Blend (Blur) · interactive mechanism simulation

Borrowers lock an NFT and take a perpetual, oracle-free loan from a lender. Either side can trigger a Dutch auction in rate-space to refinance; if no lender bids by the ceiling, the borrower defaults and the lender keeps the NFT. Edit the parameters to see how floor prices drive liquidations.
Borrowers deposit NFT NFT collateral floor: 12.0 ETH Blend contract perpetual, no oracle Lenders 0.0 ETH lent Active loans 0 open Rate-space auction 0% → 1000% APY Liquidation 0 NFTs seized
Loans opened
0
ETH lent
0.0
Refinance auctions run
0
Liquidations vs. repaid
0 / 0
Parameters — edit me
12.0 ETH
1.2/s
18%
70%
Controls

Illustrative simulation. Mirrors Blend's researched design (perpetual fixed-rate loans, no price oracle, Dutch-auction refinancing in rate-space up to a high ceiling, lender-takes-NFT on failed refinance) and the 2024 floor-price downturn that triggered mass refinancing — loan sizes and timing are randomized for visualization, not live onchain data. Part of The Onchain Experiment Atlas.