What is ETHLend (LEND)?
Future of LEND Cryptocurrency and know how to buy LEND

#1 - What is ETHLend (LEND)?

LEND: The basics

  1. ETHLend is a DApp (Decentralized Application) that runs on the Ethereum Network, meant to offer secure peer-to-peer lending via Smart Contracts.
  2. ETHLend aims to democratize the complex procedure of lending by removing the control and power held by large financial institutions and traditional banks.
  3. ETHLend enables a lender and a borrower to decide on the important details of a loan without the need for a middleman. This means that the buyer and the lender all around the world can create a loan contract based on their own terms. It’s peer-to-peer lending, on the blockchain.

LEND Development

  1. The ETHLend network was founded by Stani Kulechov and established in 2017. This was followed by the publication of the ETHLend Alpha on the Ethereum mainnet. It delivered a completely functioning prototype of the decentralized application.
  2. The whitepaper soon followed, presenting a roadmap of the developments undertaken by ETHLend. It also contained detailed information about the ETHLend DApp and decentralized lending.
  3. An ICO went live in November 2017 that involved 1 billion tokens sold to participants over a period of 4 weeks. A pre-sale was sold out within 77 hours that raised over 600,000 USD worth of Ethereum.
  4. ETHLend relocated to ZUG, Switzerland in early 2018, which is popularly known as the crypto valley because of its sandbox regulations on blockchain technology. For those unaware - a framework set by a regulator that allows innovators and FinTech startups to perform some live experiments under controlled environments, in the supervision of a regulator, is known as sandbox regulation.


#2 - What are the benefits of LEND

LEND Technology

  1. The ETHLend platform requires borrowers to post tokens compatible with the ERC20 standard or with Ethereum Name Service (ENS) domains parallel to the Ethereum loans, as collateral in case the borrower defaults.
  2. As of now, only the borrowers are allowed to create loan requests on the ETHLend platform. For placing a loan request, a borrower should set up the data such as the loan’s time duration, number of tokens required for collateral, and interest premium.
  3. In case a lender agrees to these terms, a loan agreement can be created. Only two situations can be followed by the creation of a loan agreement, which are:
    1. The borrower must repay the loan. After this, the lender gets their original principal plus interest. Or,
    2. The borrower fails to repay the loan. The lender will get the borrower’s posted collateral in this case.

The Smart contract set up with ERC20 token collateral

The borrower makes a smart contract and is allowed to send ERC20 token as collateral. The lender can also send ETH to the smart contract.

  1. The Process of Repayment: The borrower pays back the interest and the loan to the smart contract. The lender then gets the ETH from the smart contract and the collateral of the token is unlocked and is sent back to the borrower.
  2. Failure to pay: In case the borrower doesn’t pay, the ERC20 tokens will be transferred from the smart contract to the lender. The lender can then visit the exchange and exchange the tokens.
  3. Airdrop for active lenders and borrowers: The ETHLend network uses the LEND token airdrops for increasing user adoption and adding volume to the loan book. In an airdrop, a certain amount of tokens are distributed to the users of the decentralized application.
  4. On-demand and crowdlending (loan offers from lenders): On-demand lending provides an opportunity to the lenders for placing their loan offers on ETHLend by laying down their particular collateral and loan terms. Other lenders can also join the loan offers, hence creating a liquidity pool.
  5. Decentralized Credit Rating (DCR): By using the credit tokens and past loans on ETHLend, the platform has created a decentralized credit rating system that can also be used for other decentralized applications.

Technical Features:

  1. Decentralized: Since the network is decentralised, no one can stop your process of borrowing or lending, not even the ETHLend platform. The entire lending process is easily executed through Ethereum’s Smart Contracts. Also, no assets are held by the ETHLend blockchain.
  2. Access to money: The platform provides users with the ability to borrow at places or in situations when banks may not operate. In terms of decentralized lending, people lend Ether to other people, which means that you don’t require a bank or a bank account to get a loan.
  3. Address to Address: With the help of the Ethereum network, loans are delivered within seconds or minutes. There is no need for a middleman since the transfers happen from one wallet address to another.
  4. Democratizing: The ETHLend team believes that the interest rates should not differ on the basis of individual factors, and that each individual must gain access to lower interest rates.
  5. Transparency: Each transaction is visible and transparent on the Ethereum blockchain. All the transactions that you make are entirely open for the block explorers to analyse. You can easily follow up on what is happening with your loan’s Smart Contract.
  6. True Market: The ETHLend team believes that the interest rates should not be decided on the basis of politics, banks or economic policies. They should be decided by the people and by the free market.


