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BendDAO gives NFT investors the edge with Web3 financial reporting

BendDAO gives NFT investors the edge with Web3 financial reporting

BendDAO, which is considered by many in the cryptocurrency space to be among the most important non-fungible token (NFT) backed loan liquidity protocols, recently celebrated its one year anniversary by presenting a comprehensive financial statement. 

The statement developed by Unboxing Lab is on par with the standards that are found in conventional forms of financing and highlights the development that BendDAO has achieved over the last year, as per information shared with Finbold on April 7.

Reports in the electronic data gathering, analysis, and retrieval system (EDGAR) format introduce a degree of openness to Web3 projects that has never been seen before. This enables community members to get insight into the financial health of protocols that they make regular use of.

Report highlights detailed protocol information

Interestingly, the report also provides specific information on the assets and liabilities of BendDAO, including an overview of BendDAO’s cash reserves, loans, NFTs (both escrowed and transferred), and other capital such as stock. 

The financials of BendDAO have been made public as part of the NFT liquidity protocol’s ongoing effort to be as open as possible for the sake of the community. The most notable aspects of the BendDAO report reveal a total of 3,630.66 Ethereum (ETH) in interest income is earned annually and there is an interest expense of 2,447.04 ETH per year. finally, a total of 1,183.62 ETH ($2.22 million) in operating income.

Users of BendDAO may analyze the profit and loss statement, balance sheet, and risk indicators for the protocol with the help of Unboxing Lab’s report. Potential investors may take part, learn more, and act prudently as a result. It’s not as straightforward as checking TVL or APR, which might be deceptive measures of the protocol’s success.  

In its present state, BendDAO has a liquidity of 67,624 ETH, and it charges an annual percentage rate (APR) of 6.82% for deposits while charging an annual percentage rate (APR) of $28.44% for borrowing against a total borrowing rate of 20,375 ETH. This amounts to a usage rate of 30% for the procedure being used.

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