Posted by • Blur’s peer-to-peer perpetual non-fungible lending protocol Blend has seen massive growth since inception, with a loan volume of 169,900 ETH or $308 million in 22 days.
• Blend controls 82% of the NFT lending market by borrow volume and has extended its portfolio to include DeGods, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC).
• Blur recently announced that its lending protocol will soon offer support for Clone X’s 20,000 3D avatars.
Blur’s Peer-to-Peer Perpetual Non-Fungible Lending Protocol
Blur’s Blend protocol facilitates nearly 170,000 ETH loans in 22 days. The protocol focuses on NFTs and has seen massive growth since inception, with the total loan volume reaching close to $308 million in under 30 days. With 82% of NFT lending share, Blend has surpassed other existing NFT lending protocols such as X2Y2, NFTfi, Paraspace, Bend and Arcade.
Loan Volume Growth and Total Value Locked
Blend’s total loan volume has grown to 169,900 ETH from 4200 ETH recorded on the first day which is an increase of almost 4000%. In May the NFT loan volume reached $375 million with Blend accounting for a major portion of it. This impressive performance also spurred an increase in Blur’s Total Value Locked (TVL) which peaked at $147.5 million on May 23rd with 17% contribution from NFTs in the Blend protocol.
Supported Collections
Initially supporting collections like Azuki CryptoPunks and Milady Maker, over time Blend extended its portfolio to include DeGods Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). Among all these collections Azuki seems to be the most preferred asset on the Blend protocol with 70 031 ETH of loan volume from nearly 6500 loans.
Support For Clone X
In addition to existing collections being supported by Blend recently Blur announced that their lending protocol will soon offer support for Clone X which comprises 20 000 3D avatars launched in 2021. This move further cements Blur’s position as a formidable entity in the NFT space.
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