Blend Achieves Impressive Results After One Month Launch

Key Points:

• Blend has surpassed all other lending protocols on the Ethereum blockchain in terms of volume and users.
• On May 23, the platform’s daily unique borrowers and lenders reached a new high.

Blur, an NFT marketplace and aggregator, has once again shaken up the NFT world. Blend, a peer-to-peer lending protocol developed in collaboration with Web3 investment company Paradigm has demonstrated promising results in terms of unlocking liquidity for NFTs and growing the market overall.

According to data from Dune Analytics, the total ETH loaned on Blend has reached 46,472 ETH, of which 15,804 ETH has been approved. Daily unique borrowers and lenders on the platform also hit a new high on May 23.

When Blur makes an announcement, users can bet it will cause a commotion. Moreover, despite Web3’s well-earned reputation for being overly dramatic, few other platforms make as many daring movements as Blur (save OpenSea, perhaps). The difference between the two platforms is that, in the past six months or so, Blur has shown a proclivity to act rather than react to Web3 developments.

Blur’s latest product offerings are powered by Blend. The first enables users to utilize their NFTs as collateral to get access to ETH liquidity. The second function is the buy-now-pay-later feature, which allows consumers to acquire access to pricey blue-chip NFTs for a minimal down payment. Blur users may currently only use Blend on three NFT collections: Azuki, CryptoPunks, and Milady Maker. Nonetheless, the site has said that additional collections will be added in the near future.

Blur has also unveiled a new function that enables users to borrow ETH and return it in modest amounts over time rather than all at once.

This applies to both NFTs acquired via “buy now, pay later” (BNPL) and direct loans. If the loan is recalled, customers may prolong the loan period by paying down as little as 0.1 ETH instead of returning the whole amount right once. This may also be utilized to refinance the loan to get a lower interest rate.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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