I would say lenders benefit from this, as going forward it provides BFX with more granular control over leverage ratios - in particular, them being able to manage separate max leverage per currency is great. For traders it is probably a small negative or neutral.

It is also a slight reduction in the max effective leverage - 3.33 vs 3.5, though I doubt that this is an active constraint or BFX wouldn't have chosen that number. Going forward they may choose to reduce that number further, especially eg for LTC. That would be bad for traders that like a lot of leverage, and good for lenders. Also good for the ecosystem / reducing systemic risk.