What is BendDAO?

8UNx...RQtg

21 Feb 2024

KEY TAKEAWAYS

BendDAO is a media network that aims to revolutionize the NFT industry by providing liquidity solutions and collateralization options.
The BendDAO token (BEND) is the native cryptocurrency of the BendDAO platform, offering various benefits and utility within the ecosystem.
BendDAO offers features such as NFT-backed loans, collateral listings, and down payments, enhancing liquidity and trading opportunities for NFT holders.
Holding BEND tokens allows users to participate in voting, decision-making processes, and profit-sharing within the BendDAO network.

1. WHAT IS BENDDAO?

BendDAO is a decentralized finance (DeFi) project that aims to revolutionize the traditional financial system by leveraging the power of blockchain technology.

What Is DeFi (Decentralized Finance)? Understand DeFi in 5'

At its core, BendDAO is built on the Ethereum blockchain and utilizes smart contracts to automate various financial processes. The project aims to eliminate intermediaries and introduce decentralized solutions for lending, borrowing, trading, and asset management.
BendDAO combines the principles of DeFi with traditional financial instruments, allowing users to participate in a wide range of financial activities while maintaining control over their funds. By leveraging blockchain technology, BendDAO aims to provide greater financial freedom, lower costs, and increased accessibility to financial services for individuals around the world.

2. HOW DOES BENDDAO WORK?

BendDAO operates as a liquidity protocol specifically designed for NFTs. It introduces innovative solutions to address liquidity challenges in the NFT market. The platform allows NFT owners to utilize their assets as collateral and access immediate liquidity through NFT-backed loans.
The key products and features of BendDAO include:

NFT-backed Loan: NFT owners can leverage their assets to borrow ETH from the lending pool. Depositors provide liquidity by staking ETH and earn interest on their deposits. This feature enables NFT holders to access additional funds without selling their assets.
Collateral Listing: BendDAO enables NFT owners or sellers to receive an immediate 40% of the listing value of their assets, even before the actual sale takes place. The remaining amount is repaid by the buyer through an NFT-backed loan, providing instant liquidity to the sellers.
Down Payment: Buyers can purchase high-value NFTs with a minimum upfront payment of 60% of the asset's price. The remaining amount is covered by a flash loan from AAVE, which is then repaid through an NFT-backed loan on BendDAO. This feature allows buyers to acquire valuable NFTs with limited upfront capital.

Additionally, BendDAO offers the following benefits:

Airdrop Rights: Owners of blue-chip NFT collections receive airdrop benefits. BendDAO collects and redistributes these airdrops to borrowers who have their NFTs listed on the platform.
Anti-Theft Protection: NFTs are converted into ERC-721 boundNFTs, which inherit the characteristics of Soulbound tokens (SBTs). This prevents unauthorized transfers and enhances security. BoundNFTs can also be utilized as avatars on Web2 social platforms.
48-Hour Liquidation Protection: BendDAO provides a 48-hour window for borrowers to repay their loans after reaching the liquidation threshold. This mitigates the impact of sudden price fluctuations and provides borrowers with an opportunity to manage their positions.

3. WHAT IS BENDAO TOKEN?

What is BendDAO Token | Source: BendDAO

The BendDAO token (BEND) is the governance and utility token of the BendDAO ecosystem. BEND holders have various privileges and benefits within the network. These include:

Voting and Decision-Making: BEND token holders can actively participate in the governance of the protocol. They can vote on proposals, such as the addition of new NFT pools or changes to protocol parameters.
Profit-Sharing: BEND token holders are entitled to a share of the platform's profits. This is distributed proportionally to the amount of BEND tokens held and provides potential passive income.
Utility: BEND tokens are used for accessing certain features and services within the BendDAO ecosystem. They play a crucial role in the platform's operations and provide incentives for active participation.

