📊 Monthly trading volume plunged from $1.43 billion to $7 million. Blur turned out the lights.
Blur turned out the lights.
On October 12, Blur posted on X for the first time in over a year, saying the blur.io front end would shut down on November 12. The on-chain marketplace protocol will keep running, and BLUR will retain control of the fee switch. The same announcement had an even tougher line: Blend, its lending product, would stop matching new loans effective immediately. Borrowers must either repay by November 12 or let their loans default. A withdrawal tool will come later. No choice.
The monthly trading volume tells you why. In March 2023, Blur did about $1.43 billion in volume in a single month (according to DefiLlama), accounting for over 70% of Ethereum NFT trading. By this March, it was under $7 million. A 99.5% drop. The website homepage still advertises zero fees and $7.4 billion in cumulative trading volume. According to Token Terminal, protocol revenue over the past three years was zero. Free comes at a cost.
On the token side, BLUR fell more than 20% in a single day on the day of the announcement. As I write this, two price sources quote it at $0.01143 and $0.01145. That’s a 99.7% drop from its peak of over $5 in early 2023.
The same crowd is still packing up elsewhere. Tieshun Roquerre’s other chain, Blast, announced it was shutting down ten days ago; its assets fell from over $2 billion to around $32 million. Abstract, the L2 from Pudgy Penguins’ parent company Igloo, has also set December 15 as its shutdown date.
The collectibles market below has been ice-cold for a long time. In September, the whole market saw $167.2 million in trading volume across 2.9 million transactions (CryptoSlam), compared with its January 2022 peak of $6 billion. Floor prices are according to CoinGecko as of October 13. Bored Apes were at 5.12 ETH, or about $12,880, down 97% from 153.7 ETH in May 2022. CryptoPunks were at 31.29 ETH, down 75% from 125 ETH in August 2021—the most resilient among the eight major collections. Pudgy Penguins fell another 72% over the year, and Moonbirds fell 99%. Everything is down.
ApeFest in Charleston is still going ahead this weekend. On October 17, Bored Ape and Mutant Ape holders can pay $99 for a ticket to Beeple Studios. Tickets are still on sale.
Prices. As I write this, four sources quote BTC between $83,597 and $83,689, up about 0.4% in 24 hours. ETH is at $2,510–$2,513.
The marketplace is shutting down, but the contracts are still on-chain. The question is who will pay to maintain this infrastructure after the tide goes out.
$BTC $ETH $BLUR
#中本聪国际社区Baoluo币商资本 #NFT #Cryptocurrency
Blur turned out the lights.
On October 12, Blur posted on X for the first time in over a year, saying the blur.io front end would shut down on November 12. The on-chain marketplace protocol will keep running, and BLUR will retain control of the fee switch. The same announcement had an even tougher line: Blend, its lending product, would stop matching new loans effective immediately. Borrowers must either repay by November 12 or let their loans default. A withdrawal tool will come later. No choice.
The monthly trading volume tells you why. In March 2023, Blur did about $1.43 billion in volume in a single month (according to DefiLlama), accounting for over 70% of Ethereum NFT trading. By this March, it was under $7 million. A 99.5% drop. The website homepage still advertises zero fees and $7.4 billion in cumulative trading volume. According to Token Terminal, protocol revenue over the past three years was zero. Free comes at a cost.
On the token side, BLUR fell more than 20% in a single day on the day of the announcement. As I write this, two price sources quote it at $0.01143 and $0.01145. That’s a 99.7% drop from its peak of over $5 in early 2023.
The same crowd is still packing up elsewhere. Tieshun Roquerre’s other chain, Blast, announced it was shutting down ten days ago; its assets fell from over $2 billion to around $32 million. Abstract, the L2 from Pudgy Penguins’ parent company Igloo, has also set December 15 as its shutdown date.
The collectibles market below has been ice-cold for a long time. In September, the whole market saw $167.2 million in trading volume across 2.9 million transactions (CryptoSlam), compared with its January 2022 peak of $6 billion. Floor prices are according to CoinGecko as of October 13. Bored Apes were at 5.12 ETH, or about $12,880, down 97% from 153.7 ETH in May 2022. CryptoPunks were at 31.29 ETH, down 75% from 125 ETH in August 2021—the most resilient among the eight major collections. Pudgy Penguins fell another 72% over the year, and Moonbirds fell 99%. Everything is down.
ApeFest in Charleston is still going ahead this weekend. On October 17, Bored Ape and Mutant Ape holders can pay $99 for a ticket to Beeple Studios. Tickets are still on sale.
Prices. As I write this, four sources quote BTC between $83,597 and $83,689, up about 0.4% in 24 hours. ETH is at $2,510–$2,513.
The marketplace is shutting down, but the contracts are still on-chain. The question is who will pay to maintain this infrastructure after the tide goes out.
$BTC $ETH $BLUR
#中本聪国际社区Baoluo币商资本 #NFT #Cryptocurrency