Blur NFT Marketplace Launches New P2P NFT Lending Protocol

Blur Launches Blend NFT Protocol

According to the white paper for the project, the protocol permits perpetual lending. This means that loans do not have a predetermined date when they must be repaid, thereby “allowing borrowing positions to remain open indefinitely until liquidated, with market-determined interest rates.”

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As per the inner workings of the protocol, borrowers have the ability to repay their loans at any moment, while lenders have the option to pull out their positions by initiating a “Dutch auction to find a new lender at a new rate”. In the event that the auction is not successful, the borrower’s assets will be liquidated, and the lender will assume ownership of the collateral.

Blend To Charge Zero Fees

NFT marketplace Blur stated that the product was developed in conjunction with Dan Robinson, who is the head of research at the venture capital firm Paradigm and an investor in the decentralized exchange (DEX) Uniswap. Additionally, Blur stated that the product was developed in conjunction with the pseudonymous research associate Transmissions.

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Furthermore, Blend will not charge any fees to traders or lenders, and therefore help in deepening the Blur brand’s integration into the decentralized finance (DeFi) industry. The Blend protocol will go live on Blur as the Season 2 Airdrop reaches an end.

Also Read: LUNC Developer Teases AI App Chain “Block Entropy”, LUNC Price Eyeing $0.1?

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