Taking out a crypto loan is possible, but you need to know a few things before doing so, and here they are:
Loans based on cryptocurrencies have become a mainstay of the decentralized finance universe ever since the smart contract-based lending/borrowing platforms began offering the service to crypto users. The Ethereum network, the first blockchain that scaled the smart contract functionality, sees most of the total value locked on DeFi protocols dominated by cryptocurrency lending platforms.account
Johnny Lyu, the CEO of crypto exchange KuCoin, talked to Cointelegraph about the choice of blockchain networks for crypto lending. He said: “The short answer is ‘no.’ Most blockchains are crypto lending-friendly. However, among the primary properties to watch for are liquidity and reliability, while a secondary determining factor might be network fees.”
Since crypto-based loans are completely automated and simple for the average retail investor and market participants, in general, they provide an easy way to earn annual percentage yields on the digital assets they are hodling or even accessing cheap credit lines.
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