DeFi lending and borrowing platform development in today’s time help in bridging the gap existing in traditional banking. When it comes to the working of DeFi lending, it turns out to be pretty simple. Users need to deposit crypto to the lender and receive interest in return which is commonly known as yield which gets paid either on an hourly or daily basis. With crypto lending, the lending interest rates can be substantially higher than banks and this is why more and more businesses and customers are now keen to invest in this evolving DeFi lending and borrowing platform. Different stablecoins and cryptocurrencies have varying interest rates.
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