What is BendDAO (BEND)? Complete set of BEND cryptocurrency
Description of What is BendDAO (BEND)? Complete set of BEND cryptocurrency
Liquidity is an important issue for the NFT, and projects have recently begun to emerge that seek to solve this problem. BendDAO is one such project, learn about BendDAO and the BEND token in this article.
What is BendDAO?
BendDAO is an NFT -specific liquidity protocol that allows the creation of NFT-backed loans, i.e. using NFT as collateral. By combining related features, BendDAO creates a seamless lending, listing, payment experience, aiming to become a complete NFT liquidity solution.
Instead of targeting NFT fragmentation like some other projects, BendDAO is the first project that aims to open up liquidity for NFT using as collateral for borrowing. BendDAO mainly supports NFT collections that are considered bluechips such as BAYC, MAYC, Azuki, CryptoPunks… to ensure value and liquidity.
Highlights of BendDAO
BendDAO provides products to help NFT holders increase liquidity instead of just holding NFT, combining BendDAO products can form a closed loop to help users optimize profits. Currently BendDAO has 3 main products:
- NFT-backed Loan: NFT holders can borrow ETH through a lending pool using NFT as collateral instantly, in the depositor providing liquidity of ETH receiving interest. This is the main product of the protocol, with this tool can help users to trade NFT with leverage.
- Colleteral Listing: NFT owners or sellers can choose to instantly receive 40% of the listed property's floor value even if it hasn't actually sold. This instant liquidity is supported by the Instant NFT-backed Loan feature. Buyer will pay off the loan including interest after the agreement.
- Down Payment: Buyers can purchase NFT bluechips from major NFT Marketplaces , with only a minimum 60% upfront payment depending on the actual NFT price.
This is done by simultaneously starting a flashloan from AAVE to pay off the remainder. The borrowed amount of the flashloan will be repaid through an NFT-backed loan on BendDAO. The buyer then automatically becomes the borrower.
BandDAO brings a number of benefits to the NFT community:
- Borrower airdrop benefits: Owners of bluechip NFT collections will regularly receive airdrop benefits, BendDAO will collect and redistribute the airdrop to the borrower when the NFT is on the list. book.
- Can't be stolen: NFTs will be converted to ERC-721 boundNFTs representing NFT loans. boundNFT carries the characteristics of Soulbound tokens (SBTs), boundNFT is non-transferable to avoid theft. On the other hand, boundNFT can also be used on Web2 social platforms that support NFT avatars.
- 48 Hour Liquidation Protection: The NFT market often suffers from liquidity problems that lead to price fluctuations, so BendDAO has a mechanism that allows users to pay back their loans within 48 hours of reaching the liquidation level. .
Benefits of holding BEND tokens
BEND is the governance token of BendDAO, users can stake BEND to receive veBEND. veBEND holder has the following benefits:
- Vote and decide on the types of NFTs that can become collateral. Currently, there are 7 NFT blue chip pools: Mutant Ape YC, Cool Cats, Doodles, CLONE X, Azuki, World of Women and CyberKongz.
- Share 100% profits from the platform.
- Participate in other future governance decisions of the protocol.
Project team, investors, partners
Project team
The current project team is still working anonymously.
Investors
The project opens to sell tokens via fairlaunch and has no investors.
Partner
BendDAO has not announced a multi-party partnership, recently the project has partnered with Chainlink Keeper to help distribute fees to BEND stakers.
Roadmaps & Updates
The project has announced the roadmap for 2022, according to which:
Q1/2022 (completed):
- BEND Token Airdrop
- Mainnet Launch
- Security Audit
- DAO administration & voting
Q2/2022 (completed):
- Improved DAO administration function
- Add Down Payment feature
- Grow to become NFT levarage trading platform
Q3/2022:
- Continue to integrate new bluechip NFT
- P2P NFT Lending
Q4/2022:
- Renting NFT (rental)
- Make pools permissionless
Detailed information about BEND token
Key Metrics BEND token
- Token Name: BendDAO Token
- Ticker: BEND
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token Type: Governance
- Total Supply: 10,000,000,000 BEND
- Circulating Supply: Updating
BEND Token Allocation
BEND tokens are distributed proportionally as follows:
- Developer Team: 21%
- Initial Fair-launch Offering: 10%
- Treasury Reserve: 21%
- Airdrop: 5%
- Uniswap LP Incentive: 3%
- Lend/Borrow Incentive: 40%
BEND Token Sale
The project has a token sale via Initial Fair-launch Offering in mid-March 2022. Whereby:
- 1,000,000,000 (10%) BEND will be sold to the community in the form of fair-launch
- Anyone in the community can join
- 1 ETH = 333,333 BEND
BEND Token Release Schedule
The token payment schedule from the time of the IFO is as follows:
How to earn and own BEND Token
There are following ways to own BEND Token:
1. Join IFO (closed)
2. Airdrop: Airdrop project for NFT community with criteria
- Trade on OpenSea from September 5, 2021 to March 5, 2022
- Was a holder of Bluechip NFTs at the time of snapshot 5/3/2022
- P2P NFT lending participants before March 5, 2022
- Discord members with the role OG
3. Buy on exchanges
4. Join lending & on BendDAO platform to receive incentives
5. Farming on Uniswap pool pool
BEND Token exchange & storage wallet
Storage wallet
BEND is an ERC-20 token, so it will be stored on Coin98 Wallet according to the following steps:
Step 1: At the main interface, select Receive .
Step 2: Enter BEND in the search box.
Step 3: Copy the BEND ERC-20 wallet address and send the BEND token to this address.
Exchanges
BEND can be traded on both DEX and CEX exchanges such as Uniswap V2 and V3, MEXC, BKEX, Hotbit...
Information channels of BendDAO
- Website: https://www.benddao.xyz/
- Twitter: https://twitter.com/benddao
- Medium: https://medium.com/@BendDAO
- Discord: https://discord.com/invite/benddao
- Github: https://github.com/BendDAO
- Governance forum: https://governance.benddao.xyz/
