Blurโs peer-to-peer perpetual non-fungible lending protocol Blend, focused on Non-Fungibleย Tokenย (NFTs), has seen substantial growth since inception, with the protocolโs loan volume hitting nextย to 170,000 in under 30 days.ย
Reportsย by DappRadar, Blendโs total loan volume has grown to 169,900 Ethereumย (ETH) or $308 Million in 22 days, from 4,200 Ethereumย (ETH) recorded on the 1st day, translating to a growth of nearly 4000%.ย
Similarly, the Non-Fungibleย Tokenย (NFT) loan volume in May reached $375 Million, with Blend accounting for 82 percent of the Non-Fungibleย Tokenย (NFT) lending market by borrow volume, thereby surpassing other existing Non-Fungibleย Tokenย (NFT) lending protocols such as X2Y2, NFTfi, Paraspace, Bend, and Arcade.ย
Blend, short for Blur Lending, launched on May 1 by Non-Fungibleย Tokenย (NFT) marketplace Blur, allows borrowers to use their Non-Fungibleย Tokenย (NFTs) as collateral to borrow ether. There are no fee charges for borrowers and lenders, while loans doย not expire.ย
Inย theย meantime, Blendโs performance since inception has likewise spurred an boostย in Blurโs total value locked (TVL), which peaked at $147.5 Million on May 23. Reportsย by Blur, Non-Fungibleย Tokenย (NFTs) in the Blend protocol contribute to 17 percent of its TVL.ย
Blend toย facilitate Clone X
Blend, which atย theย beginning supported the Non-Fungibleย Tokenย (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).ย
Althoughย while most of the Non-Fungibleย Tokenย (NFT) collections have seen wholeย lotย of interest, Azuki appearsย to be the most preferred investment on the Blend protocol, with a whopping 70,031 Ethereumย (ETH) of loan volume from nearly 6,500 loans.ย
Alongย with the existing Non-Fungibleย Tokenย (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.ย
With Blend soaring in the Non-Fungibleย Tokenย (NFT) lending market and dominating the sector, it seems Blur is looking to setย up itself as a formidable entity in the Non-Fungibleย Tokenย (NFT) space.ย
