In just its first month, Blend, an NFT borrowing and lending protocol developed by Blur in partnership with Paradigm, has facilitated over 15,800 loans totaling 123,500 ETH ($224.4 million). The platform charges no fees for borrowers and lenders, eliminates the need for oracles, and does not impose loan expiries, setting it apart from its competitors. Blend's success has prompted Binance to also move into NFT lending, with limited service currently available for four collections. While some believe Blend's liquidity and transaction volume should worry competitors, others see it as a step forward for the industry and a new opportunity for yield generation on-chain.