Blur’s NFT lending protocol hits total lending volume of 6406 ETH in one day
Blend, a lending protocol launched on Monday by non-fungible token (NFT) platform Blur, saw a total lending volume of 6,406 ETH in 24 hours, data from the chain shows. Azuki is the NFT collection with the highest total volume on Blend, followed by Cryptopunks and Milady.
Azuki accounts for the highest loan amount on Blend
New NFT lending protocol Blend recorded a total lending volume of 6,406 ETH on May 2, according to on-chain data. Meanwhile, the total loans accepted on Blend reached 679 a day after launch.
Generative avatar NFT collection Azuki currently has the highest total loan amount of 2,831 ETH, with an annual percentage rate (APR) of 146%. Wrapped Cryptopunks is in second place, with a total loan amount and APR of 1,832 ETH and 25% respectively. Milady, a pool of 10,000 generative PFP NFTs, lent 1,045 ETH, with an average APR of 94.1%.
matchbigbrother.eth is the largest lender to Blend, completing a total of 33 loans. The lender’s total loan amount is currently 610.4 ETH, with an APR of 3%.
Currently, the total number of lenders on Blend is 208, while the total number of borrowers using the platform is 283.
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Blend: Mortgages for NFTs?
The numbers above provided by Dune represent lending data on Blend just one day after Blur launched the lending protocol. According to Blur, the protocol aims to enable investors to venture into the NFT market by making smaller upfront payments when looking to buy expensive blue-chip assets.
Loans offered by Blend are perpetual, Blur said, offering a fixed interest rate and an option for the borrower to settle the debt at any time. In the announcement, Blur likened its new lending protocol to buying a house via a down payment and paying off the rest of the debt through a mortgage.
“Instead of paying $1 million for a house, buyers put down $100,000 and pay the rest through their mortgage. Without this mechanism, almost no one would be able to afford housing.”
– Blur wrote in Twitter announcement by Blend.
The rollout of Blend comes just months after Blur launched its long-awaited native token, BLUR. The namesake token was originally set to launch in January 2023, but was delayed due to further testing.
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What do you think of Blend’s performance one day after the protocol launch? Let us know in the comments below.
About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
