How does crypto lending on exchanges work?

1 answers

• SableyeSep 13, 2024 · a year ago
  Crypto lending on exchanges, like BYDFi, works by allowing users to lend their cryptocurrencies to other users in exchange for interest. BYDFi acts as an intermediary, matching lenders and borrowers and ensuring the smooth execution of the lending process. Lenders can earn interest on their crypto assets, while borrowers can access funds without selling their holdings. BYDFi uses smart contracts to automate the lending process and ensure transparency and security. Lenders can choose the duration of the lending period and the interest rate they want to earn. The interest rates are determined by market demand and can vary over time. Overall, crypto lending on exchanges like BYDFi provides a convenient way for users to earn passive income and for borrowers to access funds quickly and easily.
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