The interest rate for borrowing USD stablecoins on the Aave platform has surged to over 10%
The market for altcoins has rebounded significantly since last weekend. The interest rate for borrowing stablecoins denominated in US dollars (such as USDC and Tether) on the Aave platform has skyrocketed to over 10%. Aave is the largest lender in the DeFi project, allowing peer-to-peer encrypted cryptocurrency transactions without intermediaries. The higher interest rate means that more traders are willing to pay to borrow stablecoins, indicating that they are increasing their cryptocurrency bets. The lending rates for DeFi and the financing rates for perpetual contract markets continue to rise, creating arbitrage opportunities for traders between the two. Spencer Hallarn, a derivatives trader at cryptocurrency investment company GSR, said: "Aave and perpetual contract rates should typically have some correlation, as you can arbitrage between the two. Overall, this indicates demand for holding cryptocurrency in the derivatives market."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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