Blur’s loan platform, Blend, has grown in a short time

Blur's loan platform, Blend, has grown in a short time

According to The Block’s reportBlend’s volume reached $225 million in less than a month.

According to Nansen’s data, Blend, the p2p loan platform launched by NFT marketplace Blur this month, has provided 16,000 loans for $225 million.

Launched last October, Blur has managed to capture a significant portion of the NFT marketplace OpenSea’s market share thanks to its aggressive incentive program. According to Nansen, this popularity of Blur has also affected Blend.

The following statements were included in the report prepared by Nansen:

“The rapid growth of Blend is no surprise because Blur is a very important NFT platform for those interested in crypto and NFT. The platform’s airdrops of BLUR tokens to promote liquidity have also contributed greatly to the success of the market.”

Nansen also stated that there are 1600 loan lenders and 1200 borrowers.

Blend offers credit for NFTs

The newly established platform is known for offering loans for NFT collectibles such as the Bored Ape Yacht Club and CryptoPunks. The most important feature of Blend is undoubtedly that it does not charge any protocol fees for both lenders and borrowers.

According to Brad Kay, an analyst at The Block Research, the NFT lender managed to capture 85% of loan volume across all platforms this month, making it the undisputed dominion of the market.

Cryptocurrency exchange Binance has announced that it is working on a platform that allows customers to obtain crypto loans using NFTs as collateral.

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