Why did LEND Coin surge (Renaming of LEND Coin)

08/09/2023 07:08 • Daily Digest • 72 views

Why did LEND Coin surge recently? The price of LEND coin has seen a significant increase.

On June 30th, LEND started token distribution mining on the Binance Smart Chain. Within the first hour of launch, the Total Value Locked (TVL) surpassed $200 million, with a 24-hour price increase of over 10%. Additionally, the transaction fees of LEND have also increased significantly. On the evening of July 13th, the lending rates of lending projects Compound and MakerDAO reached their peak at 4% – the highest value in the past two weeks being 5%.

There are three main reasons for the skyrocketing price of LEND coin:

Firstly, the rapid development of LEND is due to the stability, security, and sustainability of the LEND protocol itself.

Secondly, its decentralized nature allows it to coexist with existing DeFi products and be replaced by other financial service providers, which has a positive impact on the entire industry.

Thirdly, its liquidity and speed make it a great choice.

Furthermore, the LEND team has never given up on using the LEND protocol to provide funding and governance rights.

In the DeFi market, users can participate in activities such as staking, borrowing, earning interest, and obtaining interest through staking, helping users increase their returns and reduce costs, while keeping their assets secure within the blockchain network.

Lend primarily targets investors in the DeFi sector, who invest their funds in their products. When users want additional funds, this sector’s projects are closely monitored. For example, if we see new products being launched or existing projects needing more investment, LEND becomes an important part of it.

The seventh reason is the recent trend of “lending is mining.” This gameplay is popular because it allows ordinary people to get higher returns on investment. “Lending is mining” is also a new profitable method, as users invest their idle funds into various applications on the platform, such as lending games or asset synthesis projects. However, it is a riskier behavior for those without sufficient capital.

The eighth factor is liquidity mining in DeFi applications on Ethereum, which is rapidly growing. “Mining” refers to users using smart contracts to operate DeFi protocols and earn income in a specified timeframe. At certain times, users can automatically complete the deposit and borrowing process through smart contracts.

The final question is how to utilize the low slippage advantage of DeFi to achieve arbitrage returns. Currently, Curve is the most popular lending project, with an annual interest rate of up to 30%, making it one of the most competitive lending products. The platform’s annual interest rate is around 40%. It is also worth noting that

LEND coin renaming

In order to help the community understand the opportunities for growth in LEND coin, it has been renamed to “Lend” to better serve users and reduce their transaction costs. Specific changes include: 1. More accessible lending protocols; 2. Increased support for various asset types; 3. More token support; 4. New reward mechanisms; 5. Addition of collateral rate models and revenue strategies to meet the needs of different users.

It is reported that Lend is a decentralized lending protocol built on the Ethereum network, providing a base currency pegged to the USD, such as USDT and USDC. It currently supports 8 currencies: BTC, ETH, and DAI.

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Why did LEND Coin surge (Renaming of LEND Coin)

LEND coin renaming

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