One crypto lending protocol that just launched this month has already established a dominant grip over the non-fungible token (NFT) lending market, according to blockchain intelligence platform DappRadar.
On May 1st, 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 put up tokens as collateral to purchase NFTs instead of buying them upfront.
In the four weeks since its launch, DappRadar notes that Blend has represented 82% of the borrowing volume across all NFT lending protocols.
The project’s total loan volume skyrocketed from 4,200 ETH ($7.6 million) on its first day to a total of 169,900 ETH ($308 million) a little more than three weeks later, an increase of 3,945%.
Blend also registers $25.97 million in total value locked (TVL) at time of writing, up from roughly $6.68 million on May 2nd, according to the crypto tracker Defi Llama.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
DeFi Lllama reports that Blur is now the top NFT marketplace with nearly 55% of the market share, compared to the second-largest competitor, OpenSea, which has 19.55% of the market at time of writing.
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