Blend has facilitated more than 182,000 loan transactions, serving 5,182 independent loan users and 2,919 independent borrowers. The platform currently boasts 3,064 active NFT loan transactions, totaling 7,575 ETH in loan amounts.
Source: Dune
Blend was launched on May 1, 2023 and quickly grew to become the leading lending protocol on the Ethereum network, both in terms of number of users and trading volume. It offers users two innovative products: Buy-now-pay-later (BNPL) and P2P perpetual loans, which have gained significant popularity among NFT enthusiasts.
Blend is the brainchild of Blur Lending, designed to create a peer-to-peer perpetual NFT lending protocol within the Blur ecosystem. It allows users to borrow ETH against NFTs as collateral, providing a unique funding option for NFT traders.
However, its meteoric rise has not been without controversy and praise. Known for its groundbreaking initiatives, Blur has provoked a wide range of reactions with its launch, making it a pivotal moment in the NFT lending landscape.
In addition to Blend’s success, competition among NFT marketplaces remains fierce. Over the past week, Blur’s trading volume has soared to over $33.66 million, surpassing its $16 million closest competitor, OpenSea.
While OpenSea leads the pack in terms of active users, with more than 65,000, Blend follows closely with about 10,000 active users.
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