Highlights:
- CoinMarketCap has launched an Interest Rate Showcase section
- The interest rate section will show the rate provided by DeFi applications for several cryptocurrencies
CoinMarketCap provides financial metrics and graphs for all cryptocurrencies, and is accessible through coinmarketcap.com, with an iOS and Android applications available on the respective app stores. It is the most sought after platform for accessing information and resources about cryptocurrencies.
Recently, as industry runner, CoinMarketCap announced to TheBlock about the release of its latest feature.
Dubbed “Interest by CoinMarketCap,” the page has launched with 33 cryptocurrencies and stablecoins. It covers information from major lending platforms, including BlockFi, Celsius Network, and Binance, among others. Users can find annualized interest rates, deposit terms such as minimum duration before realizing returns, and other information about these platforms.
The cryptocurrency lending sector is currently valued at nearly $5 billion, according to crypto credit assessment startup Graychain. And Celsius and Genesis have the highest volume with 65% of loan originations, per Graychain.
“The number of loans originated grew faster than new addresses and the total origination amount. That means that people are making more small loans, rather than borrowing millions at a time. This suggests adoption (on the public platforms) by more average consumers, rather than institutional borrowers,” explained Cohen, an analyst at Graychain.
To date, only Loanscan.io was involved in the past of providing information about the interest rate process. CoinMarketCap has also joined them in providing resources and information, and it is expected that other crypto information platforms will follow.