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Enigmatic BLUR Emerges as Top Performer of the Week – What Exactly Is It?
- Following the market impact of Binance news, most cryptos stagnated except for Blur (BLUR), which notably surged by 49%.
- BLUR, the governance token for the Blur NFT platform, enables advanced trading features and community-led governance, including a lending protocol.
- BLUR’s recent surge is attributed to its move to Season 3 with substantial rewards, the founder’s launch of a new Layer 2 network Blast, and a FOMO-induced increase in trading and market cap.
BLUR Becomes Visible
After the Binance news collapsed the market temporarily earlier this week, most crypto assets have gone sideways, with some exceptions. FTX Token FTT, KuCoin (KCS) and Klaytn (KLAY) are all up by more than 20% over the past week. But the winner of the week is Blur (BLUR) which gained an impressive 49% week-on-week.
What is BLUR?
BLUR is the native governance token of a distinctive non-fungible token (NFT) marketplace and aggregator platform called Blur. In comparison to its competitors, this platform offers more advanced features including faster NFT sweeps and an easier-to-use interface. It also offers alternatives for comparing NFTs across many markets and manages digital asset portfolios.
In addition to powering the Blur ecosystem, which includes the Blur marketplace and aggregators, BLUR is also linked to a lending protocol named Blend. Members of the Blur community are empowered to vote on proposals, suggest new features, and earn rewards through both the Blur tokenomics and the Blend protocol.
Why the BLUR Blast-Off?
Here are three likely reasons why BLUR has been soaring as of late, according to Crypto Twitter:
- Blur is moving to Season 3, offering significant rewards to Season 2 participants. The top NFT trader received rewards over US$ 8.4 million (AU$ 12.79 million), with total claimed tokens amounting to over US$ 200 million (AU$ 304 million).
- The Blur founder started a new Layer 2 network named Blast, after receiving a US$ 20 million (AU$ 30 million) investment. Blast, unique in its native yield model, will have its airdrop in January.
- The rising Blur price has triggered Fear of Missing Out (FOMO), leading to a rise in trading volume and an increase in market cap, totalling US$ 668 million (AU$ 865 million). FOMO can tempt investors to buy in when prices are already overheating.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
