NFT
Blend, a lending protocol launched Monday by the non-fungible token (NFT) platform Blur, saw a total lending volume of 6,406 ETH in 24 hours, on-chain data shows. Azuki is the highest total volume NFT collection on Blend, followed by Cryptopunks and Milady.
Azuki is responsible 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, total loans accepted on Blend reached 679 per 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 ranks second, with total loan amount and APR of 1,832 ETH and 25% respectively. Milady, a collection of 10,000 generative PFP NFTs, borrowed 1,045 ETH, with an average APR of 94.1%.
matchbigbrother.eth is Blend’s largest lender, with a total of 33 loans. The total loan amount from the lender currently stands at 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.
Blend: mortgages for NFTs?
The numbers above from Dune represent lending data on Blend, just one day after Blur launched the lending protocol. According to Blur, the protocol is designed to allow investors to enter the NFT market by making smaller deposits when they are looking for expensive blue-chip assets.
Loans offered by Blend are perpetual, Blur said, with a fixed interest rate and an option for the borrower to pay off the debt at any time. In the announcement, Blur likened its new loan protocol to buying a home through a down payment and paying off the rest of the debt through mortgage payments.
“Instead of paying $1 million for a home, buyers put down $100,000 and pay the rest through their mortgage. Without this mechanism, hardly anyone would be able to afford a house.”
— wrote Blur in Blend’s Twitter announcement.
Blend’s rollout comes just a few months after Blur launched its long-awaited native token, BLUR. The eponymous token was initially slated to launch in January 2023, but was delayed due to additional testing.