BendDAO – from a distance – looks like an old-school bank: Some customers deposit money into the decentralized finance (DeFi) platform, which loans the money out, giving depositors a cut of the interest payments. Those loans are backed by collateral but with a crypto-quirk: that collateral is pictures of monkeys, pixelated heads and other pricey non-fungible tokens (NFTs).
Source: https://www.coindesk.com/business/2022/08/22/bank-run-at-nft-lender-benddao-prompts-attempt-to-avert-another-liquidity-crisis/?utm_medium=referral&utm_source=rss&utm_campaign=headlines