Glossary
BendDAO
An NFT liquidity protocol — peer-to-pool lending against blue-chip NFT collateral, with instant loans against ETH liquidity and on-chain auctions on default.
BendDAO turned NFT-collateralized borrowing into a pool model: a pool of WETH lenders deposits liquidity, NFT holders deposit blue-chip NFTs (BAYC, MAYC, CryptoPunks, Doodles) and instantly borrow ETH up to a floor-price-based LTV. Liquidations move through a 48-hour Dutch auction.
In August 2022 a wave of liquidations stress-tested the model when NFT prices crashed faster than the auction window could clear; BendDAO updated the auction mechanics afterward. The protocol remains the largest NFT-lending pool by TVL.