BendDAO is a liquidity protocol that provides instant NFT-backed loans, collateral listings, and NFT down payments. It provides a closed loop solution for users that allows them to make down payments, borrow, and list NFTs in one place. The protocol was released on Ethereum in 2022.
BendDAO allows users to borrow ETH using NFTs as collateral. Bluechip NFT holders can get the best liquidity on BendDAO. NFT holders/sellers can instantly get up to 40% of the floor value of the listing before it sells. The buyer will pay off the loan, including interests, after the deal. Buyers can pay a minimum down payment of 60% to buy a bluechip NFT while initiating a flash loan from AAVE to cover the remainder. NFTs are converted into ERC721 bound NFTs through instant NFT loans to avoid the risk of theft. Borrowers are eligible for all related NFT holder airdrops. The borrower will have a 24-hour liquidation protection period to repay the loan to avoid losses caused by market fluctuations.
BEND has a total supply of 10,000,000,000 and a circulating supply of 382,458,902.
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