Lenders deposit funds into BendDAO and receive interest payments from borrowers (supply-side fees). BendDAO has other business lines in addition, however this dashboard only tracks the BendDAO lending protocol.

BendDAO is a non-custodial NFT lending protocol built on Ethereum. BendDAO was founded by an anonymous team and launched in 2021.

BEND tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

governance

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Lending

BendDAO

# BendDAO Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is measured as the average USD value of fees paid by each active user of BendDAO over a fixed 24-hour window. This metric is calculated by dividing total daily fees by active users (daily). The average cost incurred by an individual user for utilizing the protocol's lending and borrowing services on a daily basis is reflected by this metric.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Fee extraction and reserve factor tracking

- **Purpose**: The total interest fees generated by borrowers are captured.
- **Logic**: Protocol revenue is identified by parsing `Mint` events from `BToken` contracts where the collector address is designated as the sender. To reconstruct total interest fees, these revenue amounts are divided by the applicable reserve factor. The reserve factors are tracked by parsing `ReserveFactorChanged` events from `LendPoolConfigurator` contracts and are normalized by a factor of 10,000.
- **Key fields**: `amount` (minted value), `reserve_factor` (fee percentage).

### Component B: Active user tracking

- **Purpose**: The unique active users (daily) interacting with the protocol are identified.
- **Logic**: active users (daily) are identified by aggregating unique addresses across multiple contract interactions. Depositors are extracted from `Mint` events from `BToken` contracts, borrowers are extracted from `Mint` events from `DebtToken` contracts, and repayers are extracted from `Burn` events from `DebtToken` contracts. Withdrawers are identified by parsing `Transfer` events from `BToken` contracts, with filters applied to isolate transfers to the WETH gateway contract or the burn address for the USDT market.
- **Key fields**: `user_address` (depositor, borrower, repayer, or withdrawer address).

### Component C: USD conversion and normalization

- **Purpose**: Fee values are normalized to USD.
- **Logic**: Fee amounts are normalized by decimal precision using asset metadata and converted to USD using end-of-day price feeds.
- **Key fields**: `timestamp`, `price_usd`.

### Component D: Average fees per user calculation

- **Purpose**: The final average fees paid per active user are calculated.
- **Logic**: Total daily fees in USD are divided by the active users (daily) for each 24-hour UTC window. If no activity is recorded, the metric is filled with zero.
- **Key fields**: `fees` (total daily fees), `user_dau` (active users (daily)).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

BendDAOBEND

Average fees per user (AFPU)

Average fees per user (AFPU)

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