$BLUR | Blur.io | Published Dec 31, 2023
Project: Blur
Website link: blur.io
Token: $BLUR
Overview: Blur.io is the leading Ethereum NFT exchange with over 75% market share at the moment.
The Blur team is launching an Ethereum layer 2 called Blast that will be specifically designed for NFT trading.
Right now, $BLUR can be staked to earn $BLAST tokens when the Blast L2 launches.
Blast, which has not launched yet, has already secured over 500,000 in ETH deposits which equates to roughly $1.13B.
Users who deposit to Blast are expected to receive a $BLAST token airdrop when the chain launches.
With over >$1B in TVL, Blast has nearly 50% of the TVL of Arbitrum, almost as much TVL as Solana, and more TVL than Optimism, Polygon, and Avalanche.
Because $BLUR is currently the primary way of getting exposure to $BLAST, its $1.4B fully-diluted valuation may trend upwards toward the $8B+ valuations we see from most other chains with around $1B in TVL.
Additionally, the circulating supply of $BLUR is relatively low due to the large amount of $BLUR tokens staked, making $BLUR more sensitive to demand.
Of the 1.2B $BLUR tokens circulating, over 387M tokens are staked (32%).
If you do not want to take a directional bet on $BLUR, you can buy and stake spot $BLUR, then hedge out the exposure by shorting the perp on an exchange.
The short will likely earn funding rate over time, offset the long exposure, and you’ll be left with whatever the BLUR staking airdrop rewards are.
Where to buy $BLUR
$BLUR can be traded on most major exchanges, including Uniswap.
Obviously, if the entire crypto market rolls over and corrects, $BLUR will be no exception. Also note that once $BLAST does launch, unless there are ongoing rewards to $BLUR stakers, we could see $BLUR drop back down in value.