BendDAO Embraces Bitcoin Ecosystem with NFT Lending
The decentralized nonfungible tokens (NFTs) borrowing and lending protocol, BendDAO, has announced its plans to integrate the Bitcoin ecosystem. BendDAO will offer Bitcoin NFT lending services and support the wBTC liquidity pool as a loanable asset.
To facilitate seamless interactions between BTC NFTs and its platform, BendDAO is exploring options such as third-party cross-chain bridges and cross-chain bridges using multi-signature wallets.
Third-Party Bridge Protocol
BendDAO’s proposal for the Third-Party Bridge Protocol involves using an existing third-party bridge protocol to connect Bitcoin NFTs from the Bitcoin network to BendDAO on the Ethereum network. Users supply their Bitcoin NFTs to the third-party bridge, which creates a 1:1 mapped ERC721 token. These ERC721 tokens can then be deposited into BendDAO to borrow ETH, USDT, or wBTC.
This solution offers proven infrastructure, established security protocols, and quick integration possibilities.
Multi-Signature Wallet Bridge
BendDAO is also exploring the Multi-Signature Wallet Bridge solution, which utilizes a multi-signature wallet system as an intermediary between the Bitcoin and Ethereum networks. This approach allows BendDAO to have greater control over the bridging process and offers improved security through multi-signature verification.
BendDAO’s Roadmap and Future Plans
Last year, BendDAO faced a financial crisis but has since formulated a proposal to restore confidence among ETH depositors. The team adjusted various parameters and made enhancements to ensure stability.
Despite the setback, BendDAO has unveiled its strategic plan for future development. The roadmap includes completing upgrades for the V2 product prototype in Q4 2023, launching a beta version in Q1 2024 for user feedback, and introducing the official V2 version in Q2 2024 with new functionalities and an improved user experience.
In Q3 2024, BendDAO plans to update the V2 tokenomics and implement on-chain governance to encourage community involvement in decision-making processes.
Hot Take: BendDAO Expands Reach to Bitcoin NFTs
BendDAO’s decision to embrace the Bitcoin ecosystem marks a significant step towards expanding its services and catering to a wider range of users. By providing Bitcoin NFT lending and supporting the wBTC liquidity pool, BendDAO aims to become a key player in the growing NFT market.
The exploration of third-party cross-chain bridges and multi-signature wallet bridges demonstrates BendDAO’s commitment to finding innovative solutions for smooth interactions between BTC NFTs and its platform. With a roadmap outlining future upgrades and enhancements, BendDAO is poised to revolutionize the DeFi landscape.
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