The BendDAO community proposed to sell 1 billion tokens to create an investment fund valued at 80 million dollars

According to ChainCatcher, The Block reported that the BendDAO community, an NFT lending platform, has submitted a proposal to sell its 1 billion tokens to raise approximately $8 million to create an investment fund with a post-investment valuation of $80 million. If approved, the fund will serve as a sub-fund for NFT lenders. The sub-fund will invest at least 50% of its capital in distressed assets.

It is reported that the 1 billion tokens represent 10% of the total supply of BendDAO (BEND) tokens. Of this, 60% will be allocated to venture capital investors. The remaining allocation will be evenly distributed among investors from the DAO and interested blue-chip NFT projects. Each VC, NFT, or individual investor can hold a maximum of 2% of the tokens sold by the fund.

BendDAO is considering two options for token allocation to investors. The first option has no vesting requirements, but the DAO will deposit an equivalent amount of ETH generated from the token sale into its liquidity pool for staking rewards. The second option has a six-month vesting schedule, followed by a two-and-a-half-year linear unlock. (The Block)