CoinMarketCap, the leading website offering financial analytics services and graphs has launched a new lucrative product named ‘Interest by CoinMarketCap’ for facilitating users. The new product will aid in ranking reputed crypto-asset lending platforms in accordance with the interest rates being offered by each individual platform.
According to the latest news, the newly-launched mechanism will operate in a similar manner as the current ranking niche. The only difference in its pedagogy will be that the crypto assets will be ranked on the basis of the interest rates which the borrowers and the lenders will be entitled to either pay or earn respectively from the lending platforms.
The platform will be kickstarting the project with thirty-three digital assets including the most popular ones like Bitcoin, Ethereum, Litecoin, and others. It plans to add more crypto assets in the future. The main aim of the interest ranking product is to render a one-stop solution for the first-time as well as the established investors where they can get key information about the saving, earning, and trading of their digital coins and tokens. An investor will be exposed to crucial facts regarding the virtual assets including their lending and borrowing solutions, yearly interest rates, the least time period before getting the returns, the beginning time of the deposit services, etc.
The crypto assets on the Interest by CoinMarketCap platform are categorized on the basis of their ranks on the CoinMarketCap portal. An array of different digital coins and tokens finds its place on the left-hand side of the page. When a person clicks on any of the assets, a list of platforms gets displayed where they can save or borrow that particular crypto.
Some Important Terms To Consider When using Interest:
- Earn Interest- Here a person can see the platforms where he/she can deposit their asset and earn income.
- Borrow Crypto- This feature allows a person to see the platforms from where one can lend the crypto asset while paying the interest. While some platforms are exchanges, they allow a person to borrow the asset and sell it instantly. Some other platforms work as wallets and so allow the person to lend the asset and employ it outside the platform.
- Platform- This tag lists the platforms that are using the service.
- Category- The feature has categorized the platforms into three zones: wallet, exchange, and DeFi or the Decentralized Finance platforms.
- Duration- The tab helps the users to learn about the minimum time for which the deposits are to be held before earning the returns.
- Start Time- It is crucial to figure out the start date of the offerings made by the platforms and this tab helps the users to keep a track of it.
- Annual Interest Rate- This tab shows the annualized interest rate which a person would earn/pay on their respective crypto assets.