CoinMarketCap has launched a new product, ranking crypto-asset lending platforms according to the interest rates on offer. The product, called Interest by CoinMarketCap, works in a similar way to the existing ranking service, but in this case ranks crypto assets, 33 in total, by the interest rates borrowers and lenders either pay or earn respectively.

Along with interest rates, other data including minimum deposit duration, start times for deposit offerings and platform descriptions are available via the service.

Lending in the crypto space comprises centralized lending services such as Celsius Network or Crypto.com, but DeFi lending platforms are also rising in popularity.

At the time of writing, DeFi Pulse shows over $530m locked in DeFi applications, with Maker dominating over 50 per cent of that value. Lending dApps also account for four out of the top five services, with Compound, InstadDapp, and dYdX the most popular.

The popularity of decentralized lending can be partly attributed to its trustless nature, where all transactions are managed by smart contracts on the blockchain. However, because there is no central control, interest rates tend to be more volatile.

The launch of Interest by CoinMarketCap is designed to provide users with more exposure to decentralized lending opportunities.

Carylyne Chan, CoinMarketCap’s Chief Strategy Officer said: “With this product, we hope to create a one-stop resource for users to find out where to save, earn, borrow and margin-trade with their cryptocurrencies.”

We found the interface for Interest by CoinMarketCap to be intuitive and user-friendly. Each asset is listed down the left menu, and clicking on one of the assets will bring up each of the lending platforms, ranked by interest rate from best to worst. The dashboard is certainly easier on the eye than similar services such as Loanscan.

This is the first new launch from the company in quite some time, although it has been working to improve the data quality of its rankings through measures like the liquidity metric. However, CoinMarketCap has confirmed that it will be announcing further product launches during its inaugural conference, to be held in Singapore during November.

The company intends to add more features to the Interest by CoinMarketCap over time, including insurance schemes, licensing, and regulatory information. Given that CoinMarketCap already has a significant user base for its core coin ranking service, the Interest product has a strong chance of becoming the leading crypto-lending aggregator.

The post CoinMarketCap Launches Interest Rate Comparison for Cryptoasset Lending Platforms appeared first on Crypto Briefing.

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