BendDAO Releases Detailed Financial Report: See How It’s Doing
- BendDAO has released a detailed financial statement of its operations on the first-year anniversary, including profit and loss statements, balance sheets, and risk measures.
- The report shows BendDAO made an operating income of 929 ETH ($1.69 million at the time of writing) in its first year.
- BendDAO’s goal is to provide full transparency for its community members by providing them with insights into its financial health.
BendDAO’s Financial Statement
BendDAO, the decentralized NFT-powered lending liquidity protocol, has published a detailed financial statement of its operations on the first-year anniversary of its launch. It was produced by NFTBank’s Unboxing Labs, and is being made available to any community member that’s looking for insights into BendDAO’s financial health.
Report Overview
The EDGAR-style report includes profit and loss statements, balance sheets and associated risk measures. The report shows that BendDAO made annual interest revenue of 3,097 ETH in its first year, with annual interest expenses of 2,168 ETH resulting in an operating income of 929 ETH ($1.69 million at the time of writing). BendDAO currently holds 63,000 ETH in liquidity and earns a 29.35% APR against a total borrowing rate of 21,342. Depositors can earn 7.81% APR. According to BendDAO’s report there is 34% utilization rate for their protocol. The report also details a breakdown of BendDAO’s cash reserves loans and NFTs on their books which includes those that are escrowed transferred or deposited as well as their equity..
Purpose Of Report
The purpose behind publishing this detailed statement is to ensure full transparency around the DAOs finances to any potential user who may want more information in order to make informed decisions before using the protocol instead relying solely on metrics such as total value locked or APR which has been known to be misleading at times according to Bend DAOs own reports.