BEND Tokenomics

We created Bend Protocol to fill a void in Decentralized NFT liquidity, with the goal of being decentralized, fair, liquid, and scalable.

The Bendenomics introduce a formalized path to the decentralization and autonomy of the Bend Protocol. Covering governance mechanisms and financial incentives, it aims to share a vision of alignment between various stakeholders within the Bend ecosystem, protocol functionality, and the Bend token as a core securing element of the Bend Protocol.

BEND Token Distribution

Now, more than ever, the importance of decentralized governance is transparent. We take the responsibility of distributing BEND governance tokens seriously. The BEND Community is our top priority.

We would like to share our plans for the BEND governance token distribution. Over the next few weeks, as we prepare for the launch of BEND Protocol, we will release more details about feature updates and the Reserve Crowdfunding launch. As always, we welcome your feedback via Twitter and Discord.

The Big Picture

The total initial supply of BEND is 10 billion (10,000,000,000). The token distribution breaks down as follows:

GroupAllocationVesting StartVesting PeriodVesting Status

Developer Team

21 %

2023-05-09 UTC

14-month locked and then linearly released in 3 years


Initial Fair-launch Offering


2022-03-20 UTC

Offering in 90 days


Treasury Reserve


To Be Decided by the community voting

Lockup in treasury, decided by the community voting




2022-03-20 UTC

Airdrop in 90 days, 100% TGE


Uniswap LP Incentive (by Governance)


2022-04-27 UTC

Vested when mainnet online, linearly released in 3 years


Lend/Borrow Incentive


2022-03-20 UTC

Vested when mainnet online, linearly released in 5 years, Lend/Borrow Incentive ratio is 1:3


A critical consideration is that the community of BEND holders collectively maintains the ability to keep the Bend Protocol safe. This may be of interest to the community for numerous reasons, including creating enhancements such as optimized oracle and new auction mechanism features for resisting in black swan scenarios.

The Utility of BEND and veBEND

BEND is the governance token of Bend DAO. BEND holders can stake BEND to get vote-escrowed BEND (veBEND).



BEND stakers (veBEND holders) can participate in voting on which NFT as collateral that Bend protocol can support for borrowing ETH and providing liquidity. It will benefit all the NFT holders as long as the supported NFT liquidity improved.

veBEND holders will be able to vote for 4 of 7 bluechip NFTs that will get initial ETH lending pool support. 7 NFT collections are Mutant Ape YC, Cool Cats, Doodles, CLONE X, Azuki, World of Women and CyberKongz.

Share Protocol Income

BEND stakers (veBEND holders) share:

  • To earn 100% of ETH income collected from NFT-backed loans (30% of borrowing interest).

  • To earn 50% of ETH income collected from NFT exchange fees (2% of the sale price).

  • To earn 50% of ETH income collected from NFT down payment fees (1% of the sale price).

More details of veBEND.

Initial Fair-launch Offering (IFO)


The rules are as follows:

  • 1,000,000,000 (10%) BEND tokens will be allocated to the Initial Fair-Launch Offering;

  • Open for the public;

  • No ETH allocation limit for each participant;

  • 1 ETH = 333,333 BEND;

  • After the IFO, all unsold BEND will go towards DAO Treasury.

  • Each participant can choose the lockup period during IFO. The lockup period is from 0 weeks to 4 years.

Initial Fair-launch Offering (10% - 1,000,000,000 )

The Initial Offering is our Fair Launch Strategy and aims to distribute the supply of BEND as fairly as possible.

DAO Treasury (21% - 2,100,000,000)

Treasury Reserve (21% - 2,100,000,000)

In order to build an ecosystem and also to deal with the security of funds in emergencies, we are going to use some of the BEND Token as a reserve fund. To that end, 21% of all BEND tokens are to be locked in reserve. The use of these tokens can only be determined through community voting.

Community Incentive (48% - 4,800,000,000)

DeFi Protocols have made use of liquidity programs to jumpstart growth and distribute protocol tokens to community members. To that end, 48% of all BEND tokens are to be distributed through various airdrop, yield farming, liquidity incentives, and exclusive governance proposals across a number of years.

Airdrop (5% - 500,000,000)

As part of Bend’s initial launch, we’re distributing 500,000,000 Bends tokens (5% of total supply) to the NFT community. The tokens for airdrop not claimed had been transfered back to DAO treasury.

Uniswap LP Incentive (3% - 300,000,000) for 3 years

To encourage market makers to provide liquidity on Uniswap, 3% of BEND total supply will be distributed through liquidity incentives. Since DAO will be formed after the BEND token fair launch, the Uniswap LP Incentive will be decided through DAO governance. Update: the vote is done here.

Lend/Borrow Incentive (40% - 4,000,000,000)

To encourage lenders and borrowers providing liquidity to lend pool, 40% of all BEND tokens are to be distributed through lend/borrow incentives and vesting linearly across 5 years. Lend/Borrow Incentive ratio is 1:3.

Developer Team (21% - 2,100,000,000)

Developer Team tokens are retained for founders and original early contributors to Bend. The Bend Protocol was conceived in Q3 2021 and work began in Q4 2021. Although the Mainnet is just now being launched, the contributions of founders and early members that have been working on Bend were crucial to improving the protocol continually. The team will continue to work on Bend for its lifetime along with the greater community. To that end, 21% of all BEND tokens are locked across a number of years.

  • 7% of BEND tokens locked for 12 months, then to be released linearly in seconds over a year.

  • 7% of BEND tokens locked for 24 months, then to be released linearly in seconds over a year.

  • 7% of BEND tokens locked for 36 months, then to be released linearly in seconds over a year.

So in the first year, the team will not sell any tokens to the market and will not participate in the distribution of protocol income.

Update of Team Token Contract

In this update, we would like to share the details of the team token vesting. All team tokens have been locked since March 21st, 2022 which was the first day of the BendDAO launch.

  • Team Allocation: 2,100,000,000 BEND (21% of the total supply)

  • Vesting Period: 1-year lockup and then linearly released in 3 years

  • Official start time of the 1-year lockup: May 10th, 2022 at 14:28 UTC

  • End time of the 1-year lockup: May 9th, 2023 at 14:29 UTC

  • End time of the vesting period: May 8th, 2026 at 14:29 UTC

  • Timelock of the team token contract: 7 days

The team doesn’t have any voting power and can’t share the protocol ETH earnings since the team token contract is independent.


Wallet Addresses

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