BendDAO Balance Sheet

Source: Twitter

In this article, we are going to build a comprehensive balance sheet dashboard for BendDAO. Here are some of the metrics we are going to include: collateral by collection, total debt, total reserves, utilization rates, and anything else you feel is relevant.

Introduction

The BendDAO protocol is the first NFT liquidity protocol that is built on the peer-to-pool model. Depositors earn interest by providing ETH liquidity through the lending pool, while NFT holders borrow ETH with NFTs as collateral. Leveraged NFT trading is based on instant NFT-backed loans. The BendDAO protocol supports instant NFT-backed loans, collateral listing, and NFT down payments. With an entirely seamless experience that enables users to make down payments, borrow funds, and list their NFTs, a one-stop liquidity solution is created.

NFT holders who want liquidity but do not want to sell their NFTs can take advantage of lending protocols like BendDAO, but such lending services are also vulnerable to liquidity issues.In essence, the goal is to entice buyers to acquire the NFT collateral with liquidation. 

Approach

Our goal here is to build a comprehensive balance sheet dashboard for BendDAO. In order to accomplish this, we approached it as follows:

  • An overview of BendDAO’s statistics can be found here
  • Next, we can see how much ETH has been deposited and withdrew from BendDAO over time
  • The next batch of BendDAO’s NFT collaterals
  • The Distribution of NFTs Deposited as Collateral follows
  • The next step is to find the NFTs deposited as collateral by collection
  • Additionally, here is a list of BendDAO Unique NFT Collateral Depositors by Collection.
  • Last but not least, we can see the Percentage of NFTs deposited into BendDAO as collateral

From the below section, we can see BendDAO’s statistics for the past six months. As we can see in this section, the overall collateral value is 27.90K(ETH). We can see here that there are 952 collaterals. It is clear from the data that there are more borrowers than depositors, so we can conclude that the intent of BendDAO is being achieved.

From the below graph we can see the ETH deposited and withdrawn into BendDAO over a time period. As well as we can see the NET ETH also here .

  • Between March, 2022 and Sept, 2022, there were 698.57K ETH deposits. There was a maximum ETH deposit of 100.08K observed in W17(Apr 24-30), 2022, and a minimum ETH deposit of 1.91K in W12. The amount of Ethereum deposits is decreasing. A higher total amount of Ethereum deposits was made in W17, 2022, and W34, 2022, compared to normal. The number of deposits initially appears to be higher. As time went on, they began to decrease. The increase in deposits can be seen again during the week of August 21-27,2022. 
  • Between March, 2022 and Sept, 2022 427.16K ETH were withdrawn. A maximum withdrawal of -72.08K ETH was observed on Jun 5-11 , 2022, and a minimum withdrawal of -844.6 ETH was observed in March 20-26, 2022.   It can be seen that withdrawals were less initially, but later increased. Once again it is apparent that the amount of withdrawals into BendDAO is increasing.
  • The total Net ETH Change between March, 2022 and Sept, 2022 was 271.41K. A maximum Net Eth Change of 73.28K was observed in W17, 2022, and a minimum Net Eth Change of -14.8K was observed in W23, 2022. There is a lower than normal Net ETH Change in W23, 2022 and a higher than normal Net Eth Change in W34, 2022, and W17, 2022.

A total of 27.95K is the total collateral value across all NFT collections. Collateral Value (ETH) contributed 79.64% to the Top 2 NFT Collections. The lowest total Collateral Value (eth) is 44.16  and the highest total Collateral Value (eth) is 18.63K . Total NFTs across all NFT Collection is 953. The Top NFTCollections contributed for 28.44% of total Nfts and Top 2 Nft Collections contributed for 54.14% of total Nfts. The lowest total Nfts is 6 and the highest total Nfts is 271 .

Accordingly, BendDAO is a Liquidity Protocol with Leverages that leverages NFT.  In addition to BAYC and CryptoPunks, MAYC, Azuki, CloneX, and Doodles are supported as collateral. Below is a graph showing the distribution of NFTs deposited as collateral. Based on the below graph, we can see that the lowest NFTs Deposited are $44 (WPUNKS) and the highest average NFTs Deposited are $271 (MAYC).

