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.