One crypto lending protocol that simply launched this month has already established a dominant grip over the non-fungible token (NFT) lending market, in response to blockchain intelligence platform DappRadar.
On Could 1st, Blur (BLUR), an Ethereum (ETH)-based NFT market, rolled out Blend, a peer-to-peer perpetual lending protocol for non-fungible tokens.
Mix allows collectors to place up tokens as collateral to buy NFTs as a substitute of shopping for them upfront.
Within the 4 weeks since its launch, DappRadar notes that Mix has represented 82% of the borrowing quantity throughout all NFT lending protocols.
The mission’s complete mortgage quantity skyrocketed from 4,200 ETH ($7.6 million) on its first day to a complete of 169,900 ETH ($308 million) a bit of greater than three weeks later, a rise of three,945%.
Mix additionally registers $25.97 million in complete worth locked (TVL) at time of writing, up from roughly $6.68 million on Could 2nd, in response to the crypto tracker Defi Llama.
The TVL of a blockchain represents the full capital held inside its good contracts. TVL is calculated by multiplying the quantity of collateral locked into the community by the present worth of the property.
DeFi Lllama reports that Blur is now the highest NFT market with almost 55% of the market share, in comparison with the second-largest competitor, OpenSea, which has 19.55% of the market at time of writing.
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