New Crypto Protocol Captures Over 80% of NFT Lending Market in Just One Month: DappRadar

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A crypto lending protocol just launched this month has already established a dominant hold in the non-fungible token (NFT) lending market, according to blockchain intelligence platform DappRadar.

On May 1, Blur (BLUR), an Ethereum (ETH)-based NFT marketplace, rolled out Blend, a peer-to-peer perpetual lending protocol for non-fungible tokens.

Blend allows collectors to pledge tokens to buy NFTs instead of buying them up front.

In the four weeks since its launch, DappRadar notes that Blend accounted for 82% of borrowing volume across all NFT lending protocols.

Source: DappRadar

The project’s total loan volume increased from 4,200 ETH ($7.6 million) on day one to a total of 169,900 ETH ($308 million) just over three weeks later, an increase of 3945%.

Source: DappRadar

Blend is also recording $25.97 million in total value locked (TVL) at the time of writing, up from around $6.68 million on May 2, according to crypto tracker Defi Llama.

The TVL of a blockchain represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked in the network by the current value of the assets.

DeFi Lllama reports that Blur is now the No. 1 NFT marketplace with nearly 55% market share, compared to second-place competitor OpenSea, which holds 19.55% of the market at the time of writing.

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