BendDAO protocol uses the same interest model as AAVE's aToken. You can easily understand bendToken if you know AAVE's aToken well. The core value of bendToken and aToken are the same. (You can check the Reference.)
The difference between bendToken and aToken is the liquidity on Uniswap.
BendDAO's bendToken is the interest-bearing token minted and burned upon deposit and withdrawal. The bendToken balance value is pegged to the value of the corresponding deposited principal with interest and can be safely stored, transferred, or traded.
Users can import the bendToken token into wallets etc. MetaMask, use it as a normal ERC20 token.
All of the interests collected by the bendToken reserves are distributed to bendToken holders directly by continuously increasing their wallet balance.