New Crypto Protocol Captured Over 80% of the NFT Lending Market

According to the latest reports, it seems that a new crypto protocol has just captured more than 805 of the NFT lending market. Check out the latest reports about this below.

According to blockchain intelligence platform DappRadar, a newly launched crypto lending protocol has quickly gained control of the non-fungible token (NFT) lending market.

The platform, called Blend, was introduced by Blur (BLUR), an Ethereum (ETH)-based NFT marketplace on May 1st. Blend is a peer-to-peer perpetual lending protocol designed for non-fungible tokens.

Blend allows collectors to put up tokens as collateral to purchase NFTs instead of buying them upfront.

As the online pubcalition the Daily Hodl notes, in the four weeks since its launch, DappRadar notes that Blend has represented 82% of the borrowing volume across all NFT lending protocols.

“Blend also registers $25.97 million in total value locked (TVL) at time of writing, up from roughly $6.68 million on May 2nd, according to the crypto tracker Defi Llama,” the online publication the Daily Hodl notes.

The same online pubcalition notes the fact that the blockchain’s TVL refers to the overall investment contained in its smart contracts. To calculate the TVL, the current value of the assets is multiplied by the sum of the collateral locked into the network.

The European Securities and Markets Authority warned firms that they should register their crypto products, even as the Markets in Crypto-Assets Regulation looms over the EU, according to the latest Blockworks article.

Recently, the European Union approved the Markets in Crypto-Assets (MiCA) legislation, which requires crypto organizations to register in an EU-member state. The full scope of MiCA regulations is not yet clear, but it also encompasses measures to monitor the environmental effects of crypto assets.

The European Securities and Markets Authority (ESMA) and the European Banking Authority are responsible for ensuring compliance.