Market is down? Why sell at lost when you can get your monthly, yearly return with ETHlend

otemzi (67)in #ethlend • 5 years ago (edited)

Loan collecting is one of the never-ending processes of human evolution with us trying to come with better means to ease and assist this process than what was initially around.

Most times it becomes really troublesome when it comes to loan collecting with individuals or borrowers needing to present different financial statement and prove of identity and at the end with a 50/50 chance of you actually getting the loan they demanded.

Some few years back a decentralize system called the blockchain was presented that offered different means where users will be able to go into different transactions and this is followed by the use of the smart contract. Over the years it has received mass adoption with different tools being developed on it that would make living as we know it, easy and comfortable.

Example of such a tool is ETHlend

ETHlend

The World's First Crypto Lending Marketplace

ETHLend is a decentralised peer to peer lending platform that allows people all over the world to get a loan or become a lender. As a decentralised platform, using the Blockchain technology we enable you to get or fund a loan within minutes in a secure way. Aave

Making use of the decentralized system, ETHlend created a peer to peer loan collection system where loaners and borrowers can interact and come up with a good enough rate that they both agree on and loan collection is backed with cryptocurrencies being the collateral.

Meaning the need to own a physical asset like land, a house and others will no longer be needed but with the use of digital currencies like ETH, DGTX, LEND you can easily get that loan today, in an easy, secure and stress-free method.

Before now, loaners where actually the ones to create the interest rate and the borrowers needed to accept or they forfeit the loan, but due to a recent update that went live, borrowers will be able to set and adjust the interest rate they see fit as well, making ETHlend stand out amongst other loan collecting platforms.

What makes it unique is that

As a crypto investor with the market experiencing downtrend, you don't need to sell or continue holding pending when the value comes up, you can easily set up a loan system where you get return monthly upon when the loan is collected.

Also, as an investor and reluctant to sell with the said cryptocurrency being low or not yet to the profit you needed, you can easily use such cryptocurrency as a means of collateral and get the loan you need to start the project.

Getting Started

ETHlend is a two process platform where individuals take a loan or rather fill up loans,

Creating a MetaMask wallet

To start, users will need to download a MetaMask wallet
This can be downloaded Here
After download, input and save the required credentials needed
If successful, you should be able to fund your MetaMask wallet.
Click on deposit and send ETH to the address, via exchange from @binance or @blocktrades by using the market system to exchange Steem or SBD to ETH.
Your account should by live, funded and ready to use.

ETHlend

Upon successfully activating your MetaMask wallet, you can now access, create and fill loan request on ETHlend

Open ETHlend
If the MetaMask was activated on chrome, then open the above with chrome as well.
The below screenshot should be presented to you.

If everything is in other, then you should get a green light and when you tick agree to terms and conditions, the launch icon should be clickable.
But if the above is not properly set-up, one or two did not click, then check if you are logged in MetaMask, if not then do so and reload the page.
After logging in, you should be able to navigate the options, the option to Create loan request and Create loan offer will be presented to you or simply view your loans.

Click any of the above, you will be directed to creating a loan request.
Collateral accepted cross amongst multiple cryptocurrencies, LEND, ETH and many others.

Loaner

As a loaner, two package is available, the normal or a premium user.

Benefit of a premium user

Premium user will have access to loan request set up within the first 60mins, the market is really competitive and to ensure top priority is given to request, a premium member section was created.

To become a premium member, you will need to pay 500 lend and this will serve you for the next 30 days, where you get to see loans created within the first 60 minutes, thereby reducing the competition level.

You can easily track your activities or simply view current offers via the homepage.

Loan currently being accepted are ETH, USD pegged ETH and LEND, the system was simplified where you will be able to view offers from a particular section.

A recent update was made and a detailed explanation of what happened was given via a Medium post made by Stani Kulechov here, titled ETHLend Baiji Release Has Arrived on The Mainnet!.

It was later published on bizjournals with a title Aave Launches Bitcoin on Its Ethereum-based Crypto Lending Marketplace ETHLend

Do read the above to understand better about the current state of ETHlend.

Useful Links

All images used above was taken from ETHlend while using the platform

Disclaimer: The content shown above is not financial advice, users should always do their own research before investing in any cryptocurrencies or digital asset, the above is just for entertainment and educational purposes

#stateofthedapps #finance #blockchain #loan