In March, Blend dominated the market with a 92.9% share and a lending volume of $562.33 million, making it the top gainer. Following below are X2Y2, BendDAO, and Parallel Finance with smaller market shares of 0.8%, 0.8%, and 0.5% respectively.
To promote user engagement, NFT lending platforms are introducing new incentives to increase trading volumes. Additionally, X2Y2 and BendDAO have introduced their own tokens for their community members to encourage participation.