BendDAO Metrics

In this article, analyze deposits and withdrawals into BendDAO over the past month. Provide metrics such as total ETH volume and unique wallets, and explain any interesting findings

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. 

Benefits of Introducing BendDAO in NFT System

  • There will be equal rights for borrowers: Bluechip NFT collections will receive airdrops regularly. When NFTs are used in the collateral pool, BendDAO will collect and distribute airdrops to borrowers.
  • A NFT will be converted into an ERC-721 boundNFT that represents an NFT loan, and it will never be stolen. Due to their transferability, boundNFTs cannot be stolen. 
  • There is often a lack of liquidity in the NFT market, resulting in price fluctuations. In order to avoid losses, BendDAO has a mechanism that allows users to repay their loans within 48 hours.

From the below graph we can see the ETH deposited and withdrawn into BendDAO over a time period.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 August 7, 2022 and September 7, 2022, there were 168.11K ETH deposits. In August 25, 2022, the maximum ETH Deposits were recorded at 22.46K, while the minimum ETH Deposits were recorded at 197.33 on August 9, 2022. The total number of Ethereum deposits increased by 3.54 times from 2.02K in August 7, 2022 to 9.19K in September 7, 2022. The total number of ETH deposits in August 28, 2022 and August 26, 2022 is lower than usual. The number of deposits initially appears to be less. As time went on, they began to increase. The ETH deposits can see here are in increasing trend. 
  • As of September 7, 2022, -87.51K ETH were withdrawn. The maximum withdrawal of -113.74 ETH was observed on August 7, 2022, and the minimum withdrawal of -16.17 ETH was observed on August 20, 2022. In August 20, 2022, the total amount of Ethereum withdrew was lower than usual, and in August 22, 2022 and September 3, 2022, it was higher than usual.
  • A total of 80.6K Net ETH Change was observed between August 7, 2022 and September 7, 2022. The maximum Net ETH Change of 21.61K was observed on August 25, 2022, and the minimum Net ETH Change of -9.85K was observed on September 6, 2022. The trend for Net ETH Change is upward. August 28, 2022 and August 26, 2022 had lower Net ETH Change than normal, while September 7, 2022 had higher Net ETH Change than normal

Here from the below graph we can see the number of transactions of ETH deposited and withdrawn for past 1 month into BendDAO. Here we can see more number of ETH Deposited transactions was happened into BendDAO than withdrawn txns for past 1 month.

Between August 7, 2022 and September 7, 2022, 3.52K transactions were deposited. August 21, 2022, recorded the maximum number of deposits of 470, while August 9, 2022, recorded the minimum number of deposits of 8. Between August 7, 2022 and September 7, 2022, 1.19K withdrawals were made. The maximum number of withdrawals was 106 on September 6, 2022, and the minimum number was 12 on August 8, 2022. As compared to normal, the total number of withdrawals in September 6, 2022 was higher than normal

Here we can see the total ETH Volume of Bend DAO as 27.90K (ETH).

Observations

  • According to the above analysis, Bend DAO has a total ETH volume of 27.90K (ETH).
  • It appears that there are fewer deposits at first. Eventually, they began to increase. You can see that the ETH deposits are in an upward trend. 
  • There was a maximum Net ETH Change of 21.61K on August 25, 2022, and a minimum Net ETH Change of -9.85K on September 6, 2022. In terms of Net ETH Change, there is an upward trend.
  • For the past 1 month, almost three quarters of transactions were for deposited ETH, based on our analysis. Therefore, we can say that deposits are increasing compared to withdrawals. 

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