BendDAO

**BEND Protocol** completes first week of token burn program as planned. **Key Updates:** - Week 1 token burn successfully executed ✅ - Lender rewards program now active and operational - Buyback and burn mechanism scheduled to begin in Month 3 The NFT lending protocol continues executing its tokenomics restructuring plan on schedule. Lenders can now earn rewards while the protocol prepares for expanded buyback operations. *Next phase launches in two months with enhanced token mechanics.*

**BEND Protocol completed its first weekly token burn**, permanently removing 50 million $BEND tokens from circulation. The burn transaction has been **confirmed on Ethereum**, reducing the total supply as part of the protocol's deflationary strategy. **Key details:** - 50M $BEND tokens burned from treasury - Tokens permanently removed from circulation - Part of 5-month plan to burn 50% of treasury holdings The burn mechanism aims to **reduce token supply** over time, potentially benefiting existing holders through scarcity. Transaction details available on [Etherscan](https://etherscan.io/tx/0xfaf5bee0dbb3ab68ce4165d681c6eacdd07a3e1cdb0d717d856e6de658819e17).

The ETH lending pool utilization on BendDAO has shown significant improvement, dropping from 92.68% to 68.61% over the past week. This decrease indicates recovering liquidity in the protocol. - Current utilization rate: 68.61% - Previous rate: 92.68% - Interest rates remain elevated *Recommendation for borrowers*: Consider repaying outstanding loans while the pool shows improved liquidity conditions. The steady recovery suggests growing stability in the lending protocol's operations.

BendDAO lending pools have reached maximum capacity, pushing interest rates to significant levels - 164% for ETH and 92% for USDT. The protocol faces a $465k mark-to-market loss due to Azuki price fluctuations, though this remains well below the DAO treasury's $1.5M valuation. - Current rates: - ETH: 164% - USDT: 92% *Key Development*: DAO Treasury plans to begin bidding on affected assets in the near term. **Market Impact**: Despite losses, protocol maintains strong treasury position with 3x coverage of current mark-to-market deficit.

BendDAO has introduced a new staking service for BAYC, MAYC, and BAKC NFT holders to earn ApeCoin rewards. Key features include: - Single NFT staking support - Auto-compounding yield mechanism - No liquidation risk for pure staking - Second largest ApeCoin staking pool after ApeStake.io - Dual yield opportunities with BendDAO V2 Platform is now live at BendDAO's website, offering a streamlined way to generate passive income from Ape NFT holdings. Visit v1.benddao.xyz/ape-staking to start earning rewards.