BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Sponsored
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Sponsored
Home NFT

Blur’s Blend Protocol Dominates NFT Lending Market with 170,000 ETH in Loans

by Dan K
May 26, 2023 - 3:30 pm
in NFT
Diagram depicting the exponential growth of Blur's Blend protocol in the NFT lending market

Table of Contents

  • Blend: The Game-changer in the NFT Lending Market
  • Cornering the Market: Blend’s Staggering 82% Market Share
  • Blend: A Game-Changing Lending Model
  • Extension of Support: Blend Adds Clone X to Its Portfolio

Blend: The Game-changer in the NFT Lending Market

Blur’s peer-to-peer perpetual non-fungible lending protocol Blend has revolutionized the NFT lending landscape. The protocol, within its short existence, has experienced tremendous growth, with the loan volume approaching an impressive 170,000 ETH in under a month.

Cornering the Market: Blend’s Staggering 82% Market Share

According to the data analytics platform, DappRadar, Blend’s total loan volume has mushroomed to 169,900 ETH or $308 million in 22 days. This rise from the initial 4,200 ETH marks a near 4000% growth.

The NFT loan volume for May escalated to $375 million. Impressively, Blend has a lion’s share of 82% in the NFT lending market by borrow volume, surpassing competing NFT lending protocols like X2Y2, NFTfi, Paraspace, Bend, and Arcade.

Blend: A Game-Changing Lending Model

Blur Lending, colloquially known as Blend, was launched on May 1 by the NFT marketplace, Blur. The protocol enables borrowers to leverage their NFTs as collateral to procure ether, with zero fee charges for borrowers and lenders.

Blend’s stellar performance has catalyzed an upsurge in Blur’s total value locked (TVL), peaking at a staggering $147.5 million on May 23. Notably, NFTs within the Blend protocol contribute to a significant 17% of its TVL.

Extension of Support: Blend Adds Clone X to Its Portfolio

Initially, Blend extended support to NFT collections like Azuki, CryptoPunks, and Milady Maker. Gradually, the portfolio has expanded to include DeGods, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC).

While each NFT collection has generated considerable interest, Azuki emerged as the frontrunner on the Blend protocol, recording a significant 70,031 ETH of loan volume from nearly 6,500 loans.

Building on its existing portfolio, Blur recently announced that Blend will soon extend support to Clone X, a series of 20,000 3D avatars launched in 2021.

With Blend continuing to ascend in the NFT lending market, Blur is cementing its position as a formidable player in the evolving NFT space.

Tags: BlurCryptoLendingETHNFT
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Intricate Digital Art Pieces from Grails Collection displayed at Sotheby's Auction House

Sotheby’s to Auction Prestigious “Grails” NFT Collection from Failed Crypto Firm 3AC

June 1, 2023

Sotheby's to auction 37 "Grails" NFTs from the Three Arrows Capital. This sale is anticipated to set new...

Graph showing a significant decrease in NFT value, represented by the Blue Chip Index, from 2022 to 2023.

Top NFT Collections Lose Significant Value in 2023 Despite Rising Interest

May 30, 2023

The NFT market of 2022 takes a nosedive in 2023, with top collections losing up to 95% of...

Intricate Digital Art Pieces from Grails Collection displayed at Sotheby's Auction House

Reddit NFT Craze: Dune Analytics Reveals Nearly 10 Million Reddit NFT Holders

May 29, 2023

Reddit NFTs are taking the crypto world by storm. Dune Analytics shows almost 10 mln holders, with a...

Team members of Tabi, the BNB Chain-based NFT marketplace, celebrating their recent successful $10M angel funding round.

Tabi, Renamed from Treasureland, Secures $10M Angel Funding for BNB NFT Marketplace

May 29, 2023

Tabi, the BNB Chain-based NFT marketplace, completes a $10M angel funding round led by venture capital firms such...

Press Releases

pulse x

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse x

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse x

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

pulse x

Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here. A Platform for Worldwide Leaders to Discuss the Latest Web3 and Blockchain Trends

May 8, 2023

Join Hong Kong Web3 Festival 2023, the largest-ever digital asset event, co-hosted by Wanxiang Blockchain Labs and HashKey Group.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise