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 Revenue Methodology

## 1. Overview

Revenue is defined as the measurement of the portion of fees retained by BendDAO in its treasury. Earnings generated from NFT-backed lending activities, specifically from interest paid by borrowers, are captured by this metric. The protocol's share of fees is represented before operating expenses and token incentives are deducted. This metric is utilized to assess the financial sustainability of the protocol's V1 lending products.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Interest mint event extraction

- **Purpose**: To capture interest accrued and minted to the protocol treasury
- **Logic**: `Mint` events from `BToken` contracts are parsed. Transactions are filtered to isolate events where the sender address matches the protocol's collector address, representing treasury mints in underlying units.
- **Key fields**: `block_timestamp` (timing), `address` (account address), `value` (minted amount)

### Component B: Market mapping

- **Purpose**: To associate interest events with specific allowlisted lending markets
- **Logic**: Extracted interest events are joined with an allowlist of BendDAO markets using the account address. The underlying asset address associated with each lending market is identified through this mapping.
- **Key fields**: `account_address` (market identifier), `token_address` (underlying asset address)

### Component C: Decimal normalization and USD conversion

- **Purpose**: To normalize asset amounts and convert them to USD
- **Logic**: Minted interest amounts are normalized by the decimal precision of the underlying asset using asset metadata. Normalized amounts are multiplied by end-of-day asset prices to determine the USD value of the revenue. Daily values are aggregated using UTC day boundaries.
- **Key fields**: `value` (normalized amount), `price_usd` (asset price)

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

BendDAOBEND

Revenue

Revenue

Competitive landscape