🎨 Blend | Blur NFT Lending
What is the impact of Blend Protocol, a peer-to-peer perpetual lending protocol with NFT collateral, on the DeFi landscape, and how can the on-chain activity and user trends be analyzed to gain insights into its performance?
To create a comprehensive and insightful dashboard for Blend Protocol, we will start by gathering on-chain data and analyzing user trends. We will track the key growth metrics of users, volume, outstanding borrowers, and lender activity to provide insights into the project's performance.
Additionally, we will enable users to explore lending activity based on NFT collections used as collateral.
Our goal is to provide a user-friendly platform that delivers relevant information to Blend Protocol stakeholders and helps them make informed decisions about the protocol's future.
Blend is a peer-to-peer perpetual lending protocol that supports arbitrary collateral, including NFTs. It has no oracle dependencies and no expiries, allowing borrowing positions to remain open indefinitely until liquidated, with market-determined interest rates. The protocol matches users who want to borrow against their non-fungible collateral with lenders using a sophisticated off-chain offer protocol. By default, Blend loans have fixed rates and never expire, and borrowers can repay at any time, while lenders can exit their positions by triggering a Dutch auction to find a new lender at a new rate. If that auction fails, the borrower is liquidated, and the lender takes possession of the collateral. The protocol is based on a peer-to-peer model, where each loan is matched individually, and there is no need for centralized administrators or on-chain governance to set parameters.
Based on the provided data, there are several notable trends for Blend Protocol. Daily user growth has been steadily increasing, with a sharp spike in growth on May 10, 2023. Daily volume fluctuates, with some days having significantly higher volume than others. Offer deposits are primarily from a single lender, with a high amount of accepted offers compared to offer deposits. Accepted lending is primarily from a small group of top lenders. There is a variety of NFT collections used as collateral, with Milady being the most frequently used collection by borrowers. There are more outstanding borrows than repaid borrows, indicating that there is a high demand for borrowing on Blend Protocol. These trends provide insight into the protocol's performance and can help inform future decision-making for the project. It is important to note that these trends may change over time and require constant monitoring and analysis.