- Blur’s entry into the NFT space led to a dominant market presence with over 50% trading volume.
- The platform’s Total Value Locked (TVL) grew.
With the big arrival of Blur Lend (Blend), fades [BLUR] has gracefully entered the realm of Decentralized Finance (DeFi) by leveraging NFTs. Since its introduction, this groundbreaking platform has undeniably established its dominance in the lending space.
Realistic or not, here is BLUR’s market cap in terms of BTC
Blur takes a big slice of the NFT pie
Messari published a post on June 18 highlighting Blur’s remarkable progress within the NFT marketplace. The report highlighted the amazing performance of the platform such as capturing more than 50% of NFT trading volume and securing a significant user base.
Within a short time frame, @blur_io managed to get over 50% of the #NFT trading volume and a significant portion of the total user base.
To capitalize on the momentum, Blur has strategically introduced Blend, its new NFT lending platform. pic.twitter.com/GHWRbkMH8D
— Messari (@MessariCrypto) June 18, 2023
In particular, the launch of Blend in May further fueled the platform’s growth, generating significant volume inflows.
Blend until now
From Dune analysis, the launch of Blend has resulted in the platform’s dominance in the NFT lending space. An analysis of the volume on various NFT lending platforms showed that it quickly claimed the top spot from the start.
In addition, the initial volume recorded surpassed an impressive $50 million, while the second highest volume was around $2 million. At the time of writing, volume had risen to more than $169 million, leaving its closest competitor behind about $1.8 million.
To put this in perspective, Blur’s volume stood at about 7,387 Ether [ETH]equivalent to nearly $13 million, at the time of going to press.
Explore Blur’s Total Value Locked (TVL). Defillama revealed a remarkable increase since its initial launch. However, recent data indicated a slight decline in trajectory. At the time of writing, the TVL stood at around $148.6 million, with a noticeable dip.
Moreover, when considering the TVL specifically related to Blend, there has been a clear upward trend since its launch. At the time of writing, there were still indications of this upward trajectory, with the TVL reaching around $43 million.
BLUR price trend
At the time of writing, BLUR posted a gain of over 1% after falling in the previous trading period. The trading price at the time of writing was around $0.35 and immediately encountered resistance around $0.4, represented by its short moving average (yellow line).
Source: TradingView
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In particular, on June 15 and 16, the token saw significant spikes in value, rising more than 7% and 10% respectively, helping it recover from oversold territory. The Relative Strength Index (RSI) line was hovering around 40 at the time of writing.