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).

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# BendDAO Fees Methodology

## 1. Overview

Fees measures the total interest paid by borrowers to the BendDAO lending protocol. This metric represents the total economic value generated by the platform's lending activities. Total fees are mathematically reconstructed by analyzing the interest share minted to the protocol treasury and scaling it by the active reserve factor. Comprehensive tracking of borrower interest across all supported lending markets is enabled by this reconstruction.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Reserve factor tracking

- **Purpose**: The active reserve factor for each lending market is tracked over time.
- **Logic**: `ReserveFactorChanged` events are parsed from `LendPoolConfigurator` contracts. The raw `factor` value is normalized by dividing by 10,000. The active interval for each reserve factor is established by ordering the events chronologically by block number and log index to determine the applicable range for each asset.
- **Key fields**: `block_timestamp`, `token_address`, `reserve_factor`

### Component B: Treasury mint tracking

- **Purpose**: The protocol's share of interest minted to the treasury is captured.
- **Logic**: `Mint` events are parsed from `BToken` contracts. Events are filtered to include only those where the sender address matches the protocol's collector address. These events are then joined with an allowlist of BendDAO markets to map the mints to specific underlying assets.
- **Key fields**: `block_timestamp`, `account_address`, `amount`

### Component C: Total fee reconstruction

- **Purpose**: Total borrower fees are reconstructed from treasury mints and reserve factors.
- **Logic**: Treasury mint amounts are joined with the active reserve factor in force at the time of the mint. Total fees are calculated by dividing the minted treasury amount by the reserve factor.
- **Key fields**: `amount`, `reserve_factor`

### Component D: USD conversion and aggregation

- **Purpose**: Fee values are normalized and converted to USD.
- **Logic**: Reconstructed fee amounts are normalized by the decimal precision of each underlying asset. The normalized values are multiplied by end-of-day asset prices to determine the USD value. The final values are aggregated daily using UTC boundaries, with missing days zero-filled.
- **Key fields**: `fees`, `price_usd`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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