The most used crypto statistics site, CoinMarketCap, launches a new section dedicated to the interest rates offered and collected by exchanges. The new product, Interest by CoinMarketCap, will include details on 33 cryptocurrencies and the interest rate for their deposit and loan on the most popular crypto platforms.
Users can view the corresponding annual interest rates, the minimum duration for a deposit before making profits, the start dates of the deposit offers, as well as a description of each platform and its offers.
“We are delighted by the growing interest worldwide in the use of cryptocurrencies beyond trading or holding them,”
said Carylyne Chan, Chief Strategic Officer of CoinMarketCap.
“With this product, we hope to create a unique resource for users to find out where to store, earn, borrow and trade in their margin-trading system with their cryptocurrencies. “
Decentralized finance platforms
In addition, Interest by CoinMarketCap will also include decentralized finance platforms (DeFi), where the platforms do not have direct control over the assets deposited or borrowed and operate entirely through smart contracts on the blockchain. They have begun to gain popularity because they alleviate concerns about centralizing large exchanges, but they have the disadvantage of volatility in its interest rates.
CoinMarketCap will continue to add useful features and details, such as the insurance scheme for each platform, licenses, regulatory environment and more. A number of new products are to be launched
at the inaugural conference The Capital, to be held in Singapore, November 12-13.
The beta version of the new Interest by CoinMarketCap section can be viewed here.