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BendDAO Balance Sheet

Kavitha
Source: Twitter

In this article, we are going to build a comprehensive balance sheet dashboard for BendDAO. Here are some of the metrics we are going to include: collateral by collection, total debt, total reserves, utilization rates, and anything else you feel is relevant.

Introduction

The BendDAO protocol is the first NFT liquidity protocol that is built on the peer-to-pool model. Depositors earn interest by providing ETH liquidity through the lending pool, while NFT holders borrow ETH with NFTs as collateral. Leveraged NFT trading is based on instant NFT-backed loans. The BendDAO protocol supports instant NFT-backed loans, collateral listing, and NFT down payments. With an entirely seamless experience that enables users to make down payments, borrow funds, and list their NFTs, a one-stop liquidity solution is created.

NFT holders who want liquidity but do not want to sell their NFTs can take advantage of lending protocols like BendDAO, but such lending services are also vulnerable to liquidity issues.In essence, the goal is to entice buyers to acquire the NFT collateral with liquidation. 

Approach

Our goal here is to build a comprehensive balance sheet dashboard for BendDAO. In order to accomplish this, we approached it as follows:

From the below section, we can see BendDAO’s statistics for the past six months. As we can see in this section, the overall collateral value is 27.90K(ETH). We can see here that there are 952 collaterals. It is clear from the data that there are more borrowers than depositors, so we can conclude that the intent of BendDAO is being achieved.

From the below graph we can see the ETH deposited and withdrawn into BendDAO over a time period. As well as we can see the NET ETH also here .

A total of 27.95K is the total collateral value across all NFT collections. Collateral Value (ETH) contributed 79.64% to the Top 2 NFT Collections. The lowest total Collateral Value (eth) is 44.16  and the highest total Collateral Value (eth) is 18.63K . Total NFTs across all NFT Collection is 953. The Top NFTCollections contributed for 28.44% of total Nfts and Top 2 Nft Collections contributed for 54.14% of total Nfts. The lowest total Nfts is 6 and the highest total Nfts is 271 .

Accordingly, BendDAO is a Liquidity Protocol with Leverages that leverages NFT.  In addition to BAYC and CryptoPunks, MAYC, Azuki, CloneX, and Doodles are supported as collateral. Below is a graph showing the distribution of NFTs deposited as collateral. Based on the below graph, we can see that the lowest NFTs Deposited are $44 (WPUNKS) and the highest average NFTs Deposited are $271 (MAYC).

We can see from the following graph the NFTs deposited as collateral by their collection over time. By collection wise, the largest amount of collateral was deposited by MAYC NFTs. Next in line was BAYC.  It is $7.4 for the lowest average NFT Deposited (SDOODLE) and $290.3 for the highest average NFT Deposited (MAYC). In W23, 2022, the maximum NFTs Deposited was $225.43, and the minimum NFTs Deposited was $5. It is higher than normal in W17, 2022, the average number of NFTs deposited. 

The below graph shows the BendDAO unique NFT collateral depositors based on their collections over time. Total Depositors are 531. Bored Ape Yacht Club Collections account for 28.06 % of total Depositors, and Top 2 Collections account for 54.43 %. Space Doodles has the lowest total depositors at 4 and Bore Ape Yacht Club has the highest total depositors at 149.

In order to see what percentage of NFTs have been deposited into BendDAO as collateral, here is the breakdown for the past 6 months. For example, Space Doodles deposited 0.1 of NFTs (percentage of NFTs collected). For bored ape yacht club, the percentage of NFT that was collected was 2.54. In all seven NFT collections, the percentage of NFT from collection was relatively even, with only a small variation.

Observations

SQL Reference

WITH deposits as (
  SELECT 
  	date_trunc(day, block_timestamp) as date,
  	sum(amount) as deposited_eth,
  	count(tx_hash) as deposit_txns
  FROM ethereum.core.ez_eth_transfers
  WHERE tx_hash IN (
    SELECT 
     tx_hash
    from ethereum.core.fact_event_logs
    where contract_address = '0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2'
    	and event_name = 'Deposit'
        and ORIGIN_TO_ADDRESS = '0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88'
    	and TX_STATUS = 'SUCCESS'
  		and block_timestamp >= '2022-03-01'
    )
  AND block_timestamp >= '2022-03-01'
  GROUP BY date
),
withdrawls as (
  SELECT 
  	date_trunc(day, block_timestamp) as date,
  	sum(amount) as withdrawn_eth,
  	count(tx_hash) as withdrawn_txns
  FROM ethereum.core.ez_eth_transfers
  WHERE tx_hash IN (
    SELECT 
     tx_hash
    from ethereum.core.fact_event_logs
    where contract_address = '0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2'
    	and event_name = 'Withdrawal'
        and ORIGIN_TO_ADDRESS = '0x3b968d2d299b895a5fcf3bba7a64ad0f566e6f88'
    	and TX_STATUS = 'SUCCESS'
  		and block_timestamp >= '2022-03-01'
    )
  AND block_timestamp >= '2022-03-01'
  GROUP BY date
)
SELECT 
  *,
  deposited_eth - withdrawn_eth as net_eth
FROM deposits
LEFT JOIN withdrawls USING (date)
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