TechFlow news, NFT lending platform BendDAO has submitted a proposal on its community forum seeking approval to sell 1 billion tokens (10% of the total BEND token supply) from its treasury to raise approximately $8 million, to be paid in installments for establishing the BendDAO Distressed Assets Investment Fund. The plan intends to use ether (ETH) as the fundraising currency, with a minimum investment of 100 ETH per share, targeting a post-money valuation of $80 million for the fund.
Of these 1 billion tokens, 60% will be allocated to venture capital investors. The remaining portion will be evenly distributed among investors from the DAO and interested blue-chip NFT projects. Each VC, NFT project, or individual investor may own no more than 2% of the tokens sold by the fund.
As part of the proposal, BendDAO is considering two options for token allocation to investors. The first option has no lock-up period, but the DAO will deposit an equivalent amount of ETH generated from the token sale into its ETH liquidity pool to earn staking rewards. The second option includes a six-month lock-up period followed by a linear vesting period of two and a half years. BendDAO plans to allocate at least 50% of the fund toward investments in distressed assets. The DAO will create a (4/7) multi-signature wallet for the sub-vault. This multi-sig arrangement will include three community members, two venture capital representatives, one signer from a blue-chip project, and one core team member from BendDAO.
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