Blend’s Lending Volume Surges Past 100,000 ETH
Blur, the NFT marketplace, is rapidly expanding. Blur has reached yet another milestone with the launch of Blend, its new lending platform.
According to Dune, Blend has now processed over 100,000 ETH in total volume, or around $181 million, in just 17 days since its start.
Blend allows users to obtain Ethereum loans by pledging their NFTs as security. This loan can then be used to acquire new NFTs on the Blur marketplace. In exchange, liquidity providers collect interest, spawning the “NFTfi” crypto niche.
Despite the fact that the project has received over 3,000 loans from 900 different lenders, the addition of BAYC and MAYC collections on Monday fuelled even more excitement among NFT collectors.
These collections were added to the four previously available collections: Azuki, Wrapped Cryptopunks, DeGods, and Miladys.
On day one, BAYC and MAYC accounted for a total volume of 2,267 ETH. BAYC was the third-most traded collection on the site on Wednesday, with a volume of 3,082 ETH, trailing only Azuki and Wrapped Cryptopunks.
Azuki is the top collection in terms of overall volume, having surpassed 50,000 ETH, accounting for roughly half of the total volume since the service’s inception.
(With inputs from Shikha Singh)
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