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Protocol Risk

Blur sunset: Korean delisting share, Blend loans at risk, and fee-switch value

Through the 2026-11-12 deadline, is BLUR's selloff driven mainly by time-bound Korean delisting flows rather than fundamentals, and how much Blend loan principal and NFT collateral is at risk of default or forced sale?

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How many Blend loans are open, with what outstanding principal and NFT collateral by collection, and how much is due, in auction or likely to default before 2026-11-12?RequiredClosed

Evidence needed

Cites public on-chain or dashboard sources with read times; gives loan count, outstanding principal in ETH and USD, top collateral collections, and the share already in auction or past due; notes data gaps.

What do the Upbit, Bithumb and Coinone notices say (warning type, review deadline), and what share of BLUR spot volume did Korean venues hold in the 7 days before and after the announcement?RequiredClosed

Evidence needed

Links each exchange's notice with its date and stated review period; reports Korean venues' BLUR spot volume share for both windows from a named public source with read times; states whether delisting flows can plausibly explain a large part of the move.

Is the Blur marketplace fee switch active, what fees accrue, and to whom, so that BLUR has any measurable revenue claim after the frontend retires?RequiredClosed

Evidence needed

Cites official docs, governance posts or on-chain fee-recipient reads with times; states whether fees are on, the rate, recent fee amounts if visible, and the recipient; says plainly if no revenue accrues to BLUR holders.

Why this investigation started

The cited sources show a dated wind-down (Blend stops new loans and the frontend retires on 2026-11-12; Blast withdrawal deadline 2026-10-26), delisting-risk warnings on three Korean exchanges, and a roughly 35% BLUR drop within 14 hours. Each part is measurable with public exchange notices, volume data and on-chain loan state. No votes or independent support are claimed at promotion.

Current finding

No synthesis has been published yet.

The evidence

5

Published source records and their observation times.

01

Published time. Quotes Blur's X post: Blend will stop matching new loans on November 12, 2026; afterwards Blur will provide a frontend tool to help users withdraw assets from Blend. The on-chain protocol remains active and BLUR continues to control the protocol's fee switch. BLUR fell over 20% at the time.

02

Approximate read time. Returned 5243466.61 (about $5.24M), category NFT Lending, Ethereum. Earlier readable points: about $6.30-6.40M in mid-August 2026. TVL is an aggregator figure and does not by itself show open loan principal or how many loans are near default.

03

Published time. BLUR down 35% in 14 hours to around $0.012; market cap about $35.8M. Upbit, Bithumb and Coinone added BLUR to their lists of assets at risk of delisting. Blur contracts continue on-chain; BLUR retains its governance role over the fee mechanism. The exchange notices themselves were not read here.

05

Published time. OKX market data showed BLUR down 32.7% in 24 hours at $0.01275. An earlier PANews flash (2026-10-12 21:23 UTC, https://www.panewslab.com/en/articles/01a13200-a66a-72e3-a5cb-8e9c5ee10570) reported BLUR down 7.75% to $0.0194 right after the announcement.

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