Ethlend - Baiji Release Has Arrived on The Mainnet!
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Ever since blockchain technology and cryptocurrencies surfaced, one of its main objective has always been to bank the unbanked, decentralized the centralized, as well as creating new opportunities for technology enthusiasts. This also rivets the creation of a different financial system that allows the public to gain access into financial safety as well as opportunities that comes with the ability to store our funds, lend/borrow money from others safely.
This is where Ethlend comes in, the project is designed to tackle the latter and ultimately produce a decentralized peer-to-peer lending platform where anyone can act as a lender or borrower regardless of their gender.
ETHLend will exploit the Etheruem blockchain model so as to include a radical modification to p2p lending. Unlike our traditional centralized banks that assures us the user will pay back the loan upon the agreement, Ethlend assures the user that his/her loan is highly protected via collateral based loan requirements, or via Etheruem Name Services (ENS).
Inclusively, the Ethlend project is operated by a dynamic team with solid experience in their designated fields. According to Ethlend's official website, it states;
The platform had a functioning dApp since Q2, before they even conducted their ICO, and continue to improve its user experience and add new features to their lending platform. Beyond basic peer-to-peer lending, they aim to add advanced features such as on-demand lending, crowd lending, and decentralized credit scoring in the near future. These new features, combined with the improvements to their platform’s user interface and experience, make ETHLend the premier platform for decentralized peer-to-peer lending. source
However, the platform boast of a high level of accessibility. Ethlend is heightened to be accessible to everyone, across different parts of the world. The platform also boasts of 'ease-of-use" interface for both the banked and unbanked, centralized and decentralized.
It costs absolutely nothing when utilizing the Ethlend platform, all one need is an Ethereum address, which is purely free to obtain. What does this mean? It simply dictates that anyone with or without a centralized bank account can still access the platform long as they have internet and a web browser (chrome browser preferably).
We can all testify that mobile wallets are replacing our traditional wallets vehemently. This is true because, we don't need to go about with our laptops everywhere, a mobile phone with internet access is enough. Furthermore, borrowing and lending on the Ethlend platform are conducted via the use of Ether, this action will foster the utilization of the platforms native currency when carrying out a loan transaction.
Users Can Now Borrow Against BTC and DAI Respectively
On the 6th of February to be terse, Ethlend announced on their official website about the release of Baiji as well as some intriguing features.
This accomplishment is a big win for Ethlend, this is because users can now borrow against Bitcoin and DAI respectively.
The ability to lend Bitcoin delineates an enormous step. This is because for the first time in the history of crypto lending users can now borrow against Bitcoin and DAi. That's definitely one for the books! What this also means is that, with the utilization of Ethlend, borrowers can now suggest their own interests percentage for Bitcoin and DAI loans within a peer-to-peer marketplace.
Also, our users have now the possibility to borrow against DAI, winner of our first community vote for stablecoins, becoming the first stablecoin that will be available in ETHLend. This is another big step towards the best user experience you can get from a crypto lennding marketplace. source
A handful of other new features are listed here
Want to Be Part of Our Rewarding Game? Two Months Challenge Starts Now!💰
For this huge accomplishment, the Ethlend platform wants to give it back to the community. As such, they are launching a challenge via which lenders and borrowers can effortlessly borrow and participate in the challenge.
Below are the rules to follow to be eligible for the reward.
📌 For lenders - If you HODL DAI coins, you can as well use you DAI coins to issue a loan to others and get rewarded with liquid lend tokens. In order to boost your chances of winning, refer to others to participate. If the user reaches a specific DAI volume, they'll be eligible to earn at least 50% of the fees in the course of the competition.
Below is an arrangement of how the rewards are measured:
| Volume Reached | % earned | |||
|---|---|---|---|---|
| 70,000 DAI | 10% Lender's fees | |||
| 140,000 DAI | 20% Lender's fees | |||
| 210,000 DAI | 30% Lender's fees | |||
| 280,000 DAI | 40% Lender's fees | |||
| 350,000 | 50% Lender's Fees |
📌For borrowers - Do you HODL BTC? The same thing is applicable in the case of DAI. Stake your BTC to get a loan and earn some liquid lend tokens. The higher the participants, the easier it is to get the liquid rewards. Once it hits the targeted BTC volume, users can earn up to 50% of the fees charged in the course of this competition.
Below is an arrangement of how the rewards are measured:
| Volume Reached | %earned | |||
|---|---|---|---|---|
| 20 BTC | 10% Borrower's Fees | |||
| 40 BTC | 20% Borrower's Fees | |||
| 60 BTC | 30$ Borrower's Fees | |||
| 80 BTC | 40$ Borrower's Fees | |||
| 100 BTC | 50% Borrower's Fees |
🎯 The challenge starts now at the time of this writing and lasts till the 31st of March. For every valid participant, there will be a reward as per the volume to get.
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.
Below is an exquisite video from the team;
For more information and resources, please visit the following below;
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.
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