Exchange FAQ

What's the Difference Between WETH and ETH?

Ether, more commonly known as ETH, is the native currency of the Ethereum blockchain. ETH is used for things such as paying for the transaction fees on Ethereum to incentivise miners.
WETH is Wrapped Ether. WETH is an ERC-20 compatible version of ETH. 1 ETH will always be equivalent to 1 WETH. ETH on its own cannot be pre-approved (no approval) for bidding on items. That's why it needs to be wrapped.
Once ETH is wrapped into WETH, it can be used for advanced interactions on decentralized applications like BendDAO lending and exchange.

What currencies are supported on BendDAO?

BendDAO supports both ETH and WETH. Some features are quite complex and require WETH to be able to make the interaction.
You can use ETH on the following features:
Buying an NFT for a fixed price.
You can use WETH on the following features:
Buying an NFT for a fixed price.
Making an offer on an NFT.

What are the fees on BendDAO?

Trading fee: 2% of the sale price.
Royalty fee: 0~10% of the sale price, paid to the collection creator.
Flash loan fee: 0.09% of the borrowed debt, paid to DeFi protocol, etc. AAVE.
Down payment fee: 1% of the sale price.

Is there any real-life analogy?

The housing market can be a good real-world analogy to this leveraged bluechip NFT trading platform. You can buy a house with a down payment and pay interest on the loan. You also can sell the house even if your loan is not paid off.