Blend Leads Market Surge With $2.1B Volume In Q1 2024

As Non-Fungible Tokens (NFTs) rapidly gain popularity, lending platforms have emerged as an important means of facilitating liquidity and investment prospects.According to recent CoinGecko dataBlend has established itself as the unrivaled leader in this niche market, with an impressive market share of 92.9% as of March 2024.

Blend’s Rapid Growth: The Leading Force in NFT Lending

Blend’s trajectory to the top has been meteoric. Founded in May 2023 as the lending arm of Blur (BLUR), a well-known non-fungible token market, Blend quickly gained a staggering 82.7% market share in its first month.

Since then, its dominance has remained strong, with monthly market share consistently ranging from 88.8% to 96.5%. In the first quarter of 2024, Blend’s NFT lending volume surged 49.2% QoQ (QoQ) to an unprecedented $2.02 billion.

Arcades and NFTfi are making waves

While Blend reigns supreme, Arcade (ARCD) and NFTfi (NFTFI) have emerged as notable players, securing 2.8% and 2.2% market share, respectively, with $16.94 million in loans in March 2024. and $13.32 million. Both platforms consistently remain above 1.0. Market share% from previous year.

Notably, Arcade’s loan amount surged to $39.46 million in Q1 2024, an increase of 37.1% sequentially. NFTfi achieved strong quarter-over-quarter growth of 48.3%, reaching $35.88 million in loans. Arcade’s recent token launch in April 2024, as well as NFTfi’s impending token launch, introduces interesting variables that may impact loan volumes.

The non-fungible token lending industry has expanded, introducing platforms such as X2Y2, BendDAO, and Parallel Finance, each with a market share of 0.5% to 0.8%. Total non-fungible token financing reached $2.13 billion in Q1 2024, a significant quarter-over-quarter increase of 43.6%. January 2024 set a record for monthly non-fungible token lending of $900 million, surpassing the previous record set in June 2023.

Traditionally, Ethereum’s non-fungible token collection has been the main source of financing. However, as Bitcoin ordinal numbers grow in popularity, questions arise about the potential impact of non-fungible tokens on lending. These findings primarily examined monthly loan volumes from popular NFT platforms from January 2023 to March 2024 using data obtained from Dune Analytics through various contributors. Based on the analysis of

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