BendDAO is the first decentralized peer-to-pool based NFT liquidity protocol. Depositors provide ETH liquidity to the lending pool to earn interest, while borrowers are able to borrow ETH through the lending pool using NFTs as collateral instantly. Bend protocol enables NFT assets to be pooled and converted into representing ERC721 boundNFTs to realize NFT loans.
NFT as Collaterals to Borrow ETH
Borrowers (NFT holders) will bundle NFT into one separate token (boundNFT) through BendDAO Protocol in order to function as a single unit of collateral.
Details are listed as follows:
- Initiate an instant NFT loan contract to borrow ETH from the pool
- Maintain NFT collateral ratio by repaying ETH anytime
- Get back the NFT when paying off the NFT loan
Depositors/ lenders will be able to:
- Deposit/withdraw ETH to the reserve pools
- Earn yields by providing liquidity
| Group | Allocation | Vesting Period | |
|---|---|---|---|
| Developer Team | 21% | 1-year locked and then linearly released in 3 years | |
| Initial Fair-launch Offering | 10% | Offering in 90 days | |
| Treasury Reserve | 21% | Lockup in treasury, decided by the community | |
| Airdrop | 5% | Airdrop in 90 days, 100% TGE | |
| Uniswap LP Incentive (by Governance) | 3% | Decided by the community | |
| Lend/Borrow Incentive | 40% | Vested when mainnet online, linearly released in 5 years, Lend/Borrow Incentive ratio is 1:3 |