3.1. BendDAO Price

The price of the BendDAO token (BEND) is determined by various factors, including market demand, supply dynamics, overall market conditions, and investor sentiment. It is subject to fluctuations and can change rapidly. To get the most accurate and up-to-date information about the BendDAO token price, it is recommended to consult reputable cryptocurrency exchanges or financial platforms.
At the time of writing, BendDAO price is $0.005135. With its potential, Bend token price prediction in 2024 ranges from 0.0049 USD to 0.0074 USD

BendDAO Price | Source: Klarda App

3.2. BendDAO Tokenomics

Token Name: BendDAO Token
Ticker: BEND
Blockchain: Ethereum
Token Standard: ERC-20
Token Type: Governance
Total Supply: 10,000,000,000 BEND
Circulating Supply: 1,385,096,714 BEND

BendDAO tokenomics refer to the supply, distribution, and economic model of the BEND token. Detailed information about BendDAO's tokenomics can typically be found in the project's whitepaper or official documentation. It is important to understand the tokenomics of BEN before considering any investment.

3.3. BendDAO Allocation

The allocation of BendDAO tokens (BEND) is determined during the project's initial launch or distribution phases. Detailed information regarding token allocation can be obtained from official sources such as the project team, whitepaper, or public announcements made by BendDAO.
BendDAO token are allocated as follows:

Developer Team: 21%
Initial Fair-launch Offering: 10%
Treasury Reserve: 21%
Airdrop: 5%
Uniswap LP Incentive: 3%
Lend/Borrow Incentive: 40%

3.4. BendDAO Use Cases

The BendDAO token (BEND) has several use cases within the BendDAO ecosystem:

Governance: BEND token holders can actively participate in the decision-making processes that shape the future of the protocol. They have the power to vote on important proposals and influence the direction of the platform.
Profit-Sharing: BEND token holders are eligible to receive a share of the platform's profits. This presents an opportunity for generating passive income.
Utility: BEND tokens are used to access and utilize various features and services within the Bend

4. HOW TO GET BENDDAO TOKEN?

To acquire BendDAO tokens (BEND), follow these steps:

Set up a cryptocurrency wallet that supports BEND tokens.
Find a reputable cryptocurrency exchange that lists BEND tokens.
Finish the registration and verification procedures on the selected exchange platform.
Please adhere to the instructions provided to deposit funds into your exchange account.
Locate the trading pair for BEND and the desired cryptocurrency (e.g., ETH or USDT).
Place a buy order for BEND tokens at the desired price and quantity.
Proceed to confirm the transaction and patiently await the execution of the order.
Once the order is filled, the BEND tokens will be credited to your exchange wallet.

How to get BendDAO Token | Source: Klarda App

5. IS BENDDAO A GOOD INVESTMENT?

Source: BendDAO

Firstly, BendDAO aims to revolutionize the NFT industry by providing innovative liquidity solutions and collateralization options. As the NFT market continues to grow and evolve, BendDAO's solutions contribute to the accessibility and liquidity of this emerging asset class.
Secondly, the BendDAO token (BEND) serves as the native cryptocurrency within the network. Holding BEND tokens not only grants participation in the governance and decision-making processes but also allows for profit-sharing within the BendDAO ecosystem. This potential for earning passive income can make BEND tokens an attractive investment option.
Furthermore, BendDAO's focus on providing NFT-backed loans and collateral listings opens up new avenues for NFT holders to unlock the value of their assets. This unique offering positions BendDAO as a key player in the expanding NFT landscape, potentially attracting further adoption and value appreciation.
Deciding whether or not to invest in BendDAO requires a careful evaluation of your individual financial goals, risk tolerance, and understanding of the market. To answer the question Should I invest in BendDAO? You can consider some evaluation criteria on Klarda.

Klarda Indexes

BEND Rank

Fundamental Score

66.84/100

Technical Score

10.03/100

Security Score

98.69/100

Liquidity Score

99.92/100

Social Score

26/100

DEX Score

99.55/100

The article has compiled information about what is BendDAO. It is a media network that aims to revolutionize the NFT industry by providing liquidity solutions and collateralization options. It offers innovative features such as NFT-backed loans, collateral listings, and down payments, which enhance liquidity and trading opportunities for NFT holders. With the BendDAO token (BEND) serving as the native cryptocurrency, users can participate in governance, decision-making processes, and profit-sharing within the BendDAO network.