ETHLend Gives away 1 Million LEND in Rewards to Celebrate Kogia 0.3 Alpha Launch
ETHLend team announced the release of 0.3 Alpha Kogia application on main Ethereum network.
The new decentralized app created within the ETHLend ecosystem and powered by smart contract technology allows using digital assets as collateral for loans in other digital assets.
ETHLend supplied Kogia with exciting features and an entirely new usage flow that will open a new page for cryptocurrency lending and borrowing: Kogia serves as a peer-to-peer market where lenders and borrowers place loan requests or loan offers to each other.
Kogia key features
New user interface ETHLend has redefined the way users interact with the app to ensure smooth learning curve and foster mainstream adoption of dApps. Kogia is the most user-friendly decentralized blockchain application to date with natural and easy to understand workflow. ETHLend team put a lot of effort to reduce friction for the users to perform safe loan transactions on the Ethereum blockchain.
Risk management ETHLend takes risk management to the next level with the sophisticated collateral control feature that allows borrowers to increase the collateral position or withdraw any excess of it from smart contracts depending on market movements.
Meanwhile, lenders can call for collateral if a borrower does not exercise these options. This function was scheduled for release in Q2 2019, however, due to high institutional request, ETHLend decided to speed up the process.
By implementing this advanced collateral management function combined with KYC, ETHLend fulfilled the requirements of institutional users, making it possible for them to come on onboard and exploit the advantages of the application.
Moreover, the new crowdlending feature allows lenders to diversify their lending portfolio to multiple parts of loans and reduce risks by funding loans partially. New Kogia release provides for borrowing up to 75% loan-to-value ratio and up to 80% when LEND token is used as collateral.
Gamified Credit Profile ETHLend introduces decentralized reputation system based on Gamified Credit Profile concept. Users will be able to export their credit data to other financial application, thus creating a new comprehensive system of decentralized credit scoring.
Lending Currency LEND token is set to become the actual lending currency and medium of exchange for all lending transactions within the ETHLend platform. Borrowers can activate zero-free lending feature if they use LEND a medium of exchange and enjoy 50% fee discount if LEND is used as collateral.
This model will ensure organic demand growth for the lending currency, attract new users and re-engage early adopters on the platform.
Ethereum liquidity ETHLend platform allows users to pledge Ethereum, thus unlocking the liquidity of the $50 billion market capitalization of Ethereum. It means that users will be able to use over 135 Ethereum-based tokens as collateral, which is excellent news for token holders who do not want to sell their current assets.
Other functions include featured loan listings for borrowers and Premium feature for lenders, which will allow Premium Lenders to fund loans one hour before standard lenders.
ETHLend community contest
ETHLend is giving out 1 million LEND tokens for all users of the platform to celebrate the app release and to say thank you to the partners, users and community members for ongoing support and input that helped to make Kogia the easiest and the most feature rich decentralized lending application.
ETHLend will award 100 LEND tokens for every loan request and loan offer placed and funded with LEND currency.
The user who collects the most LEND tokens during this Kogia launch reward program will receive a personalized “Kogia Superstar” badge from Gamified Credit Profile and a gift from the ETHLend team!
The competition is open from May 12 until June 30, 2018. To take part, use LEND as a medium of exchange for loans from 0.1 ETH with a minimum monthly interest rate 3%. Note that loans must be fully funded to qualify for the contest.
ETHLend reserves the right to change the rules of the Kogia reward competition at any time and will disqualify any suspicious behavior.