THORChain has introduced a new lending service, offering 0% interest rates for borrowing against Bitcoin (BTC) and Ethereum (ETH) as collateral. This service contrasts sharply with other platforms such as Aave v3 and MakerDAO, where the cost to borrow stablecoins like USDC, USDT, and DAI against BTC or ETH can range from 9% to 29% on MakerDAO and 24% to 29% on Aave v3. THORChain's move has attracted significant attention, with $50 million already borrowed through the platform. The service was resumed after a brief pause due to a client update following the Dencun fork, ensuring compatibility across other EVM chains. This development is part of a broader trend of on-chain financial services offering competitive yields and borrowing options, as indicated by the varying costs of using Aave on different chains.
Hash Rate - Ep. 47: THORChain Lend 🧙 Guest: @CBarraford $RUNE @THORChain Core Dev Borrow 50% against native #Bitcoin. No liquidations, no interest, no KYC, no time limit to repay. Crazy? Or a new unlock of the 1.3 Trillion-dollar native #Bitcoin DeFi market? 00:00… https://t.co/rpt0LYsujt
Using Aave on @Optimism now costs $0.06 Using Aave on @arbitrum now costs $0.09 Using Aave on @gnosischain costs $0.0004 All of them allow for >15% yield on ETH & >20% yield on stables. Money is made onchain. https://t.co/T25g4RDpFV
$50m Borrowed through THORChain Lending https://t.co/0166NtOQPr
Cost to borrow stables against $BTC or $ETH: Aave v3 MakerDAO Thorchain USDC 24% 9% 0% ⚡️ USDT 17% 14% 0% ⚡️ DAI 29% 16% 0% ⚡️ And…
✅Ethereum has been resumed on @THORChain after a client update following Dencun fork. THORChain devs took additional time to verify functionality across other EVM chains dependent on this library. Lending has also been resumed on @THORSwap. All other services fully operational. https://t.co/ZbVw1ey3Vd
Loans r back @THORChain https://t.co/G9btTqqbYR
Why are you paying 30% borrow rates on your dollars when you can borrow at 0% via @THORChain lending? It's an absolute no brainer if you're using BTC or ETH as collateral