LendProtocol Launches Lending Platform on XRPL
LendProtocol, a centralized lending service, has launched a platform on the XRP Ledger for lending in XRP and RLUSD. Users can earn 12% APY with daily interest payments. To obtain a loan, borrowers must provide collateral worth 120% of the loan amount.
The service is not an XRP staking platform, as the XRP Ledger itself does not use Proof-of-Stake or pay staking rewards. According to LendProtocol, over 743 million XRP has been loaned through the platform to date, with more than 13,700 active lenders. Borrowers pay an annual rate of 12.7%, with lenders receiving 12% and the remaining 0.7% covering the platform's operational costs.
Accepted collateral includes Bitcoin, Ethereum, Solana, XRP, RLUSD, and USDT. LendProtocol states it assumes the credit risk in case of loan default and employs cold storage, data encryption, and two-factor authentication to protect funds.
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