Get ready to Blend your NFTs with Blur’s new peer-to-peer lending protocol! With the brand-new Blend, you can unlock liquidity for your NFTs like never before by using them as collateral for fixed-rate loans that never expire.
And the best part? Blend has been crafted to free borrowers and lenders from the shackles of Oracle dependencies and expiries, enabling borrowing positions to remain open until they’re terminated.
Plus, there are zero fees for borrowers and lenders alike! That means you can borrow and lend with ease, without worrying about hidden costs or unexpected charges.
But how does the new Blend work, you might ask?
Well, Blend matches borrowers who want to use their non-fungible collateral with lenders who offer the most competitive rates, all through an advanced off-chain offer protocol. And once a borrowing position has been established, Blend automatically rolls it over until the lender decides to terminate it.
With a predetermined period of loan expiration time, borrowers and lenders can extend their loan term by default. Additionally, there is an interest-rate “Dutch auction” for refinancing if a lender decides to terminate the loan against the borrower’s wishes.
But wait, there’s more! Although Blur’s Blend has taken the NFT market by storm, some community members have voiced mixed sentiments. One Twitter user suggests that the new launch is a mere distraction from the “overall negative sentiment” in the NFT space after sellers dominated in April. Meanwhile, another has raised concerns about potential financial loss.
Of course, as with any new platform, there are risks involved. Borrowers must be mindful of the potential for losing much more money if they can’t repay the loan, and there is always the possibility of fluctuating interest rates.
Overall, the launch of Blend is an exciting development that has the potential to shake up the NFT market and pave the way for new financial opportunities.
Read More About Blur at The Crypto Times!!
