THORChain's 0% Interest Lending Hits $50M in Loans Against BTC, ETH

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.