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ParaSpace to Introduce Platform Fees from May 1st, 2023

Cointime Official

April 20 (Cointime) - ParaSpace, a decentralized protocol that allows users to lend their NFTs and ERC-20 tokens to earn interest in return, announced that it will be introducing platform fees starting on May 1st, 2023. The fees will be used to cover smart contract security upkeep, new hires, operations, and marketing.

The platform will be adding a small 10% platform fee to all borrow interest collected. This is in addition to the 10% reserve factor that is already in place, which is building up the insurance reserve on the platform. However, the actual impact of the fee on users will be modest, as it will only affect the supply APY on ParaSpace.

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