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BendDAO's ETH Reserve Surpasses 90,000 Mark

Exploring BendDAO's rising ETH reserves and dominance in NFT-backed loans
Published on 2023-02-12

BendDAO's Impressive ETH Reserve Growth

BendDAO, a prominent liquidity protocol, has accumulated 90,602.54 ETH in its internal reserve. This significant growth highlights the platform's increasing influence in the NFT-backed loan sector. The protocol allows users to borrow ETH using their NFTs or deposit ETH to earn yields.

Dominance of Leading NFT Collections

The protocol's NFT collection supply has reached new heights. Notably, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Cryptopunks are leading the charge with supplies of 430, 525, 337, and 66 respectively. These collections significantly contribute to BendDAO's collateral value, showcasing their popularity among users.

Total Value Locked and Collateral Distribution

BendDAO's total value locked (TVL) stands at $217,634,144, with ETH deposits accounting for $138,605,209. BAYC holds a formidable 64% share of all NFT collaterals on BendDAO, underscoring its dominance. Following BAYC, MAYC, Azuki, and WPUNKS claim 15.8%, 9.8%, and 8.1% of the collateral value respectively.

BendDAO's Role in the NFT Loan Market

As a leading liquidity protocol, BendDAO facilitates instant NFT-backed loans, collateral listing, and NFT down payments. Borrowers, totaling 563, are responsible for 22,117.86 ETH borrowed, reflecting the platform's active engagement and trust within the community. BendDAO continues to attract users looking to leverage their NFTs for liquidity, reinforcing its position in the market.

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