Place/Date: - August 9th, 2017 at 11:01 am UTC · 4 min read
ETHLend is a decentralized peer to peer lending application built on top of the Ethereum Network, using blockchain technology to enable secure and transparent lending.
ETHLend is developing a global lending market where borrowers and lenders from all parts of the world can participate in lending. The aim of ETHLend is to provide a transparent and global lending market and to erase interest rate differences between countries by providing more liquidity to local lending markets. ETHLend solves key issues regarding to collaterals, decentralized credit rating and exchange volatility risks, which enables the concept of decentralized lending experience.
The team behind ETHLend consists of 20 people who share the same aim to deliver decentralized lending to everyone. ETHLend differs from most blockchain startups by the fact that the team introduced their alpha release in early May this year. Based on the practical findings, ETHLend provided a detailed White Paper on how decentralized lending might revolutionize the lending industry permanently.
While ETHLend is continuing to develop the decentralized application further, the team also revealed details on the upcoming pre token sale. ETHLend introduces LEND token for contributors who are participating in the token sale. The main utility function of LEND is the ability to use it for paying deployment fees on ETHLend with a 25% discount compared to ETH. Additionally, ETHLend shall provide other privileges for LEND token holders based on the community suggestions once the DAPP has grown into a full scale lending market.
Moreover, ETHLend will use 5% + additional 1-5% (depending on the previous year’s growth) of the application deployment fees to buy back LEND from the market and burn it. The idea is to buy LEND that is not used on ETHLend from the market to maintain the value of LEND. The effect is that the total supply of LEND is decreasing overtime and the percentage of the token holders ownership on LEND increases. Thus, ETHLend aims to deliver a strong token to the market.
The participants in pre-token sale will receive 20% bonus tokens as a reward for early contribution. The funding aim concerning the pre-token sale is 2 000 ETH (6% of total sold token), which will be used for financing further research and development of our decentralized lending application. The purpose of the pre-sale is also to prepare for the upcoming official token sale on the 25 November 2017.
ETHLend pre-sale ICO details:
Starting: 25.09.2017 at 12.00 GMT
Ending: 25.10.2017 at 23.59 GMT or when the cap is reached
AMOUNT TO RAISE: 2 000 ETH
TOKEN FOR SALE: 60 000 000 LEND (6% of total sold tokens)
LEND TOKEN PRICE: 30 000 LEND = 1 ETH
(price includes 20% bonus tokens for all pre-sale participants)
Minimum amount to participate: 1 ETH
Pre-sold tokens are deducted from the 1 000 000 000 LEND sold on official token sale. Additional 300 000 000 LEND is contributed to founders and developers fund to compensate the current and future efforts on ETHLend and to attract new talent on board.
Official ETHLend token sale ICO details:
Starting: 25.11.2017 at 12.00 GMT
Ending: 9.12.2017 at 23.59 GMT or when the cap is reached
AMOUNT TO RAISE: 37 600 ETH
TOKEN FOR SALE: 1 000 000 000 LEND (deducted by pre-sold tokens)
LEND TOKEN PRICE: First 200 000 000 LEND: 27 500 LEND = 1 ETH
(price includes 10% bonus tokens)
Next 100 000 000 LEND: 26 250 LEND = 1 ETH
(price includes 5% bonus tokens)
Remaining LEND: 25 000 LEND = 1 ETH
Minimum amount to participate: 0.01 ETH
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Disclaimer: ETHLend is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.