Blend's borrowing positions can remain open indefinitely until terminated as it does not have any oracle dependencies or expiries. The platform's developers also claim that no fees will be collected from borrowers and lenders.

Blend matches borrowers with lenders who offer the most competitive rate using an off chain offer protocol. Blend automatically rolls over borrowing positions as long as some lender is willing to lend against the collateral, without any on-chain transactions unless one party decides to exit the position or there is a change in interest rate.

The use of a perpetual lending protocol extends the loan expiration time by default, and if a lender wishes to terminate the loan against the borrower's wishes, an interest-rate Dutch auction for refinancing is held when the borrower has not repaid the debt at expiration. The auction starts with 0% refinance interest and gradually increases.

According to the developers, borrowers can repay their loan on Blend anytime they wish. Blur was introduced in the third quarter of 2022, and since February 14, it has been offering care packages that can be exchanged for BLUR tokens to incentivize trading. The platform has now surpassed OpenSea in terms of trading volume.

Sources:

https://www.investing.com/news/cryptocurrency-news/blur-introduces-nft-perpetual-lending-protocol-3069529

https://cointelegraph.com/news/blur-introduces-nft-perpetual-lending-protocol

https://crypto.news/blur-launches-blend-a-nft-perpetual-lending-protocol/

https://coinmarketcap.com/alexandria/article/blur-and-paradigm-collaborate-to-launch-blender:-nft-perpetual-lending-protocol