Chapter 11 of the book Reckless: The Story Of Cryptocurrency Interest Rates is published below. This is often referred to as the “earn” model, a way to attract retail deposits. This was a variable interest rate and BlockFi reserved the right to change the interest rate at any point in time. Ledn also adopted the earn model, something Unchained Capital never engaged in. Eager to capitalise on the flow and excitement of the space, many other companies entered, adopting the earn model.