FEATURED DAPP REVIEW - ETHLend

in stateofthedapps •  7 months ago  (edited)

Hello everyone. In this post, I reviewed on a featured Dapp by the name ETHLend.

INTRODUCTION

ETHLend is a decentralized financial platform built on the Ethereum Network allowing users to either borrow or lend crypto from all over the world.
These actions allow its user get financial help from all over the world and equally offer help as well. This platform can be accessed at the user's convenient time. As a result, it saves the stress to going to the bank, follow so much protocols to borrow money.
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GETTING STARTED ON ETHLend

Getting started on this platform is as simple as ABC. It takes seconds to sign up for an account on this platform.
To sign up, click here , after that is done, you click on "get started" on the top right corner.
You'll be directed to a sign up page.

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As you can see on the image above, all the information required there about yourself are important for setting up an account on ETHLend, so be sure you provide the accurate details.
From there, you'll be sent a verification link to the email you used to sign up.

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Once you've clicked on the verification link sent to your email, congratulations! You've signup for ETHLend.

Just before you get to the homepage, you'll be required to creat an ETHLend wallet.
Below is how the page looks like.

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KEY FEATURES on ETHLend

There are two main features on ETHLend

The borrow feature gives you the choice of either creating a loan request or browsing the marketplace for existing offers available. By clicking on "create loan request", you choose your collateral currency i.e. ETH, LEND, BIT, or ERC20 and also your loan currency. It's that simple!
Clicking on "view all request", you're being shown the number of loan request available.
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The lend feature gives you a choice of creating a new loan offer or browsing the market for existing offers. When you choose the "new loan offer", you choose your loan offer currency, insert the amount you have to offer and the accepted collateral for your offer.

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Other features on ETHLend

  • Dashboard
  • New loan offer
  • New loan request
  • View all offers
  • View all request
  • Wallet
  • Profile

Dashboard
The dashboard gives information about the user's borrowed loans and the number of funded loans.

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In the image above, I have no borrowed loan nor funded loan. As you can see there, its clearly written " You have no borrowed loans yet".

New loan offer
This feature takes you to where you choose your loan offer currency, insert the amount you have to offer and the accepted collateral for your offer.

New loan request
This feature takes you to where you choose your collateral currency, insert the collateral amount and also your loan currency.

View all offers
This feature shows the number of loan offers available.

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View all request
This feature shows the number of loan request available.

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Wallet
Normally, a wallet is a case where we put our cash or maybe credit card(mostly valuables).
Its function doesn't change here. It holds the money which will be used to offer loans or receive loans.

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Profile
This is where your account profile is being displayed.

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ADVANTAGES OF ETHLend

  • At ones convenient time, he/she can borrow money with the help of ETHLend from anywhere in the world.
  • You earn reward for inviting friends to the platform.

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  • You do not need to have an account on Etherum before you can use the ETHLend platform.
  • It is user-friendly.

DISADVANTAGES OF ETHLend

  • Absence of notification panel.
    HOW IT CAN BE CORRECTED
    A notification panel should be created to enable users get alerted when their loan request is being answered or when their loan offer is being answered as the case may be.

CONCLUSION

ETHLend platform is a very useful platform where one can find help easily when looking for loan or want to offer loan from all over the world.

RESOURCES

I wish to state here that this post and its contents is based on my experience, knowledge and personal use of the ETHLend platform. Images provided here are screenshots from my device. Links are provided below each image.

Rating: 4/5

REFERENCES

ETHLend platform site - https://ethlend.io
https://guides.github.com/features/mastering-markdown/

DISCLAIMER: This content does not serve as a financial advice, be sure you do your own research.

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