and portfolio management. Unboxing Labs is dedicated to making web3 financial data more standardized, interpretable, and therefore truely transparent. Unboxing Labs is currently accepting new requests for web3 financial reporting on DAOs, protocols, and investors/funds.

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