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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Lending

BendDAO

# BendDAO Token incentives Methodology

## 1. Overview

BendDAO token incentives measures the daily USD value of BEND tokens distributed as rewards to protocol participants. This metric captures the monetary value of incentive payments made by the BendDAO lending protocol to encourage user participation and liquidity provision. The calculation aggregates all BEND token reward claims from the protocol's incentives controller contract and converts them to USD values using end-of-day pricing.

## 2. Data sources

- **Blockchain events**: `RewardsClaimed` events from BendDAO's `BendProtocolIncentivesController` contract on Ethereum (contract address `0x0d02755a5700414b26ff040e1de35d337df56218`)
- **Token data**: BEND token information including the token contract address (`0x0d02755a5700414b26ff040e1de35d337df56218`) and decimal precision (18 decimals)
- **External data**: End-of-day price feeds for BEND token to enable USD conversion
- **Chain data**: Ethereum blockchain transaction and event log data containing the reward claim transactions

## 3. Step-by-step calculation

### Component A: Raw reward extraction
- **Purpose**: Extract and standardize BEND token reward claims from BendDAO's incentives system
- **Logic**: Parse `RewardsClaimed` events emitted by BendDAO's incentives controller contract on Ethereum. Each event represents a user claiming BEND token rewards from the protocol. Extract key fields including block timestamp, transaction hash, log index for uniqueness, and the claimed amount. The amount field captures the raw token quantity in wei format (18 decimal places). Apply chain and token filters to focus specifically on BEND token rewards on Ethereum.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for event identification, `amount` containing raw token quantities in wei format

### Component B: Daily aggregation and metadata enrichment  
- **Purpose**: Aggregate reward claims by day and add protocol classification metadata
- **Logic**: Group reward claims by calendar day using timestamp truncation to day boundaries. Enrich each record with protocol metadata including chain identifier as 'ethereum', business line as 'Lending', market sector and business segment both as 'lending', version as 'v1', and contract name as the token symbol 'BEND'. Sum all claimed amounts within each day to get total daily reward distributions.
- **Key fields**: `timestamp` truncated to day grain, `token_incentives` containing aggregated daily amounts, protocol classification fields

### Component C: USD conversion and decimal correction
- **Purpose**: Convert raw token amounts to USD values with proper decimal handling
- **Logic**: Apply the convert_to_usd_and_correct_decimals macro which performs two key transformations. First, divide raw amounts by 10^18 to convert from wei format to human-readable BEND token quantities. Second, multiply the corrected token amounts by end-of-day BEND token prices to calculate USD equivalent values. This ensures amounts are properly denominated in USD for cross-protocol comparison.
- **Key fields**: `token_incentives_usd` containing the final USD-denominated incentive amounts

### Final aggregation
- **Combining components**: The USD-converted daily reward amounts flow through the finalize_metric_token_incentives macro which validates data quality and applies standardized formatting
- **Currency conversion**: Raw 18-decimal wei amounts are converted to human-readable token quantities, then multiplied by end-of-day USD prices for BEND tokens
- **Time aggregation**: All reward claims are aggregated to daily totals using calendar day boundaries based on block timestamps
- **Final calculation**: The final token incentives value represents the total USD value of BEND tokens distributed as rewards by BendDAO's incentives controller on each day. Any missing days are filled with zero values to maintain complete time series data. Results are filtered based on chain availability configuration to ensure data quality.

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

Value of native tokens distributed as incentives.

BendDAOBEND

Token incentives

Token incentives

Competitive landscape