CoindCX, which is an Indian cryptocurrency exchange, has recently declared the introduction of its crypto-lending program called Dcxlend. The platform will let the customers earn interest in the crypto held in the exchange.
Sumit Gupta, the CEO of CoindCX, stated that just the USDT and BTC were supported during the beta phase. He stated that the exchange had over 120 lenders, which led to the day-to-day movement of 170 BTC over the challenging period.
The statement even informed that the policy beta testing phase was completed, and the program supports five other cryptos, such as Bitcoin [BTC], USD Tether [USDT], Ethereum [ETH], XRP, and Binance Coin [BNB]. He also said that the exchange was still scaling up and that the platform would add more crypto tokens soon.
Enjin Coin (ENJ), with a total market cap of nearly $150 million, is the highest-ranked crypto on this list, sitting in at the 41st spot. Ravencoin (RVN), which is not too far behind, is the 43rd largest cryptocurrency, Ravencoin. Nano (NANO) is perched at rank 48.
The project has a few interesting ideas that could have made its unique value proposition very enticing to prospective investors. Decentraland (MANA) has a total capital of just over $50 million; many might not give the 88th biggest crypto project too much of a look in, and Enigma (ENG) is the time of writing, the coin occupying the last place and ranked 100th is Enigma.
The CEO of the company further explained that the exchange had an internal settlement and liquidation mechanism for margin trading. However, it did not have a funding wallet.
According to the market dynamics of “demand and supply,” the lending term distances related to the package were 7 days, 15 days, and 30 days. The charges and rates will completely depend on change.
Furthermore, the crypto exchange broadcasted that the crypto lent through Dcxlend will also be used to offer leverage to users on Dcxmargin, another prominent service provided by the crypto exchange.
Sumit Gupta even stated,
“Funds are then lent to the users only when the margin trade is open, with no withdrawal access and hard liquidation with 7.5% maintenance margin.”
As the user moves from the notions of the natural market, the charges and purposes of Coins increase and decrease weekly. The requirement on market cycles occasionally hides some sincerely feasible projects. This means that the value indebtedness and marketplace cap are not continuously the best signs of the scheme’s true feasibility.
The incomplete attention distance given to most coins does not help with difficulties. The cryptocurrency market is always fluid.
With its emphasis on confidentiality and the principal point of the coin’s work on the confidentiality layer for a more regionalized web, the coin must do well in the extended term. ENG gambles with secret nodes and hides the smart contracts to use the data without jeopardizing end customers’ confidentiality.