How Blur ‘Blended’ DeFi and NFTs

• Blur’s entrance into the NFT space led to a dominant market presence with over 50% trading volume.
• The platform’s Total Value Locked (TVL) experienced growth.

With the grand arrival of Blur Lend (Blend), Blur [BLUR] has gracefully stepped into the realm of Decentralized Finance (DeFi) by leveraging NFTs. Since its introduction, this groundbreaking platform has undeniably established its dominance in the lending space. 

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

Blur takes a large slice of NFT pie

Messari published a post highlighting Blur’s remarkable progress within the NFT marketplace on 18 June. The report emphasized the platform’s astounding achievements, such as capturing over 50% of the NFT trading volume and securing a substantial user base.

Notably, the launch of Blend in May further fueled the platform’s growth, attracting a considerable influx of volume.

Blend so far

As per Dune Analytics, Blend‘s launch has resulted in the platform’s dominance in the NFT lending space. An analysis of the volume across various NFT lending platforms demonstrated that it swiftly claimed the top spot from inception. 

Additionally, the initial recorded volume surpassed an impressive $50 million, while the second-highest volume stood at approximately $2 million. As of this writing, the volume had soared to over $169 million, with the nearest competitor trailing at around $1.8 million.

To put this into perspective, Blur’s volume stood at approximately 7,387 Ether [ETH], equivalent to almost $13 million, at press time.

Examining the Total Value Locked (TVL) of Blur on DefiLlama revealed a notable increase since its initial launch. However, recent data indicated a slight decline in its trajectory. As of this writing, the TVL stood at approximately $148.6 million, with a discernible dip observed.

Additionally, when considering the TVL specifically related to Blend, there has been a clear upward trend since its launch. As of this writing, there were still indications of this upward trajectory, with the TVL reaching around $43 million.

BLUR price trend

As of this writing, BLUR was experiencing a profit of over 1% following a decline in the previous trading period. Its press time trading price was approximately $0.35, and it faced immediate resistance around the $0.4 mark, represented by its short Moving Average (yellow line). 

Source: TradingView

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Notably, on 15 and 16 June, the token saw significant spikes in value, rising by over 7% and 10%, respectively, which helped it recover from the oversold territory. The Relative Strength Index (RSI) line hovered around 40 as of this writing.