We can see from the following graph the NFTs deposited as collateral by their collection over time. By collection wise, the largest amount of collateral was deposited by MAYC NFTs. Next in line was BAYC.  It is $7.4 for the lowest average NFT Deposited (SDOODLE) and $290.3 for the highest average NFT Deposited (MAYC). In W23, 2022, the maximum NFTs Deposited was $225.43, and the minimum NFTs Deposited was $5. It is higher than normal in W17, 2022, the average number of NFTs deposited. 

The below graph shows the BendDAO unique NFT collateral depositors based on their collections over time. Total Depositors are 531. Bored Ape Yacht Club Collections account for 28.06 % of total Depositors, and Top 2 Collections account for 54.43 %. Space Doodles has the lowest total depositors at 4 and Bore Ape Yacht Club has the highest total depositors at 149.

In order to see what percentage of NFTs have been deposited into BendDAO as collateral, here is the breakdown for the past 6 months. For example, Space Doodles deposited 0.1 of NFTs (percentage of NFTs collected). For bored ape yacht club, the percentage of NFT that was collected was 2.54. In all seven NFT collections, the percentage of NFT from collection was relatively even, with only a small variation.

Observations

  • According to the above analysis, the overall collateral value is 27.90K(ETH). Here we can see that there are 952 collaterals. We can conclude from the data that BendDAO is achieving its intent by having more borrowers than depositors.
  • There is a total debt of 13.43K(ETH).
  • There are 14.97K(ETH) in Total Reserves.
  • A utilization ratio of 81.95% has been achieved.
  • A maximum ETH deposit of 100.08K was observed in W17 (Apr 24-30), 2022, and a minimum deposit of 1.91K in W12. 
  •  There was a maximum withdrawal of -72.08K ETH on June 5-11, 2022, and a minimum withdrawal of -844.6 ETH on March 20-26, 2022. 
  • We observed a maximum Net Eth Change of 73.28K in W17 (Apr 24-30), 2022, and a minimum Net Eth Change of -14.8K in W23 (Apr 24-30), 2022.
  • Based on BendDAO’s NFT Collaterals, the lowest total Collateral Value (ETH) is 44.16 and the highest total Collateral Value (ETH) is 18.63K. 
  • According to the distribution of NFTs deposited as collateral, the lowest average NFTs deposited were $44 (WPUNKS) and the highest average NFTs deposited were $271 (MAYC).
  • When we analyze the NFTs deposited as collateral by collection, MAYC NFTs deposited the largest amount of collateral. BAYC was the next in line. 
  •  With 4 depositors, Space Doodles has the lowest total depositors, while Bore Ape Yacht Club has the highest total depositors with 149.
  • According to the percentage of collected NFTs, Space Doodles deposited 0.1. For bored ape yacht club, the percentage of NFT that was collected was 2.54. Overall, the percentage of collected NFTs was relatively even.

SQL Reference

WITH deposits as (
  SELECT 
  	date_trunc(day, block_timestamp) as date,
  	sum(amount) as deposited_eth,
  	count(tx_hash) as deposit_txns
  FROM ethereum.core.ez_eth_transfers
  WHERE tx_hash IN (
    SELECT 
     tx_hash
    from ethereum.core.fact_event_logs
    where contract_address = '0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2'
    	and event_name = 'Deposit'
        and ORIGIN_TO_ADDRESS = '0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88'
    	and TX_STATUS = 'SUCCESS'
  		and block_timestamp >= '2022-03-01'
    )
  AND block_timestamp >= '2022-03-01'
  GROUP BY date
),
withdrawls as (
  SELECT 
  	date_trunc(day, block_timestamp) as date,
  	sum(amount) as withdrawn_eth,
  	count(tx_hash) as withdrawn_txns
  FROM ethereum.core.ez_eth_transfers
  WHERE tx_hash IN (
    SELECT 
     tx_hash
    from ethereum.core.fact_event_logs
    where contract_address = '0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2'
    	and event_name = 'Withdrawal'
        and ORIGIN_TO_ADDRESS = '0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88'
    	and TX_STATUS = 'SUCCESS'
  		and block_timestamp >= '2022-03-01'
    )
  AND block_timestamp >= '2022-03-01'
  GROUP BY date
)
SELECT 
  *,
  deposited_eth - withdrawn_eth as net_eth
FROM deposits
LEFT JOIN withdrawls USING (date)

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