Ethlend - The World's First Crypto lending Platform
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The advent of cryptocurrency has led to diverse online opportunities in all ramification. And the best part is; it just keeps getting better every day. A countless number of projects have been offering all-inclusive services using cryptocurrencies as well as blockchain technology. Among all this, the ability to lend cryptocurrencies has been a top-notch objective.
There are lots of things to be considered when requesting for a loan with our traditional banks, whereas only two things are necessary when applying for a crypto loan. A good network browser and an agreement. However, the company giving the loan might request other anonymous credentials to. Since we're in the topic of lending cryptocurrencies, let me introduce you to Ethlend.
What Is Ethlend
Ethlend could be seen as a decentralized lending platform that leverages on the Ethereum blockchain. The company enables secured loans through the Ethereum blockchain by using ERC-20 compatible tokens or ENS (Ethereum Name Service) domains as a source of collateral. With the utilization of ENS domains backed with blockchain technology, users will be able to borrow Ether. The idea behind the utilization of ERC-20 tokens is to certify the quick repayment of the loan (according to the agreement), lenders, on the other hand, will be able to lend Ether without losing capital.
Studies show that Ethlend platform is a secure and decentralized lending platform known all over the world, and most notably, Asian countries. Reason being, Ether is a popular currency in Asian countries such as Russia, Vietnam, Japan, and Qatar. These few outlined countries boast to accommodate a large volume of Ether as well as other cryptocurrencies. However, people all over the world can effortlessly access the Ethlend App and request for a loan using the lending tools.
The Utilization Of Ethereum Domain As A Source Of Collateral
As we all know, "ETH" is the official domain extension of the Ethereum platform. The .ETH domain consists of two Etheruem DApps (smart contracts). The whole idea regarding this domain was designed to define the resolution of Ethereum addresses.
With that said, Ethlend will integrate this domain as collateral. Since the advent of the Ethereum Domain service, there has been massive traffic for some projects utilizing the domain names with a .eth ending.
Basically, it will be a huge goal for Ethlend if users use their Ethereum Domain Names (EDN) as collateral when requesting for a loan instead of digital tokens. This will work because Etheruem Domain Names consists of deposited Ether as well as the value infused right inside the user domain.
How To Use Ethlend
Users can effortlessly access the Ethlend portal via a google chrome plugin known as MetaMask.io. The idea is, the MetaMask will serve as a bridge that allows you to stay on the distributed web of tomorrow in your browser today. It facilitates the utility of Etheruem DApps right in your chrome browser regardless if you running a full Etheruem node. However, the MetaMask consists of
- Secure identity vault
- Friendly interface
- Signed blockchain transactions
Having explained the peculiarity of MetaMask, you'll realize how exceptional and flawless the platform is. As in actuality, almost all the pages on Ethlend.io website are impenetrable, lest you download that plugin.
With that said, once the user has downloaded the plugin, it'll serve as a bridge between your web browser and Etheruem network. Hence, after the installation, users will now be able to request for a new loan or visualize loan requests at the official website. This interface is designed to facilitate the speed when requesting for a loan.
Ethlend Fees
Apparently, since the platform is a decentralized DAPP, is simply connotes that, transactions are plainly transparent on the Ethereum network.
At the time of this writing, Ethlend extracts 0.01 Ether per loan, as well as another whooping 0.01 Ether fee for the funding of a loan. In all, the estimated fee for every loan contract is 0.02 Ether respectively. The idea is, these fees are used to develop and maintain the platform.
The State Of DApss @stateofthedapps
The state of DApps (@stateofthedapps) is a decentralized applications/projects that leverage on Ethereum, EOS, POA and of course steem.
Crypto traders and investors must fathom the popular notion that states; "decentralize everything". A countless number of projects are still out there looking for a problem to solve.
Nevertheless, the vital key below the decentralized blockchain is no other than censorship resistance, however, there are still some anonymous setbacks that come along with it such as; slow speed, inadequate transparency, and transaction costs etc.
Additionally, all other top DApps were designed to reshuffle the overflow of cryptocurrencies, cloned projects, cryptokittiess and poorly drawn NFT-based games.
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Disclaimer:
This is not financial advice. Please do you own research before investing in cryptocurrencies or any digital asset. This blog post is done for entertainment and knowledge purpose only.