Crypto exchange mangomarkets is voting on whether to raise its interest rate and lower the level at which it kicks in. realDannyNelson reports.
Mango Markets is voting on boosting the interest rates the Solana-based protocol pays to lenders of its most popular tokens.
All tokens pools at 50% utilization – meaning half of user-supplied tokens are being lent out – would offer 1.8% interest under the proposal, an increase from the existing rate of zero. That utilization level is also lower than the current 70% at which effective interest rates increase or decrease based on how strained a pool has become.
The proposed changes stem from concerns that Mango Markets’ current measures might falter if utilization rates climb too high – a situation that would prevent lenders from withdrawing tokens or borrowers from taking new positions. By paying higher rates at lower utilization levels, Mango is looking to better retain existing deposits and woo newcomers.
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