00:00Welcome back to Decentralized News. In today's video, I want to talk about BendDAO.
00:06This is a project where you can actually end yield on, you know, using your NFT.
00:12So it's a peer-to-peer pool NFT lending platform.
00:16Borrowers are actually able to provide their NFTs as collateral to a liquidity pool,
00:21and they can borrow Ethereum in return.
00:24If you're an NFT holder, you can bundle your NFT into a separate token called BoundNFT,
00:31and you can receive a 30% to 40% loan on that.
00:36NFT holders also protect against sudden liquidation by having a period of 48 hours, that is a protection period.
00:46So while lenders have the security of having the NFT collateral locked in a smart contract,
00:51the collateral amount itself is determined by the collection's flow price.
00:56This means that in contrast to P2P lending marketplaces, even rarer NFTs can also fetch 30% to 40% off the flow price.
01:06Currently, BendDAO lists only about six active pools.
01:11So that's a bold Ape Yacht Club, CryptoPunks, Mutant Ape, and Azuki, and CloneX, and Doodles.
01:19But taking Bend liquidity mining rewards into account,
01:24borrowers can also currently make a profit by collateralizing their NFTs.
01:28And the total value logged at the time of shooting this video is about 95,000 Ethereum.
01:35So let me know if you guys have seen BendDAO before.
01:40Is this a project that you guys think has potential?
01:43And let me know what your thoughts are.
01:45And don't forget to also check out the links in the description to my books,
01:50Tokenized, Trillions, and Blockchain Applied,
01:52if you want to just learn more about real-world asset tokenization on the blockchain.
01:58And Bend also has its own native token, right?
02:00So it's actually currently just only fractions of pennies.
02:04You can find it on different exchanges, including MEXC,
02:09WHO, XT.com, BeatCakes, and LBank as well.
02:12So it's just a decentralized, non-custodial NFT-backed borrowing and lending protocol,
02:18essentially, where you as a user can participate as a depositor or a borrower.
02:22Depositors provide ETH liquidity to the lending pool to earn a passive income,
02:27while borrowers actually are able to borrow ETH through lending pools using NFTs as collateral.
02:34So this is, I think, a project that's doing something innovative in the space.
02:38I reckon you check it out for yourself and do your own research.
02:42Other than that, don't forget to check out links in the description,
02:45like our video, subscribe to the channel.
02:47I'd really appreciate it.
02:49And we'll see you guys in the next video.
02:52Suggest any other content you'd like to see on this channel as well.
02:56Peace and love, y'all.
02:57Peace and love, y'all.
Comments