BlockFi will halve interest rates for 3 coins SOL, MATIC, AVAX
BlockFi halves interest rates on major cryptocurrencies on its platforms like Solana, Avalanche, and Polygon. Will this move make the market more active?
BlockFi halves interest rates for 3 significant coins
This is a popular crypto lending platform that has halved interest rates on several cryptocurrencies in the market held by non-US clients.
In its recent tweet, the crypto lending platform announced that it would reduce the deposit interest rate for major coins, Solana, from 10% to 5% from June 1, while the interest rate is reduced for Avalanche (AVAX) and Polygon (MATIC) will be reduced from 10% to 5% and 11% to 5%, respectively.
Other coins like DAI, DOT, LINK, LTC, PAXG, and UNI also decrease by 0.5 – 2%. And most of the rates will be the same for crypto assets, including BTC, ETH, Stablecoins (except DAI), and DOGE.
The move is due to the platform’s growth in holdings having slowed as institutional investors borrow less amid the crypto price drop. This drop in demand is not limited to BlockFi, with the current market situation restricting the ability of lending platforms to deliver higher returns to customers.
With this reduction in loan interest rates, it is possible to see the dynamism of the electronic market, and this action of BlockFi will help stimulate demand shortly.
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