Borrowing Bored Apes and Doodles is booming.

Per data pulled from Dune, the cumulative volume for borrowing against NFTs has just hit $1 billion.

This measures the dollar value of borrowing activity across several notable projects including market leading NFT liquidity providers NFTfi and BendDAO, but also newcomers like Paraspace.

As of April 6, NFTfi facilitated more than $390 million, BendDAO boasts nearly $298 million, and Paraspace has already hit $236 million. The number of cumulative users has also soared well above 40,000.

Borrowing against your Bitcoin is one thing, but how has a market meant for borrowing jpegs found such traction?

“NFT holders are increasingly looking for ways to unlock the value of their assets without selling them, and lendin

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Author: Liam J. Kelly

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