Digital asset lending infrastructure developer Lendingblock this week released new requirements for their LND Boost tiers. They are effective Dec. 1.
Boost tiers are staking devices that come with rewards, with greater benefits coming with the higher levels. They include higher earned interest rates and discounts of up to 20 per cent when borrowing. Those with Gold status also receive free monthly withdrawal credits. Several new perks for LND token holders are in development, beginning with voting privileges, interest payable in LND, and using LND as staked collateral for stablecoin borrowing.
Beginning Dec. 1, participants must stake at least 2,426,902 tokens to qualify for the Gold level and accompanying perks, while a minimum of 1,281,789 tokens is required for Silver. Bronze perks take at least 413,095 LND.
At the time of the announcement 259,272,154.89 LND tokens were staked on Lendingblock. The company explained their reasoning behind the new numbers.
“To derive the above numbers, we’ve taken the decision to exclude a number of large LND holders who are associated with the company from the calculation methodology,” Lendingblock said in a statement on its website. “This decision was made because a handful of users drastically skew the Gold tier requirements upwards. After the exclusion, looking at the remaining users, we then took the 90th percentile balance (for Gold), 75th percentile balance (for Silver) and 50th percentile balance (for Bronze).
Those wishing to qualify for any tier can deposit more LND through next week. They will not change until Jan. 1, the company promised.
Lendingblock was founded in 2018 by a group including current CEO Steve Swain. Its April ICO attracted more than 2,000 investors. In 2019 the company developed an institutional exchange and post-trade loan lifecycle manager and received its distributed ledger technology license from the Gibraltar Financial Services Commission.
Last year Lendingblock introduced institutional licensing and signed their first client, the NASDAQ-listed EQONEX Group. EQONEX then acquired institutional infrastructure from Lendingblock in 2021. Earlier this year Lendingblock launched its retail lending and borrowing platform.