Gondi controls 67% of the total NFT lending market outstanding debt.
of all stablecoin-denominated NFT loans are on Gondi.
Comparison of stated APR vs Effective APR (including origination fees).
Number of loans originated in the last 12 months.
Renegotiations are concentrated in a few collections (notably Fidenza and XCOPY), indicating active term-optimization/refinancing behavior. Many “zero-fee” loans are renegotiations/refinances where fees were already paid.
Corrected Effective APR (per-loan): For each loan, annualize fees, then average across loans.
Annualized Fee = (Origination Fee / Principal) × (365 / Duration Days)
Effective APR = Base APR + Annualized Fee
Zero-fee loans: Excluded when estimating the cost of new originations (often renegotiations/refinances).
Spread: The difference between Effective APR and Base APR, representing the annualized cost of fees.
Data Source: Gondi GraphQL API (Dec 11, 2024 - Dec 11, 2025).