BendDAO reserves hit new all-time highs, on-chain data shows
BendDAO, an NFT liquidity protocol that issues instant NFT collateralized loans and down payments, has hit all-time highs in digital asset reserves and lent-out volume.
BendDAO breaks its reserve records
NFT-collateral lending platform BendDAO has recorded new highs in digital asset reserves, according to data from Dune analytics, a credible on-chain data provider.
Stats brought to light by Dune indicate that BendDAO has more than 90,000 Ethereum reserves, a figure that breaks the protocol’s last reserve numbers. The record-breaking figures show increased financial activities on the protocol as more users give their NFT collections for flash loans.
Some of the bound NFT assets in the protocol include Bored Ape Yacht Club, which currently has the highest collateral value of more than 33,074, a collateral count of 432, and an oracle price of 76.56, updated at the time of this publication. The BAYC has the highest loan volume on the platform to date, about 99,556WETH. Mutant Ape Yacht Clubs (MAYC) comes second place with a collateral value of 8,174, a collateral count of 525, and an oracle price of 15.57.
Azuki follows MAYC in third place. Its collateral value currently stands at 5,048, with a collateral count of 339 and an oracle price of 14.89. Crypto punks are next, with a collateral value of 4,166, a collateral count of 153, and an oracle price of 63.12.
CloneX, Doodles, Moonbirds, and Space Doodles complete the list with a collateral value of 714, 413, 75, and 12, a collateral count of 153, 83, 11, 2, and oracle prices of 4.67, 4.97, 6.85, and 6.15 (all figures are respective of the list).
NFT collateralized loans continue to expand its operations
Despite the ongoing crypto winter, BendDAO appears to have steady lending operations. On-chain data also shows that the platform has 563 borrowers with a total loan volume of 168 ETH (increasing). The protocol announced on Twitter yesterday that it had unlocked 130,470 ETH by loans using Non-Fungible Tokens as collateral.
On-chain data shows that the ETH collateral is increasing and currently sits at 130,937 from the figure reported yesterday by BenDAO.
On Feb. 5, nft.news reported that the NFT lending ecosystem was exponentially growing at an astonishing rate in the wake of the current NFT winter. The publication highlighted that the total weekly volume lent by NFT lending protocols surged from $5.2 million to $20 million from Oct 2022.
Data shows that BendDAO is the most successful NFT collateral borrowing platform compared to its competitors NFTfi, X2Y2, and Arcade. The increased lending activities reveal that NFTs are slowly encroaching on the finance world and disrupting financial loans. NFT financing is an ecosystem still in its early stages, but recent activities indicate how lucrative NFT collateral lending protocols are to the entire crypto ecosystem.