Blur’s NFT lender Blend sees volume reach $225 million in under a month
Newly-minted non-fungible token market big Blur launched its peer-to-peer lending and borrowing platform earlier this month, and the enterprise, dubbed Mix, has already facilitated almost 16,000 loans for a complete of 123,500 ETH, or $225 million, in accordance with a report from Nansen.
After Blur’s launch in October of final 12 months, after which the rollout of an aggressive incentive program that attracted many merchants to its platform, {the marketplace} shortly usurped OpenSea to turn out to be the highest platform by buying and selling quantity. Nansen estimates that success has contributed to Mix’s reputation with NFT lenders and debtors.
“Mix’s speedy development is not any shock since Blur is arguably the go-to NFT platform for crypto-natives and NFT degens,” Nansen stated within the report. “Their bidding and itemizing factors system for blur [token] airdrops to incentivize liquidity has additionally contributed considerably to {the marketplace}’s speedy success.”
Nansen stated it had recognized lending and borrowing on behalf of “1,200 distinctive debtors and 1,600 lenders.”
Dune analytics dashboard created by The Block Analysis Analyst Brad Kay.
Mix presents mortgage choices for high-end NFT collections like CryptoPunks and Bored Ape Yacht Membership. One characteristic serving to Mix distinguish itself from different peer-to-peer lenders is its supply of “zero protocol charges for each debtors and lenders,” in accordance with Nansen.
The brand new NFT lender has dominated the market by capturing a whopping 85% of all mortgage quantity throughout platforms this month, in accordance with The Block Analysis analyst Brad Kay, who has a Dune analytics dashboard which tracks Mix lending.
This week, Binance introduced plans to get into the NFT lending area when it launched a brand new characteristic that enables prospects to borrow cryptocurrency utilizing non-fungible tokens as collateral.
Updates with commentary and chart from The Block Analysis in sixth paragraph.
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