BendDAO Integrates With Bitcoin For Enhanced NFT Lending Services

BendDAO, a decentralized protocol specializing in nonfungible token (NFT) borrowing and lending, has announced its integration with the Bitcoin ecosystem. The platform disclosed this development in a Discord post, revealing plans to offer Bitcoin NFT lending services and include wBTC (Wrapped Bitcoin) in its liquidity pool as a loanable asset. BendDAO is also exploring options to enhance interactions between Bitcoin NFTs and its system, considering third-party cross-chain bridges and multi-signature wallet-based cross-chain bridges.

BendDAO’s Integration with Bitcoin Ecosystem

A core contributor named Hill in the BendDAO Discord community stated that the integration aims to provide seamless interactions between Bitcoin NFTs and BendDAO and support wBTC liquidity pools as borrowable assets. The Third-Party Bridge Protocol proposal involves using an existing bridge protocol to link Bitcoin NFTs on the Bitcoin network with BendDAO on the Ethereum network. This system would enable users to deposit Bitcoin NFTs into a third-party bridge, receive a corresponding ERC721 token, and then use these tokens on BendDAO to borrow ETH, USDT, or wBTC. The advantage of this approach includes established security measures and the potential for quick deployment.

Additionally, BendDAO is considering a Multi-Signature Wallet Bridge, which would use a multi-signature wallet as an intermediary between the Bitcoin and Ethereum networks. This approach would offer BendDAO more control and enhanced security through multi-signature verification.

Challenges and Future Plans

BendDAO faced financial difficulties last year, having loaned out approximately 15,000 ETH. In response, the team proposed short-term adjustments to regain depositor confidence. These adjustments included changes to the liquidation threshold, auction period, interest base rate, and user interface improvements.

Despite these challenges, BendDAO recently outlined a strategic plan, including the development of a V2 product prototype by the fourth quarter of 2023, a beta version launch in the first quarter of 2024 for user feedback, and the official release of the V2 version in the second quarter of 2024 with enhanced features and user experience. Furthermore, in the third quarter of 2024, BendDAO intends to revise its V2 tokenomics and implement on-chain governance to foster greater community participation in decision-making.

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