Decision for Solana, Avalanche and Polygon from the Famous Platform!
May 28, 202282
Major cryptocurrency lending platform BlockFi has halved interest rates for 3 major cryptocurrencies Solana (SOL), Avalanche (AVAX) and Polygon (MATIC). Here are the details…
BlockFi Solana cuts interest rates for AVAX and MATIC
Halving the interest rates of various cryptocurrencies in the market held by non-US customers, BlockFi is a popular crypto credit platform. The crypto lending platform has announced in its latest tweet that it will cut the deposit interest rate for big coins Solana from 10 percent to 5 percent from June 1, while interest rates for Avalanche (AVAX) and Polygon (MATIC) dropped from 10 percent to 5 percent, respectively. e and interest rates for other cryptocurrencies such as
DAI, DOT, LINK, LTC, PAXG and UNI. rate decreases by 0.5 – 2 percent. Most rates will be the same for crypto assets including BTC, ETH, Stablecoins (excluding DAI) and DOGE. The platform’s growth in holdings has slowed as institutional investors take on less debt amid the crypto-price plunge. The move came after that. This decline in demand is not limited to BlockFi, and the current market situation is limiting the ability of lending platforms to deliver higher returns to customers.
The current situation in the market lies behind the decision
BlockFi’s move is a reflection of the dynamics in the crypto market. BlockFi, which lends to institutional investors and returns the returns to its customers, saw a 1,711% increase in assets under management in 2020. In March of last year, BlockFi held $14.7 billion in BlockFi Interest Account. But that kind of growth has been on the wane as institutional investors borrow less amid the crypto-price plunge. This declining demand is not limited to BlockFi, and the current state of the market is limiting the ability of lending platforms to offer higher returns to customers. As we reported on
Kriptokoin.com , BlockFi was offering 6.25% to users with multiple BTC, but now 0.35 Bitcoin It offers only 1% to 3% up to and 0.1% more in larger quantities. BlockFi made no mention of rate changes in BTC in its announcement on Thursday.
