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 Active users (daily) Methodology

## 1. Overview

The BendDAO Daily Active Users (DAU) metric measures the number of unique addresses that interact with BendDAO's lending protocol on any given day. This metric captures user engagement across core lending activities including deposits, borrowing, repayments, and withdrawals. The calculation identifies distinct user addresses from blockchain events and aggregates them by day to provide a comprehensive view of protocol usage.

## 2. Data sources

- **BendDAO smart contract events**: Parsed event logs from BendDAO v1 contracts on Ethereum, including `BToken` and `DebtToken` contract events
- **BToken contract events**: `Mint` events for deposits and `Transfer` events for withdrawals
- **DebtToken contract events**: `Mint` events for borrowing and `Burn` events for loan repayments
- **Transaction metadata**: Block timestamps and transaction hashes from Ethereum blockchain records

## 3. Step-by-step calculation

### Component A: User activity event extraction
- **Purpose**: Identifies all user addresses participating in BendDAO lending activities
- **Logic**: Extracts user addresses from four types of BendDAO contract events on Ethereum. For `BToken` `Mint` events, captures the `from` address as a Depositor. For `DebtToken` `Mint` events, captures the `from` address as a Borrower. For `DebtToken` `Burn` events, captures the `user` address as a Repayer. Each event includes block timestamp, transaction hash, and is classified with lending as both market sector and business segment.
- **Key fields**: User address (`from` or `user` depending on event type), `block_timestamp`, `transaction_hash`, `user_type` classification

### Component B: Withdrawal event processing
- **Purpose**: Identifies legitimate withdrawal activities from BendDAO
- **Logic**: Processes `BToken` `Transfer` events with special filtering to identify actual withdrawals rather than all transfers. Captures transfers where the `to` address is the WETHGateway contract at `0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88` and the token contract is `0xed1840223484483c0cb050e6fc344d1ebf0778a9`. Also captures transfers to the zero address `0x0000000000000000000000000000000000000000` for the bendETH token at `0x9631c79bfd6123a5b53307b6cdfb35f97606f954`, excluding transfers from the specific address `0xf3ab1d58ce6b9e0d42b8958c918649305e1b1d26`. The `from` address in these filtered transfers is classified as a Withdrawer.
- **Key fields**: User address (`from`), `block_timestamp`, `transaction_hash`, contract filtering conditions

### Component C: Event consolidation
- **Purpose**: Combines all user activity events into a unified dataset
- **Logic**: Merges the standard user events (deposits, borrowing, repayments) with the specially filtered withdrawal events. Each record includes the user address, activity timestamp, chain identifier (Ethereum), and user type classification. All activities are categorized under the lending market sector and business segment.
- **Key fields**: `user_address`, `block_timestamp`, `chain`, `user_type`, `market_sector_id`, `business_segment_id`

### Final aggregation
- **Combining components**: All user activity events are combined into a single stream of lending interactions
- **Time aggregation**: Block timestamps are truncated to daily boundaries using day-level granularity, creating daily time buckets for user activity
- **User deduplication**: Within each day, user addresses are counted as distinct values regardless of how many transactions they performed, ensuring each user is counted only once per day
- **Final calculation**: The daily active user count represents the number of unique addresses that performed at least one lending activity (deposit, borrow, repay, or withdraw) on BendDAO during each calendar day

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

Unique revenue-generating users over a fixed 24-hour window.

BendDAOBEND

Active users (daily)

Active users (daily)

Competitive landscape