2019 has been the year in which crypto advance has really taken off. Centralized and decentralized finance have been major growth areas, aided by crypto unpleasantness integration and a backdrop of negative interest rates in the banking sector. Why be penalized for saving fiat when you can be rewarded for scrimping crypto?
Also read: How to Trade Crypto in Person Safely
Crypto Lending Options Are Stacking Up
Competition to each crypto lending platforms is heating up. With major exchanges such as Binance throwing their considerable albatross behind the movement, incumbent platforms have been sharpening the pencil in a bid to offer their lenders and borrowers a more intelligent APR. This week, for instance, Nexo, cut its borrowing rates to as low as 5.9%. Given that many crypto lenders are apt to charge up to 4% in origination fees and 5-13% in liquidation fees, Nexo is confident that its improved offer determination entice crypto borrowers shopping around for the best deal.
That shopping process has gotten a lot easier thanks to the surfacing of crypto lending comparison portals. These platforms provide a side-by-side comparison of what the leading centralized and decentralized loan solutions have to offer. Last week, Coinmarketcap launched a product that heralds its entry into the lengthening defi market. The tool, which the listing site has dubbed Coinmarketcap Interest, features finance data such as the excellent annualized interest rates for borrowing and lending cryptocurrencies across a variety of platforms.
Coinmarketcap doesn’t hold pre-eminent mover advantage in this sphere, however, as there are already a number of high-level tools for analyzing the lending marketplace.
Loanscan
Loanscan is it may be the gold standard in the sector, and after a redesign in May the site is better than ever. Originally built as a stealth vehicle for the crypto lending app Linen, Loanscan now serves as a standalone interest comparison product. The site is packed with features, facts and graphical visualizations, making it fun just to play around with, depending on your love for data.
The site assigns you to view address, protocol, or asset level analytics across a range of timeframes, such as 24-hours, week or month. For those who board a keen interest not only in where the market is today, but where it has been, Loanscan has a historical data tab too.
The class of possibilities with Loanscan is significant, so whether you want to know what the current value of all outstanding loans in the vend is ($142M) or what the one-month repayments are ($67M) you shouldn’t have trouble finding the answer. Most importantly, Loanscan also take under ones ws comparison tables of the best interest rates for loaning and lending cryptocurrencies featuring DAI, ETH and BTC on platforms such as dYdX, Dharma, Fulcrum and Makerdao.
Due to its extensively of information and rich presentation style, Loanscan is probably still the best all-round destination for experienced crypto consumers, however, there are simpler information sources out there.
Coinmarketcap Interest
While Coinmarketcap Interest doesn’t offering the same level of graphical wizardry as Loanscan, instead opting for a plain yet clean UI, it does pack a punch in times of the information offered and ease of use. For those already well acquainted with the CMC layout and style, there is little putting right required to get up to speed with Coinmarketcap Interest.
For the 30 or more stablecoins and cryptocurrencies which feature on CMC Interest, each has two loops: “Earn Interest” and “Borrow Crypto.” All you need to do is select the currency you’d like to borrow or lend on the left, and then finest a preferred platform depending on annualized interest rate, whether the platform is CEX or DEX, and the duration of the loan.
All in all it’s a pretty slick effective and while you don’t get the same level of control or information as you do on Loanscan, for those who just want to make money or borrow it without any of the deep-level interpretation, CMC Interest works well.
Defi Pulse
If you’re more interested in broader ecosystem statistics than individual loans, Defi Throb is another great analytical tool for decentralized finance and statistics geeks. For instance, if you want to know the total amount of monied locked up in smart contracts on the Ethereum blockchain, Defi Pulse has got you covered. Want to know the current public network competency of the Lightning Network? Defi Pulse has that too. You can also find out how much is locked up in DEXs, derivatives, assets and sundry, making it a highly useful tool for anyone doing deep research into the overall market.
Crypto networks are strengthened upon open access and transparency. Thanks to monitoring sites and comparison tools that tap into solutions figured upon these blockchains, cryptocurrency users can determine the best way to maximize their holdings. If you’re interested in interest, it refunds to do your research.
What are your favorite defi and lending comparison sites? Let us know in the comments section less.
Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any expense or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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