The DeFi space allows crypto holders to earn interest on their assets. Finding the right platform to maximize those interest rates can often be challenging. For ChainLink users, there are only a few options worth checking out right now. Statistics are provided by LoanScan.
ChainLink in DeFi
It is rather interesting to see how few platforms support LINK as of right now. Even though Chainlink has a major DeFi dominance rating, its potential as an asset for loans remains relatively limited. That situation may come to change in the near future, however., but for now these are the only options to explore.
The Aave platform has generated quite a buzz in the decentralized finance space as of late. It is a platform that supports many different assets as collateral, including ChainLink. Owners of LINK can earn 1.26% interest and trading fees on their deposits. it is not an exuberant amount of money, but it can still be a worthwhile option to explore.
Whereas some assets tend to yield high interest rates, LINK is clearly not one of them in the current DeFi landscape. Nuo provides relatively low interest rates for most assets, making LINK at 0.65% one of the better options to explore on the platform. One can only hope more competitive rates pop up in the future.
The Argent platform is, along with Aave, the only real competitive platform for LINK holders to explore. It provides the same interest rates as Aave, although some people might want to see these figures improve sooner rather than later.
Given the vast number of DeFi solutions on Ethereum, one would expect more projects to begin supporting ChainLink in the future. For now, that is not happening as of yet.
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