BIP#66: Launch a WUSD Custom Lending Pool on BendDAO V2

#1

Summary
This proposal seeks community support for the introduction of a WUSD custom lending pool on BendDAO V2.

Motivation
BendDAO V2 introduces a modular lending protocol designed to support custom lending pools, offering tailored solutions for a variety of assets. NFT users have a demand for earning passive income. Establishing a dedicated WUSD lending pool will expand opportunities for both stablecoin users and NFT holders. Because of the modular lending structure, the WUSD pool is an independent pool with isolated risk.

Key benefits include:

  • Increased liquidity for users
  • Earn Native Yield: Borrowers can use NFTs as collateral and earn native yield through WUSD staking

Pool details:

  • Cross-margin pool
  • Support WUSD, USDe, sUSDe, cbBTC, USDS
  • NFT Collateral: Users can leverage NFTs as collateral

Proof of Liquidity and Deposit Commitments
The WUSD pool will be mainly operated by WUSD Capital and supported by initial liquidity provided by WUSD. Users can deposit into the pool or use NFTs as collateral to borrow WUSD, which can then be staked to earn native yields. This structure offers stable and passive income opportunities while fostering broader adoption of WUSD.

About WUSD
WUSD is a regulated stablecoin designed for seamless global payments and 24/7 financial markets. Fully redeemable 1:1 for US dollars, WUSD is the flagship product of WSPN—a global digital payments company that delivers transparent, efficient, and reliable solutions leveraging Distributed Ledger Technology (DLT).

Overview
This proposal outlines the creation of a custom lending pool dedicated to WUSD, expanding its utility and introducing a new avenue for stablecoin and NFT-based financial strategies. This initiative will leverage BendDAO V2’s robust lending infrastructure, further enhancing the ecosystem and providing a valuable addition to the protocol’s offerings.

  • Yes, more passive income options for NFT holders
  • No, still need more research

0 voters

#2

I don’t think this needs more research, just more clarity and motivation.

  1. What does this mean? “The WUSD pool will be mainly operated by WUSD Capital”
  2. Why does the pool support USDe but not USDT?
  3. Does all the protocol fee for this pool go to BendDao?

Other points:

  1. This is clearly good for the tiny WUSD stablecoin. BendDao should get a fee for this, e.g for deployment and for time spent getting this through governance.
  2. WUSD is clearly very new and very small. The contract hasn’t been properly audited, there is only a preliminary report by Certik (who are well known to have a poor reputation).
  3. The WSPN terms of use prohibit US Persons or residents of Singapore using their services. The individuals behind BendDao therefore need to be cautious about their individual legal and regulatory liability (unless this BendDao pool is geofenced, or similar).
1 Like
#3

Hi Kstars, thanks for the feedback.

  1. BendDAO V2 is a modular lending protocol supporting a wide range of assets, use cases, and risk profiles. Four key components form the basis of this modular structure:
  • Loan Asset
  • Various Collateral
  • Loan-to-Value (LTV)
  • Interest Rate Model

For the WUSD pool, key components are decided by the WUSD Capital. And this is why the pool supports USDe but not USDT.

  1. Refer to 1
  2. Yes, the admission fee is 10% and will go to the DAO Treasure.

About other points:
Yes, WUSD is relatively new, but they’re committed to providing liquidity for the WUSD pool, enabling NFT users to earn passive yield seamlessly.

V2 is still in its early stages, and the team is actively exploring strategies for growth. All suggestions are always welcome. We’re a DAO. We build BendDAO together.