Gemini updated their Earn interest rates on 1 Feb which saw decreased interest rates for 21 out of 43 coins. In comparison, only 7 coins saw an increased Earn interest rate. The new rates can be seen from the table below:
Note that the "Change" column is not percentage change, but the absolute change in Earn rates (Current rate-Previous rate)
The Biggest Losers:
- Alchemix Earn rate plunged from 6.20% to 1.51% (-4.69%)
- Earn rate almost halved, from 6.43% to 3.05% (-3.38%)
- DOGEcoin also had a "ruff" drop from 3.78% to 1.01% (-2.77%)
The Biggest Winners:
- Earn rate more than doubled, from 1.77% to 5.25% (+3.48%)
- Earn rate increased from 4.03% to 5.12% (+2.27%)
- Earn rate increased from 1.25% to 3.05% (+1.80%)
The new rates have already been updated on Gemini's website under the Earn Section. The new rates are also reflected on Gemini's marketing materials at the time of writing.
In an email to customers using the Earn service, Gemini said that the interest rates were "subject to the same market forces of supply and demand that affect every lending market" and that "There have been market-wide shifts in the dynamics for crypto, causing our partner to adjust their interest rates".
