The blend is a decentralized lending protocol that supports borrowing against various collateral, including NFTs. It operates without reliance on oracles or fixed expiration dates, allowing positions to remain open until liquidated, with interest rates determined by the market. Lenders create off-chain offers, specifying the principal amount, interest rate, and expiration time. Borrowers have the flexibility to browse and choose compatible offers that meet their requirements. Once a borrower selects an offer, they initiate an on-chain transaction by placing their NFT collateral into a vault with a lien and receiving the principal amount from the lender.

Borrowers are free to repay the loan any time before the expiration date, including the principal and accrued interest. This action closes their position and enables them to withdraw their collateral. However, if the borrower fails to repay the loan within the specified timeframe, the lender gains the right to claim the collateral.

The blend incorporates a unique mechanism called a Dutch auction, which allows lenders to exit their positions by finding a new lender at a different interest rate. If a new lender is found through the auction, the position is transferred, and the previous lender is released. If the auction fails to find a new lender, the borrower's collateral is liquidated, and the lender takes possession of it.

The implementation of Blend has been carried out by Blur Core Contributors, who have designed the protocol to provide decentralized governance. This means that certain parameters, such as protocol fees, are controlled by the BLUR governance system, allowing the community to have a say in the evolution of the protocol.

Overall, Blend offers a decentralized lending solution that supports a wide range of collateral, including NFTs. With its oracle-independent and expiry-free approach, borrowers and lenders can take advantage of market-driven interest rates and enjoy the flexibility to manage their positions until liquidation or repayment.

Blend, a decentralized lending protocol implemented by Blur Core Contributors, has seen significant engagement on the Blur platform. With its unique features that allow users to borrow against a wide range of assets, including NFTs, without relying on external sources for information or imposing time limits on loans, Blend provides a flexible borrowing experience with interest rates determined by market conditions.

In this analysis, we will explore the recent activities on Blend, focusing on transaction volumes, the number of borrowers and lenders, the total amount of Ethereum borrowed or lent, and how these activities relate to different NFT collections. By examining these details, we can gain valuable insights into user behavior, preferences, and the popularity of different NFT collections as collateral within the Blend protocol.

Degods

Blend enables borrowing and lending activities across a diverse range of collections. Users can utilize various collections as collateral for their loans or make their collections available for lending. The platform supports borrowing and lending transactions involving collections are:

Azuki

Each collection offers unique assets and NFTs that users can leverage to access borrowing services or provide as collateral for lenders.

Azuki

Milady

Wrapped Cryptopunk