How Blur achieved a new milestone from an unexpected source

• Blur’s TVL spikes to an ATH of $162 million.
• While Blur’s TVL skyrockets, active addresses and new user counts declined.

In a recent update, Blur [BLUR] shared a remarkable achievement. Surprisingly, this new milestone didn’t originate from the NFT realm that the platform was renowned for but instead emerged from an entirely unexpected source.

Blur records all-time high TVL

In a recent Blur update, the platform showcased its latest accomplishment by reaching a significant milestone in Total Value Locked (TVL). The post revealed that it had achieved an all-time high in TVL, marking a remarkable journey of progress.

Analyzing the TVL statistics from DefiLlama, it became apparent that after the launch of its token on 14 February, its TVL soared to approximately $124 million. 

Subsequently, there were fluctuations in the TVL, but a positive trend emerged on 11 May, propelling it to new heights. As of this writing, the TVL stood at around $162 million, surpassing the previous all-time high of $160 million.

This accomplishment highlighted its entry into the Decentralized Finance fray.

Active addresses and new users drop after BLUR launch

While the Total Value Locked (TVL) reached all-time highs, there was a noticeable decline in the number of active addresses and new users on the Blur platform. This decline was clearly depicted in the data provided by DefiLlama.

Although a slight increase in active addresses could be observed around May 28, it remained significantly lower than in previous weeks. As of this writing, there were approximately 2,100 active addresses within the last 24 hours. 

Source: DefiLlama

Additionally, the number of new users exhibited signs of decline, with some days even recording no new user activity. The metric had remained relatively stagnant, and as of June 2, only 239 new users were recorded.

Sales count and volume vs Open Sea’s

In the competitive landscape of the NFT marketplace, Blur was making a significant impact. It was challenging the dominance of OpenSea, as indicated by data from Dune Analytics.

The chart illustrated that both platforms were the prominent players in the market, while other platforms held smaller shares. As of this writing, Blur had a higher trading volume than OpenSea.

It boasted 4,755 ETH in volume, whereas OpenSea had 1,426 ETH.  This meant that Blur commanded approximately 69.4% of the total volume, while OpenSea accounted for 9.7%. 

Additionally, both platforms exhibited strong sales figures, with OpenSea maintaining a slight advantage.

As of the current analysis, OpenSea recorded 9,038 sales, whereas Blur reported 6,172 sales. This translated to a 50% share for OpenSea and 34.2% for Blur at the time of writing.

Realistic or not, here’s BLUR market cap in BTC’s terms

The BLUR price trend

The recent development surrounding BLUR token positively impacted its price, as observed in the daily timeframe chart. On June 2, at the close of the trading session, it experienced a 5.69% increase in value.

As of this writing, it was trading at approximately $0.50, yielding a profit of less than 1%. Despite this recent uptrend, the price of the token was still below its short Moving Average, which acted as a resistance level at around $0.56. 

Source: TradingView