#OnChainLendingSurge

The on-chain lending market has indeed reached record highs, driven primarily by the surge in NFT lending volumes. In Q2 2023, weekly NFT borrowing volume reached an all-time high of $197 million, with cumulative lending volumes increasing by 270% year-to-date ¹.

This growth is largely attributed to Blend, a lending platform launched by Blur in May 2023. Blend has captured around 95% of the NFT lending volume, with its cumulative borrowing volume standing at approximately $921 million across 62,000 loans ¹.

The platform's success can be attributed to its user base, which consists mainly of ETH whales and sophisticated NFT collectors. These users are leveraging Blend's lending products to accumulate points for the upcoming season 2 airdrop ¹.