BendDAO, which is considered one of the NFT-backed credit liquidity protocols, recently published a comprehensive financial report.
In the statement made, the development of BendDAO since last year draws attention. The reports delivered by the electronic data collection, analysis and retrieval system (EDGAR) highlighted an unprecedented level of transparency to Web3 projects. It was also mentioned that these community members provide information about the financial status of the protocols they use regularly.
Details of the Report Mentioned
One of the highlights of the report was that BendDAO provided specific information about BendDAO’s assets and liabilities, including an overview of its cash reserves, loans, NFTs and other capital such as stock.
BendDAO’s financials were made public as part of the NFT liquidity protocol’s effort to be as open as possible for the good of the community. The most striking aspects of the BendDAO report are that a total of 3,630.66 Ethereum (ETH) interest income is generated per year and 2,447.04 ETH interest expense per year. Finally, it was announced in operating income as a total of 1,183.62 ETH ($2.22 million).
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