Users of NFT borrowing and lending protocol Blend have taken out loans totaling nearly a quarter of a billion dollars. And it’s only Blend’s first month. The market has taken note, and Binance has also moved into NFT lending. How worried should Blend’s competitors be?
Blend, the NFT borrowing and lending protocol developed by Blur in partnership with Paradigm, claims to have had an impressive first month. Since its launch on May 1, Blend has facilitated over 15,800 loans totaling 123,500 ETH ($224.4 million), according to a report by Nansen.
A Bumper First Month
Blend stands out from its competitors with its unique features. It charges no fees for borrowers and lenders, eliminates the need for oracles, and does not impose loan expiries. Borrowers can secure fixed-rate ETH loans against their NFTs without worrying about repayment deadlines or collateral liquidation. Its launch has been a huge contributor to the ongoing
