What is salt? Salt Coin is a blockchain-based protocol that allows users to get loans by collateralizing their cryptocurrencies. cryptocoin.com We will examine Salt Lending in this article. In addition, we will also answer questions such as what is Salt, what does it offer, what is SALT coin, what is it for, how to buy it. Now, let’s examine this project together, which makes it possible to get loans by collateralizing cryptocurrencies.
What is salt?
Founded by real estate expert Blake Cohen in 2016, Salt Coin is a protocol that allows individuals to leverage crypto assets to collateralize fiat loans. This Blockchain project aims to be a part of the growing DeFi loan market. The altcoin, which received a lot of attention shortly after its release, is among the 1,000 largest assets on the market today. However, the platform serves these users with a number of use cases.
What services does the protocol offer?
Blockchain-based Salt Lending caters to investors who own crypto. Accordingly, it allows users to use this crypto as collateral to obtain a loan. Users do not have to deposit all their funds in an asset for a loan. Instead, they can also use accepted combinations of cryptocurrencies and tokens. Accepted tokens include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC). Users who provide these tokens as collateral can obtain loans through the platform.
These loans can be in fiat currency or stablecoins. In addition to loans, Salt was launched with the aim of creating a product that would allow users to capitalize the value attached to their crypto instead of selling it. The project holds the title of being the first cryptocurrency-backed loan provider in the crypto market. Since its emergence, the DeFi lending market has grown exponentially. The loans offered by Salt, unlike traditional loans, do not take into account any credit rating.
What is SALT coin? What does it do?
SALT coin, an Ethereum-based ERC-20 token, is the native cryptocurrency of the platform. SALT has several functions. The local currency can lower the interest rate on a loan. However, it is also open to use to make up 20% of the collateral portfolio while securing it. It is among the assets supported as collateral and can be staked. Users have the advantage of earning passive income this way. In addition, SALT coin can be spent to pay product and gas fees within the ecosystem.
How to get SALT coin?
SALT coin is currently sold on exchanges such as Gate.io, HitBTC, and Uniswap. Interested investors must first become a member of one of these exchanges. Investors can then add the cryptocurrency to their wallets by following the appropriate SALT purchase steps on the exchange.
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