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BendDAO reviews

Founded 3 years ago in 2021.

Use anonymously. No KYC required.

Decentralised exchange.

Open source code can be publicly reviewed.

Reviewed by Yunis
10 May 2023 (Updated 12 June 2024)

BendDAO Crypto Platform

As a beginner exploring the world of non-fungible tokens (NFTs), you might be interested in comparing crypto exchanges to find the best platform that caters to your needs. In this review, we will be examining the BendDAO NFT protocol, an innovative solution for NFT holders looking for liquidity options. We will break down the key features of BendDAO, making it easy for you to understand its unique offerings in the NFT market.

BendDAO is an NFT liquidity protocol built on the Ethereum network, offering instant NFT-backed loans, collateral listing, and NFT down payment options. The protocol is designed to enhance the NFT market experience by providing an all-in-one solution for NFT holders. In this review, we will compare BendDAO with other crypto exchanges and dive into its key features to help you make an informed decision.

One of the standout features of BendDAO is its instant NFT-backed loans. This service allows NFT holders to borrow Ethereum (ETH) using their NFTs as collateral. By doing so, it encourages leveraged NFT trading and rewards liquidity providers with interest. This feature sets BendDAO apart from other NFT exchanges, as it offers a seamless borrowing experience for users looking to access instant liquidity for their NFTs.

Collateral listing on BendDAO enables NFT holders to list their assets and receive up to 40% of the floor value instantly through an NFT-backed loan. When the NFT is sold, the buyer is responsible for paying off the loan and interest. This innovative feature offers an attractive incentive for users to list their NFTs on BendDAO, as it enables them to unlock immediate value from their assets.

Another notable feature of BendDAO is the NFT down payment option. This allows buyers to purchase blue-chip NFTs from major marketplaces by making a minimum down payment of 60% and utilizing a flash loan from AAVE to cover the remaining balance. The instant NFT-backed loan on BendDAO repays the borrowed amount, making the process seamless and easy to understand for beginners.

BendDAO also offers additional benefits for NFT communities, such as 24-hour liquidation protection, airdrop eligibility, and theft protection through the conversion of NFTs into untransferable boundNFTs. These features make BendDAO a comprehensive liquidity solution that caters to the unique needs of NFT holders and communities.

One aspect of BendDAO that sets it apart from other crypto exchanges is its Ape Staking feature. BendDAO Ape Staking enables Yuga asset holders to participate in ApeCoin Staking and maximize their yield. Initially created to help borrowers stake their Apes used as collateral on BendDAO, BendApeStaking is now available to all Yuga asset holders.

When NFTs are deposited in BendDAO, users receive boundNFTs in their wallets, which they can use to pair with ApeCoin holders for ApeCoin Staking. This process is crucial for protecting ApeCoin users' rights and interests, as staking ApeCoins without pairing can lead to a loss of staked tokens.

While participating in ApeCoin Staking, NFT holders can still sell and borrow ETH on BendDAO. They can also enjoy the best yield, borrow instant ETH liquidity from the lending pool, and list and sell their original NFTs on BendDAO. Upon successful NFT transactions, the NFTs are automatically uncommitted, and the staking contract rewards are withdrawn and returned to the original NFT holders and ApeCoin holders.

It's worth noting that the platform's founders and team are anonymous, and their identities are not displayed on the internet. When we compare crypto exchanges, transparency is an important factor to consider. Additionally, the investors and backers of the project are not clearly exposed on the internet, which raises questions about the role of venture capitalists in the project. Despite these concerns, BendDAO has not faced any hacks or exploits so far, but BendDAO faced liquidiation risk before. BendDAO's smart contracts can be audited by individuals on its GitHub page, showcasing the protocol's commitment to security.The project's documents page contains some audit reports from independent companies

The protocol's web app may not be the most user-friendly interface, with too many buttons and banners on the app. However, it does support major web wallets, including MetaMask, Coinbase Wallet, and WalletConnect, making it accessible for a wide range of users.

In conclusion, BendDAO is an innovative NFT liquidity protocol that offers a range of features designed to cater to the unique needs of NFT holders and communities. While its team's anonymity and lack of transparency may be concerning to some users, the protocol's key features, such as instant NFT-backed loans, collateral listing, NFT down payment options, and Ape Staking, make it an attractive option for those looking to compare crypto exchanges and dive into the world of NFTs. As a beginner, it's essential to consider the various factors and features that each NFT exchange offers, and BendDAO certainly provides an intriguing option for those seeking a comprehensive liquidity solution in the NFT market.

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BendDAO Key Data

Year founded 2021
Decentralised tick Yes
Open source tick Yes
Savings accounts tick Yes
Loans tick Yes
Pro exchange marketplace cross No
Margin trading cross No
DEX aggregator cross No
Chain agnostic tick Yes
Know your customer cross No
Credit check cross No
Investment Strategy
Liquidity pools tick Yes
DeFi products tick Yes

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