Crypto loans skyrocketed during NYC blockchain week

24 May, 2019 | Updated: 24 May, 2019
by Fifi Arisandi
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Crypto loans skyrocketed during NYC blockchain week

Crypto loans gained popularity during the New York city blockchain week as amount of loans skyrocketed during the event.

New York city blockchain week that brought thousands of attendants just concluded. What’s interesting is, cryptocurrency loans seem to gain a significant number of enthusiasts from the event that took place from May 10th to 17th.

Loan explorer platform, LoanScan shows a spike in crypto loans since May 11th, which coincided with the start of NYC Blockchain Week.

MakerDAO saw a huge increase on May 10th, which amounted $191,876 USD of new crypto loans. The figure soars to almost $2.3 million the next day, which meant 1000% of increase from the previous day.

Another spike is seen by Dharma and Compound, with $33,000 soared to around $195,000 only on May 10th.

It didn’t stop there for one of the largest blockchain-based lending platforms. The amount of loans on Dharma’s platform skyrocketed to $735,000 on May 13.

Another popular decentralized finance projects, Compound also saw a massive increase in the amount of loans, from $301,000 on May 12th to $851,000 on May 20th.

Lastly, LoanScan also shows that as many as 6,758 crypto loans were issued in the past 30 days, with a total amount of more than $31 million, as reported by LongHash.

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