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 Earnings Methodology

## 1. Overview

The net value a project retains after subtracting all expenses from its revenue is measured by Earnings. This includes cost of revenue, token incentives, and operating expenses, where applicable. On-chain profitability is reflected by earnings, which may understate true costs in instances where operating expenses are not reported on-chain. For BendDAO, revenue is derived from interest accrued on active lending markets, while expenses are derived from distributed token incentives.

## 2. Data sources

- **Blockchain events**: `Mint` events from `BToken` contracts and `RewardsClaimed` events from `BendProtocolIncentivesController` contracts, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Revenue extraction

- **Purpose**: To capture interest revenue generated by BendDAO lending markets.
- **Logic**: `Mint` events from `BToken` contracts are parsed where the sender is matched to the protocol's collector address. These events are filtered using an allowlist of BendDAO markets (such as WETH and USDT markets) to map the corresponding underlying asset addresses. The extracted interest amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `account_address`, `amount`, `token_address`

### Component B: Expense extraction

- **Purpose**: To capture protocol expenses from token incentives.
- **Logic**: `RewardsClaimed` events from `BendProtocolIncentivesController` contracts are parsed to extract the distributed reward amounts. These incentive amounts are normalized by decimal precision and converted to USD using end-of-day price feeds to represent the protocol's expenses.
- **Key fields**: `amount`, `token_address`

### Component C: Earnings calculation

- **Purpose**: To calculate the net earnings of the protocol.
- **Logic**: Daily protocol expenses (token incentives) are subtracted from daily protocol revenue (interest accrued) to determine the net earnings. The final values are aggregated at a daily granularity using UTC day boundaries.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

BendDAOBEND

Earnings

Earnings

Competitive landscape