BLUR Analysis & Market Overview

Sypool Protocol
7 min readDec 9, 2023

1. Project Overview

Blur is an NFT marketplace for professional traders, offering an aggregation feature, portfolio analytics, and zero marketplace fees. It makes transactions through the Ethereum chain.

2. Fundamental Analysis

The total supply of Blur is 3,000,000,000 tokens, with a circulating supply of 1,134,730,783, accounting for 37.824% circulation, which represents a pleasant speed but not extreme liquidity. The 24-hour trading volume represents 41.96%, which means the trading volume is at a high level.

3. Token Information

4. Ownership Distribution Analysis of Blur (BLUR)

Data from Etherscan and OKlink reveals that the top 30 addresses hold 96.03% of the Blur tokens, worth $1,436,966,227.3644 at the price of $0.4981000 per token explored on the 7th of December. This could be concluded that the top 30 ownership distributors occupied an unshakable position.

Notable among them is Rank1, which ranks first and accounts for 33.98% of the Blur tokens in the Ethereum Chain. The number of tokens owned by Rank2 and Rank1 is similar. Rank 3 holds 11.89% of the whole ownership of Blur tokens. The top 3 holders consist of 74.86% of all the ownership, this phenomenon symbolizes the high ownership of centralization.

Except for the first three, the rest of the token holders distribute a moderate dispersion, all are less than 5%, from the 4th place is Rank 4, which accounts for 4.25%.

The transactions within 24 hours are recorded as 136.83% changes buy-in, with a value of $2,311,315.44, making the Blur token become more competitive status on the Ethereum market. Two bigger transactions owed to Rank 26 and Rank 29 (BtcTurk), taking account for 54.86% and 56.11% buy, worth $877,578.3283 and $484,444.6410 respectively. By comparison, the largest withdrawal is by Rank 9, it sold out its 8.05% of Blur asset, which holds the value of $1,328,075.4191.

In conclusion, Blur has its unique feature of significant ownership concentration and it won more market competitiveness due to the past 24 hours of transfer activities.

5. Major Holders

#Rank 1

This is the address of the protocol. From the Rank1 account detail, it could be seen that in the assets component, it owns 7 different tokens. Only Blur shows the token details in OKlink, others remain unknown conditions. And among these tokens, Blur takes the most important place, which holds the value of $501,290,784.83.

#Rank 2

Another protocol address, like Rank1, received a BULR token from 0x2ec1c79e71594373123d7b86d5847eef1ce0a475 in the early days. Only Blur shows the token details in OKlink, others remain unknown condition. Among these tokens, Blur takes the most important place, which holds a value of 427,637,061.692176.

Further, it appears that Rank 2’s holding balance is 870 million Blur Tokens, and it is worth $413.39 million.

#Rank 3

From the Rank 3 account detail, it could be seen that in the assets component, it only owns BLUR one crypto, with the value of $174,953,541.409626, taking 11.89% of BLUR’s ownership. Deposit and Withdrawal are the main methods for this address. Judging from the transaction frequency and the time of the first transaction, this address is most likely used by the protocol to stake the BLUR token. This address currently holds 356,451,724 BLUR, accounting for 31% of the total circulation. After the launch of L2, the market is very enthusiastic about staking BLUR tokens.

#Rank 4

From the Rank 4 token asset, it could be seen that this account owns 27 different types of tokens, consisting of 0.225 ETH tokens, and 128,987,291.257 BLUR tokens. From this, BLUR holds the most value at $61,466,238.77.

Further, it continued to buy Blur tokens a few times in one day with a certain amount. Its holding balance is 129.26 million tokens and worth $61.47 million. This address once received a large amount of BLUR on October 17 and November 5, and within the next 24 hours, BLUR appeared to pump. If you are a short-term holder of BLUR, then the actions of this address can be used as a reference.

6. Position Distribution

2023 Position Distribution

Although BLUR is far away from the largest accumulation area in the second half of 2023, it is close to the largest accumulation area in the first half of the year.

7. Contract Data

Coinglass reports a real-time long/short ratio of 0.9246, indicating a balanced market sentiment with no clear bullish or bearish tendencies.

BLUR Contract Trading on Binance

Binance is currently the largest exchange for BLUR contract trading.
The long/short ratio leans towards the bullish side.

8. Recent News Highlights

  1. On November 21, Pacman, the founder of the NFT market Blur, announced that the new L2 Blast, which provides native revenue for dApps and users, will allow the Blur ecosystem to avoid asset depreciation, reduce NFT transaction costs and launch NFT perps.

9. Summary

  1. Blur’s launch of L2 Blast is a wise decision. At present, the total staking of BLUR has exceeded 800 million US dollars, which has greatly reduced the selling pressure of BLUR tokens. The reduction in fees and the interest earned on assets are attractive. But this will also make the market ask other Layer2s why the assets can’t earn interest on their chains. But in any case, BLUR is currently leading the development in the NFT field and will be the leader for a long time to come.
  2. From the perspective of ownership distribution, after excluding addresses related to the BLUR protocol, the largest address accounts for 4% of the total circulation, and most addresses account for less than 1%. The distribution is scattered. The long-short ratio across the market and on major exchanges is bullish. However, it is important to pay attention to changes in the positions of individual whales, which may indicate short-term fluctuations.
  3. BLUR is close to the largest accumulation area in 2023 and may continue to fluctuate shortly.

Disclaimer:

This analysis is provided for informational purposes only and should not be construed as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or investment product. Cryptocurrency markets are highly volatile, and the value of tokens can fluctuate significantly in a short period.

Investors should conduct thorough research and consider their risk tolerance before making any investment decisions. The information presented in this report is based on available data and market trends, and subsequent developments may impact the analysis.

The analysis relies on data from various sources, including blockchain explorers, exchanges, and news outlets. While efforts have been made to ensure the accuracy of the information, there may be unforeseen risks or events not accounted for in this report.

It is crucial to note that past performance is not indicative of future results, and the cryptocurrency market is subject to regulatory changes, technological developments, and macroeconomic factors that can influence prices and market dynamics.

Readers are encouraged to consult with financial professionals and conduct independent research before making any investment decisions. The author and Sypool disclaim any liability for financial losses or damages arising from the use of this analysis or reliance on its content.

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Sypool Protocol

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