Users can now utilize SOL tokens to buy, swap, earn interest and even use them as collateral.
SOL Utility Increases
In a move to capitalize on the hype around the ecosystem, the native token of the Solana blockchain, SOL, is now supported by Nexo, a lending, borrowing, and savings platform for digital assets.
Users can now instantly buy SOL tokens on their Nexo wallets using the six trading pairs available, which include BTC, ETC, and stablecoins. These tokens can then be used to earn an interest of up to 8% annual percentage yield (APY) which is paid out daily.
SOL tokens can now also be used as collateral against which users can borrow cash or stablecoins with an annual percentage rate (APR) starting from 6.9%.
“Borrow as little as $50 to up to $2 million whenever you want. Your requests are always processed automatically and approved within seconds, plus no credit checks. No installments or minimum repayments, meaning you can pay off your balance partially or fully whenever you’d like,” elaborated Nexo about their Instant Crypto Credit Lines on the official blog.
Nexo’s Instant Crypto Credit Lines allows users to get a loan ranging from $50 to $2 million in cash or stablecoins using SOL tokens as collateral with no prior credit check required. The loan can be paid off in full or in part in no specific timeline, there are no installments or minimum payments required. These loans will be approved automatically by the platform within seconds. Additionally, SOL tokens can also be swapped at the Nexo Exchange instantly with no hidden fees.
About Nexo
Nexo is a trusted lending institution in the digital finance industry. The platform currently manages digital assets for more than 1.5 million users across 200 jurisdictions. Its product suite includes products to buy, earn, borrow, exchange crypto tokens, and a Nexo card that enables point of sale transactions. The inclusion of Solana to its list of supported crypto tokens enables the platform to give users services enabling token utility.
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Source : solana.news
