BLUR is up 15.8% in 24 hours, even though it’s still trading for less than a cent. Its front end is scheduled to shut down on November 12, and Blend will stop matching new loans starting that day.
Back in March 2023, the platform was handling over a billion dollars’ worth of NFT trades in a single month. This March, it was less than $7 million—a 99% plunge. The front end is closing, lending is stopping, yet the token price has suddenly spiked. No matter how I look at it, the logic just doesn’t add up.
The announcement says the underlying protocol will keep running on-chain. But without a front end, there’s no way in, and the token is the only thing left to trade. With the site shutting down in two weeks, people buying now are betting on something completely different from what buyers in 2023 were betting on.
Back in March 2023, the platform was handling over a billion dollars’ worth of NFT trades in a single month. This March, it was less than $7 million—a 99% plunge. The front end is closing, lending is stopping, yet the token price has suddenly spiked. No matter how I look at it, the logic just doesn’t add up.
The announcement says the underlying protocol will keep running on-chain. But without a front end, there’s no way in, and the token is the only thing left to trade. With the site shutting down in two weeks, people buying now are betting on something completely different from what buyers in 2023 were betting on.