Introduction
In this ongoing series of articles about ETHLend a lot of aspects have been already covered. The introductory article contained a general view of what this project is all about, and the subsequent ones covered more specific things, like the main characteristics and the potential benefits a project such as this one can bring to the industry.
What I decided to do now, is to review the interface that each user is going to see when doing their lending activities in the ETHLend platform, with the help of my own screenshots I am going to share the entire interface and a short explanation about what we can see on the screen.
ETHLend interface
These are the first 2 options we will encounter, we can either create a new wallet or import one, in this case, I choose to create a new wallet.
After choosing the option to create a new wallet, we need to enter our password and ETHLend provides us with a secret passphrase that we need to save, in this screenshot I edited the picture to delete the passphrase, but it appeared inside the blue square.
In the next step, we simply need to unlock our wallet by writing our password.
This is the basic interface we see once we are inside our account. We can see the options to borrow or lend, and some of the current lend request there are on the market.
As we can see, at the bottom of the homepage we can also see the last loan offers there are available on the market, and there are the options of "Fund now" and "take this loan", it is as simply as that, unlike the traditional banks where having access to a loan is a tiresome process.
When clicking the option to see all loan offers, this is what we will encounter, on the left side of the screen there are several options that can filter out the results depending on what type of loan we are looking for.
I clicked the filter "waiting for payback" and there were 3 loans with this condition, the filter works perfectly.
These are the loan request, and the interface is very similar to the previous one.
In this case, I tried the filter that says "waiting for collateral" and there was only 1 loan with this condition, just as in the previous case, the filter is working properly.
When checking our wallets this is what we are going to see, in this case since the wallet was just created it haz zero cryptocurrencies. Just as I mentioned in yesterday's article, this lending platform is totally compatible with Bitcoin, which is why we can see this cryptocurreny in the wallet.
Being a project that runs on the Ethereum blockchain, there are also a lot of different tokens compatible with ETHLend.
When requesting a loan, this is the interface we are going to see. We can see all the available cryptocurrencies that are accepted.
As an example, I simply wrote 1 ETH as the collateral amount.
The next step is to choose the loan currency.
Given the fact I chose the platform's own token (LEND), this is the amount I can borrow.
The next step is to choose the loan duration.
And the final step, is to simpy set the monthly interest I want to pay for this loan. On the right side of the screen, we can see a summary of all the information related to this loan request. After this, the only thing the user needs to do is to create the loan request and wait for someone interested in providing this loan.
The process when we are offering a loan is very similar. This is what we will see when starting this process.
In this case, I decided to choose the DAI cryptocurrency that is supposed to be worth one american dollar.
There is the option of lending less than the already established amount, which is a very important option to facilitate smaller loans.
The next option we will encounter, is a very long list of collaterals we need to accept for our loan, in the screenshot I only show a small portion of the entire list.
We also need to choose the loan duration, and finally, we will be able to create the loan offer!
Conclusion
This was an overview of what people will encounter when using the ETHLend platform, the interface is very intuitive and easy to use, so I don’t think anyone will have any problems whatsoever when trying to figure out how to use this platform.
Some statistics and numbers about this project can be found in its State of the Dapps page.
DISCLAIMER
The information contained within this post shall not be taken as a financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. You can lose all of your money by investing. The information presented in this article is for educational and entertainment purposes only.