The technology of distributed ledger (Blockchain) has been gaining massive adoption lately, no wonder we have been seeing the rise of DApps over the last couple of years. But for the development of a project or just for the servicing of any blockchain technology, you will need funds right? Okay, the truth is; getting funds from banks these days is more or less like a herculean task. But a solution has been found for you, and that is ETHlend. I present to you ETHlend.
WHAT IS ETHLEND?
ETHlend is a DApp created by AAVE, and built on the erc ethereum blockchain technology to facilitate a peer-to-peer lending of digital currencies. And among other things is the fact that this system is perfectly decentralized, and that has earned it the honour of being the world's first decentralized lending platform that is built on the ethereum blockchain. And as such, lenders and borrowers would agree on the terms and interest rate of the individual transaction without recourse to any standardized interest rate - that is decentralization at its peak.
Before now, ETHlend has operated majorly an ethereum-based lending services. But great news! Bitcoin has been incorporated into the platform as stated in this press release, to make for further viability, and to give users a wider range of choices to make. ETHlend has been seen to blaze new trails in the crypto space, and among them is; their last year's total turnover of a whopping $20m, which has placed ETHlend in the top category of blockchain lending services according to this source. I'm sure you would never have reasons to be short of funds again, because ETHlend has got your back.
GETTING STARTED WITH ETHLEND
First of all, you would need to sign up and create an account in the ETHlend portal, and then click on the "get started" button. You can as well launch the ETHlend application directly from here. But most importantly, you should have a metamask plugin, so you would be able to sync your eth wallet with the browser. After you have done this, then you're good to be either a lender or a borrower.
Being a lender would grant you some additional benefits. For example, if you own a DAI token, you can stake it to receive LEND tokens as rewards. And the reward is dependent on the volume of DAI staked. Here's a tabular breakdown of the rewards for volumes staked:
| Volume of DAI staked | Percentage of lender's fee you are rewarded with |
|---|---|
| 70,000 | 10% |
| 140,000 | 20% |
| 210,000 | 30% |
| 280,000 | 40% |
| 350,000 | 50% |
Note: This offer is limited, and would only last till 31st March, so you need to hurry up and be part of this amazing giveaway. So if you are already hodling DAI tokens, it is time to put them to use. A good thing here is; the services provided by ETHlend can be accessed worldwide; apart from some minor restrictions on US residents.
Someone might be asking "how safe will my funds be?" ETHlend has already taken care of this. You would be in control of your wallet. And the funds you allocate will be saved in a smart contract on the ethereum blockchain, and the only people having access to the smart contract loans would be the lender and the borrower, making for better security. And with collateral staked by the borrower, the lender need not worry, as this can be released to the lender if the borrower falls short of paying up at the stipulated time. The awesome part of this is that the interest rate is not standardized and is only set mutually when a particular loan is created.
The terms and types of loans vary. There is the one known as "Pegged loan". In this type, the funds used are tokens that have been pegged to a particular fiat, like the DAI, which is very stable. And as such, you would not run the risk of your funds depleting due to the volatile nature of cryptocurrencies. So the choice of using the type of loan you want is yours to make - whether it is against DAI, BTC, or any other cryptocurrency.
To get additional info, here are some quick links:
ETHland website | Aave press release - launch of btc on ETHlend | ETHlend - medium | ETHland - StateOfTheDApps
Disclaimer: This post does not suffice as financial advice, please observe due diligence and make your research.
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