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

github

twitter

discord

etherscan

website

Lending

BendDAO

# BendDAO Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is calculated to represent the daily revenue generated per active user of BendDAO. This metric is calculated by dividing the total daily revenue by the number of active users (daily). The efficiency of individual user monetization on a daily basis is reflected by this metric. Active users (daily) and protocol revenue are tracked to perform this calculation.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Revenue extraction

- **Purpose**: Interest revenue generated by the protocol is captured.
- **Logic**: `Mint` events from `BToken` contracts are parsed where the sender is matched with the collector address. These events are identified as treasury mints in underlying units.
- **Key fields**: `block_timestamp`, `amount`, and `account_address`

### Component B: Active user tracking

- **Purpose**: active users (daily) interacting with the protocol are identified.
- **Logic**: Active users are tracked by parsing multiple event types on Ethereum. Depositors are identified via `Mint` events from `BToken` contracts. Borrowers are identified via `Mint` events from `DebtToken` contracts, and repayers are identified via `Burn` events from `DebtToken` contracts. Withdrawals are captured by tracking `Transfer` events from `BToken` contracts where the recipient is matched with the `WETHGateway` contract or the null address, with specific addresses excluded.
- **Key fields**: `block_timestamp`, `user_address`, and `transaction_hash`

### Component C: USD normalization and aggregation

- **Purpose**: Revenue is converted to USD and daily metrics are aggregated.
- **Logic**: Revenue amounts are joined with market metadata to identify the underlying asset. The amounts are normalized by decimal precision and multiplied by end-of-day asset prices to convert them to USD. Active users (daily) are aggregated by taking the distinct count of user addresses per day.
- **Key fields**: `revenue`, `user_dau`, and `price_usd`

### Component D: Average revenue per user calculation

- **Purpose**: The final average revenue per user metric is calculated.
- **Logic**: Daily revenue in USD is divided by the active users (daily). If no activity is recorded, the metric is filled with zeros.
- **Key fields**: `revenue`, `user_dau`, and `arpu`

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

BendDAOBEND

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape