In just 22 days, the total amount of loans on the platform has surged from 4,200 ETH to 169,900 ETH, which accounts for 82% of all NFT lending volume. Azuki is the most popular NFT collection on the platform, accounting for 6,455 loans and a loan volume of 70,031 ETH.
The unprecedented success can be attributed to its unique edge in the crypto market, which accepts any form of collateral, including NFTs. In its first weeks of operation, Blend witnessed an impressive growth of 3945%, with its total loan volume surging from 4,200 ETH ($7.6 million) from its first day to a total of 169,900 ETH ($308 million) in just 22 days.
The weekly loan volume even outperformed other centralized platforms by approximately 2.93 times. Additionally, Blend has represented 82% of the borrowing volume across all NFT lending protocols since its inception.
The success of Blend also contributed to the overall Total Value Locked (TVL) of Blur, which rose from $119 million to $146 million. This significant increase in its TVL has fueled Blur’s rise to prominence, which was ignited by the successful completion of its Season 1 and subsequent token launch.
Currently, in its Season 2 incentives campaign, Blur incentivizes traders to exclusively list their NFTs on its platform by offering rewards. This tactic has lured numerous NFT whales, resulting in $19 million in recorded wash trades on Blur over the past week, transacted from 1,494 wallets.
Despite the significant trading volume of the Blur platform, nearly half (46.20%) of its activity in the last seven days originated from NFT loans, transacted by an average of 306 unique daily users. Since its launch, the trend in daily individual users has been on an upward trajectory. On its first day, Blend registered 218 users, but by 22 May, the number had swelled to 358, a significant 64% increase. Blend has made remarkable strides in the NFT lending protocol, leaving an indelible mark in a remarkably short period.
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