Blur

BendDAO

Leading non-fungible token (NFT) marketplace Blur has built a peer-to-peer perpetual lending protocol Blend — Blur Lending — in collaboration with Paradigm&#8217;s Dan Robinson and Transmissions 11.
According to the NFT marketplace, transactions on the new protocol would be free within the first 180 days. However, the fees can be turned on after this period by BLUR token holders via the decentralized autonomous organization&#8217;s (DAO) governance.
<h2 id="blend-to-unlock-nfts-liquidity">Blend to unlock NFTs liquidity</h2>
According to its <a href="https://www.paradigm.xyz/2023/05/blend">whitepaper</a>, Blend would help unlock liquidity for NFTs by providing loans with fixed rates that never expire.
<blockquote>&#8220;Borrowers can repay at any time, while lenders can exit their positions by triggering a Dutch auction to find a new lender at a new rate.&#8221;</blockquote>
The whitepaper highlighted how the new protocol differs from competitors like BendDAO and NFTfi, with its peer-to-peer model providing access to liquidity by matching lenders with borrowers.
The protocol has other features like allowing lenders to liquidate their NFTs anytime, no expiration for borrows as long as the lender is willing to lend, avoiding any Oracle dependencies, etc.
Blur <a href="https://twitter.com/blur_io/status/1653051841247318022">said</a> these features would make NFT lending &#8220;intuitive for borrowers and safe and flexible for lenders.&#8221;
According to Dune analytics <a href="https://dune.com/impossiblefinance/nft-lending-aggregated-dash">data</a>, the cumulative volume for NFT lending exceeded $1 billion in April. The space is <a href="https://dune.com/rchen8/NFTfi">dominated</a> by Paraspace, which controls about 48% of the weekly NFT Finance market share.
<h2 id="blur-token-tanks-10">Blur token tanks 10%</h2>
Following the news, the NFT marketplace native token fell 5.47% on the 1-hour candle to trade at $0.64353 as of press time, according to CryptoSlate&#8217;s data. The asset is down 10.47% in the last 24 hours.
<figure id="attachment_321818" aria-describedby="caption-attachment-321818" style="width: 923px" class="wp-caption aligncenter"><img class="size-full wp-image-321818" src="https://cryptoslate.com/wp-content/uploads/2023/05/BLURUSD_2023-05-01_17-35-43.png" alt="Blur price Performance" width="923" height="652" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/BLURUSD_2023-05-01_17-35-43.png 923w, https://cryptoslate.com/wp-content/uploads/2023/05/BLURUSD_2023-05-01_17-35-43-300x212.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/BLURUSD_2023-05-01_17-35-43-768x543.png 768w" sizes="(max-width: 923px) 100vw, 923px" /><figcaption id="caption-attachment-321818" class="wp-caption-text">Source: Tradingview</figcaption></figure>
This is in stark contrast to its performance on the seven days metrics, where it is up by roughly 9%, while it has risen by 13% in the last 30 days.
Meanwhile, Blur has usurped OpenSea as the dominant NFT marketplace in the past few months. The marketplace accounts for over 50% of the trading volume in the industry, according to Dune analytics <a href="https://dune.com/sealaunch/blur">data</a>.
The post <a rel="nofollow" href="https://cryptoslate.com/blur-launches-p2p-nft-lending-protocol/">Blur launches P2P NFT lending protocol</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Blur launches P2P NFT lending protocol

Table of Contents

CryptoSlate

Other articles published on May 1, 2023

Grayscale says Bitcoin Ordinals are ‘positive’ for BTC in 2 ways

Liechtenstein adapts blockchain laws to developing crypto landscape

Avalanche price analysis: AVAX declines by 3% after bearish interference

BRICS bloc prioritizes expanding use of national currency before introducing common currency

Pepe (PEPE) Price Surges as Trading Volume Outpaces Shiba Inu (SHIB)

Unleashing the Future of Privacy: Zero-Knowledge Infrastructure’s Dynamic Transformation of the D...

Join our free newsletter for daily crypto updates!