Blur’s peer-to-peer perpetual non-fungible lending protocol Blend, focused on Non-Fungible Token (NFTs), has seen substantial growth since inception, with the protocol’s loan volume hitting next to 170,000 in under 30 days.
Reports by DappRadar, Blend’s total loan volume has grown to 169,900 Ethereum (ETH) or $308 Million in 22 days, from 4,200 Ethereum (ETH) recorded on the 1st day, translating to a growth of nearly 4000%.
Similarly, the Non-Fungible Token (NFT) loan volume in May reached $375 Million, with Blend accounting for 82 percent of the Non-Fungible Token (NFT) lending market by borrow volume, thereby surpassing other existing Non-Fungible Token (NFT) lending protocols such as X2Y2, NFTfi, Paraspace, Bend, and Arcade.
Blend, short for Blur Lending, launched on May 1 by Non-Fungible Token (NFT) marketplace Blur, allows borrowers to use their Non-Fungible Token (NFTs) as collateral to borrow ether. There are no fee charges for borrowers and lenders, while loans do not expire.
In the meantime, Blend’s performance since inception has likewise spurred an boost in Blur’s total value locked (TVL), which peaked at $147.5 Million on May 23. Reports by Blur, Non-Fungible Token (NFTs) in the Blend protocol contribute to 17 percent of its TVL.
Blend to facilitate Clone X
Blend, which at the beginning supported the Non-Fungible Token (NFT) collections Azuki, CryptoPunks, and Milady Maker, has extended its portfolio over time to include DeGods, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC).
Although while most of the Non-Fungible Token (NFT) collections have seen whole lot of interest, Azuki appears to be the most preferred investment on the Blend protocol, with a whopping 70,031 Ethereum (ETH) of loan volume from nearly 6,500 loans.
Along with the existing Non-Fungible Token (NFT) collections on Blend, Blur recently announced that its lending protocol will soon offer support for Clone X, which comprised 20,000 3D avatars and was launched in 2021.
With Blend soaring in the Non-Fungible Token (NFT) lending market and dominating the sector, it seems Blur is looking to set up itself as a formidable entity in the Non-Fungible Token (NFT) space.