BendDAO

Is BendDAO a secure platform?

BendDAO implements several security measures, including smart contract audits and a 24-hour repayment window to protect users from market fluctuations. The protocol uses bound NFTs (bNFTs) that are non-transferable and non-approvable to prevent potential hacks. However, as with any DeFi protocol, users should be aware of inherent risks such as smart contract vulnerabilities and market volatility.

How to use BendDAO?

To use BendDAO, users first need to connect their Web3 wallet to the platform's interface. Borrowers can then list their eligible NFTs as collateral and borrow ETH, while lenders can deposit ETH into the protocol's lending pools. Users can interact with the protocol through its main entry point, the LendPool contract, to perform actions such as depositing, withdrawing, borrowing, repaying, and participating in auctions.