BendDAO, a leading protocol of non-fungible token (NFT) related loans, recently unveiled a comprehensive financial statement showing the development achieved over the last year. The financial statement released in EDGAR Format is a first in the Web3 projects which the community members would gain an insight into the financial health of the protocol through.

BendDAO in its present state has a total liquidity of 67,624 ETH and charges an annual percentage rate (APR) of 6.82% for deposits after taking into account the usage rate of 30%, as recorded in the report. This also has an expense of 2,447.04 ETH in interest leading to an overall operating income of 1,183.62 ETH ($2.22 million).

The new financial statement has different aspects which the users and investors may analyze. Profit and loss statement contains the total earn annual interest and the expenses, the balances sheet contains details about BendDAO’s cash reserves, loans, NFTs and other fund related information and finally the risk indicators help get a measure of the protocols’s success and expose probable issues.

BendDAO has made its financials public in order to keep the community informed of their initiative and to protect the users by making them aware of the potential risks and hidden aspects. It not only serves as a financial standpoint in the eyes of the regulator but also strengthens the trust the investor has with the project. Innovations like this may help set the standards of financial reporting in the Web3 space.

Overall, BendDAO releasing its financial statement in EDGAR Format has gained attention among the NFT world. Although still in its early stages, BendDAO is aiming to make NFT platforms more accessible for the users and for the projects, making way for a more secure and trustable Web3 experience.



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