#3 - How to buy and store LEND

How to buy LEND

The LEND coin is listed for trading on various trading exchanges globally and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT. This allows LEND users to access or obtain the LEND token by using their crypto holdings, bypassing the need for more KYC norms.

The entire list of trading exchanges for the LEND cryptocurrency includes major global exchanges such as Binance, KuCoin, ABCC, and more.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the LEND cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, helps you make the right decision by providing the prices for LEND on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  1. With CoinSwitch, you do not rely on a separate wallet from the exchange to store your LEND cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

How to store LEND

After obtaining the LEND token, you will require a LEND wallet to store it safely. There are few storage options available:

  • The Ledger Nano S is, of course, the hardware wallet based on robust safety features for secured digital payments and to store cryptographic assets. It can be connected to any computer through USB. It has a secure OLED display for checking and confirming every transaction you make with one tap on the side buttons.
  • MyEtherWallet is an open source ERC20 wallet that is based on Javascript. MyEtherWallet can be an ideal EOS wallet that delivers high anonymity and an easy-to-use interface.


#4 - What is the future of LEND?

Also Read: Complete Analysis of ETHLend | Live ETHLend (LEND) Price Charts And Predictions

LEND Global Acceptance

The Market Cap ranking of the LEND cryptocurrency is 233 as of July 2018, and it holds a market capitalization of $26.8 million USD. A total number of 1,299,999,942 LEND coins are in circulation.

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Future Prospects

  1. Despite the slow adoption for the technology, there are many who hold large amounts of cryptocurrencies today, and the value of their holdings have grown exponentially in 2017. Now, the holders wish to do something with their profiles but are not sure if they should be selling their digital currencies.
  2. Now there’s a lending program like ETHLend where you can deposit some of your digital currency without even selling it. This will permit the community to access funds in the traditional financial markets for things like a house, car, crypto mining, etc.
  3. In 2018, the team had additional goals and updates planned for the network which they implemented well in time. Some of them being:
    1. Penalties for late payments: If the borrowers pay a loan or an instalment too late, there are few measures that are added in order to motivate the repayment. These measures might include additional costs of ETH and be burning a certain amount from the borrower’s credit tokens.
    2. Zero-fee lending with LEND currency and 50% discounts: The LEND token enables zero-fee lending, while ETH can be used on the application, either parallel to LEND or as an individual currency too. LEND will be used as collateral for all other cryptocurrencies except for LEND, in which case a 50% discount on the fee has been offered to the borrowers and lenders.

This ability of the ETHLend could assist the blockchain in mass adoption rise in upcoming years.


#5 - How is LEND different from other cryptocurrencies?

  1. ETHLend is a complete decentralized lending DApp with which borrowers and lenders are allowed to opt the terms and conditions for loans and is held in a smart contract.
  2. It can manage any transaction that happens on the LEND platform, no matter what type - P2P, B2B, or B2C, as long as the parties hold an ETH address.
  3. The blockchain is open to all the participants around the world and all the transactions are performed peer-to-peer. Users are get limited in terms of market reach, and face no interference during borrowing as well as lending.


#6 - Should you invest in LEND?

The Good:

  1. ETHLend provides a completely decentralized peer-to-peer lending smart contract, that works on the Ethereum network and uses cryptocurrencies as collaterals.
  2. The ETHLend does not require you to own a bank account or a bank near you in order to take out loans.
  3. ETHLend is eventually a faster way of receiving profits.

The Bad:

  1. As seen with the cryptogame CryptoKitties that slowed down the Ethereum network, Ethereum is not yet a truly scalable coin, and yet most of the tokens are based on it. This can lead to problems in terms of loans if the service gets widely adopted.
  2. Even though LEND has some interesting and unique features, it is still not ranked amongst the top 100 cryptocurrencies according to the Coinmarketcap.
  3. The problem here is that it is just not popular enough and is being overlooked due to other major cryptocurrencies.
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