Holders of Matic, can now earn up to 20% APY as lending and borrowing platform Nexo.io adds Polygon’s Matic to their collection of assets.
Nexo was founded in 2018 and is one of the more established lenders on the market. They offer up to 12% return on USDT, and 17% on DOT. As part of their launch of Matic, they are offering up to 20% until January 3, 2022. Nexo pays earnings in their own token and says they can deliver the high yields by lending out to borrowers against collateral.
Why Matic?
The Nexo team motivates their selection of Polygon as its multichain network works on top of Ethereum’s ecosystem, and it allows communication with other blockchains. Also, with the growing importance of parachains, Nexo wants to future proof their success.
The Nexo team also plans to use the Polygon network for more projects, including a metaverse service to maximise the usage of NFTs, but also to create new financial services.
Matic pairs on Nexo
With the introduction of Matic, users will be able to trade the following Matic pairs:
• MATIC/ETH
• MATIC/BTC
• MATIC/BNB
• MATIC/USDT
• MATIC/USDC
• MATIC/EUR
• MATIC/GBP
• MATIC/USD
To start earning on your Matic holdings with Nexo, users need to join Nexo’s Earn Crypto Interest suite. The interest rate is paid out daily, and the service caters to long-term Matic holders interested in making a return on their holdings.
Different yields depend if you are a Base, Silver, Gold or Platinum user. As the promo period ends on January 3, the yield for Matic holders will drop to between 10% to 15% depending on your Nexo tier.
Borrow Against Matic
As part of the enabling earnings on Matic, Nexo is also allowing its users to borrow against Matic, with the minimum borrowing amount being $50, and the maximum is $2,000,000.