Singapore based DeFi platform, Hodlnaut, is set to officially increase their Bitcoin APY to 7.5% as part of a broader revision of the interest earned on their products. These changes are slated to go into effect within the next few days.
More specifically, Hodlnaut’s announcement has set the 9th of August. Furthermore, the revised interest rates will not be limited to BTC alone and Hodlnaut’s users will be able to take advantage of APY increases on all six of the assets on offer – these are, BTC, WBTC, USDC, USDT, ETH, and DAI.
“We always strive to offer the best experience on our platform for our users. The change in interest rates and the introduction of a tier system is thus necessary in order to maintain the best risk management policies while having our users attain maximized interest rates,” as per CEO and Co-founder of Hodlnaut, said Juntao
Another addition is the introduction of tiered interest rates, which have a direct impact on the APY that a user stands to earn. For example, users on the higher end of the tier system stand to earn up to 12.7% APY on USDC/USDT, 8.3% on DAI and 7.5% on ETH, WBTC and BTC. All interest earned will be calculated and allocated to their relevant users at 5pm (GMT+8) every Monday.
Hodlnaut’s latest update falls well in line with the growth of DeFi and the company’s own vision of becoming the first fully regulated digital assets lending and borrowing platform. Through consistently maintaining their calculated approach to the risks involved with DeFi, Hodlnaut looks well on the way to achieving their goals.