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Highlights
- Jupiter Exchange disclosed cuts in borrowing fees for three crypto assets.
- The platform lowered borrowing fees of SOL, BTC, and ETH from 0.01% to 0.008%.
- Users project increased market activity amid the recent decline.
Jupiter Exchange reduced borrowing fees on its platform sparking positive sentiments in the market. The platform disclosed a reduction from 0.01% to 0.008% per hour of Solana (SOL), Bitcoin (BTC) and Ethereum (ETH). The move has ignited positive interest from the community although the wider market sentiments remain low.
Jupiter Slashes Borrowing Rates
Jupiter announced a cut in borrowing rates of three major assets following recommendations and inputs from Gauntlet. X (formerly Twitter) user and the exchange developer, anyhauu noted that rates were reduced for SOL, BTC, and ETH and have seen increased activity since the move.
”.@JupiterExchange Perpetual has reduced borrow rates from 0.01% to 0.008% per hour for SOL, ETH, and BTC as per @gauntlet_xyz recommendation jupresear.ch/t/gauntlet-jup…Since the reduction in borrowing rates, we have seen SOL pool utilization increase from 30% to 50%. PPP – traders trade with lesser fees and the JLP pool gets more fees because of higher utilization.”
According to the report released following the development, the company remains attractive to crypto traders in leading centralized exchanges gaining advantages. Gauntlet highlighted that with the blended utility of SOL hitting 82.4%, the asset’s utilization hit 45% showing moderate demand. This led to the recommendation of slashed borrowing rates.
“The updated capped recommendation for Solana will improve the experience for traders, making trading cheaper, given the current utilization levels. It should be noted that an increase in Ut is expected since borrowing costs will be closer to Binance funding rates,” the report added.
What’s Next For The Market?
At press time, the crypto market remains in the red zone with Bitcoin price sliding below $59,000 following negative market sentiments. Reducing borrowing rates from BTC, SOL, and ETH could lead to increased market activity spurring inflows in the market. The move from Jupiter can also impact other platforms within the ecosystem. Ethereum price stands at $2,464, dropping 4.31% in the last 24 hours while Solana (SOL) trades at $134.18, a sharp 7% decline in the same timeframe.
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