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NFT Market Updates: Unfolding BendDAO's Liquidation Event
Sandra Leow

BendDAO Protocol Overview

BendDAO is an NFT lending and borrowing platform on Ethereum, allowing users to gain access to liquidity through instant NFT-backed loans. BendDAO aims to become the one-stop NFT liquidity solution by not just offering liquidity on blue-chip NFTs but also integrating features such as collateral listing and NFT down payment. The protocol currently considers BAYC, CryptoPunks, MAYC, Doodles, Space Doodles, Azuki's, and CloneX as blue-chip collections.

Specifically, BendDAO utilizes a liquidity-pool-based model (also referred to as peer-to-pool) in its protocol design, the first protocol to implement this structure. In other words, lenders can provide ETH into a pool to earn interest in ETH and BEND (the native...