ETHLend added new features and updates to the decentralized application.
Fixed max gas issue with MetaMask
Until this point MetaMask recommended 0.6 ETH transaction cost. Now MetaMask proposes around 0.06 ETH for max tx fee (this can be adjusted). The total transaction costs for the first Loan Request (token based) we deployed after update was:
- Gas limit: 4282267
- Gas price: 0.000000015 Ether (15 Gwei)
- Gas used by txn: 2854845
- Actual Tx Cost/Fee: 0.042822675
Ether Took about 1 min 30 seconds for confirmation, which is bearable since lending is not high frequency.
Reputation-based Lending
Besides using ERC-20 compatible tokens or ENS domains, borrowers can accumulate reputation points to borrow now. The reputation is based on previous borrowing on ETHLend. On every secured loan (or unsecured as well) that is repaid, the borrower receives Credit Token (CRE). Each 1 ETH mines 0.1 CRE. 0.1 CRE allows the borrower to borrow up to 0.1 ETH (1:1 ratio) without a collateral.
Due diligence required: Just as in the real world, unsecured lending is not risk free. The lender should always review borrower’s address with blockexplorer (http://etherscan.io) and review the transaction data. In case the borrower does not repay a secured or unsecured loan, the whole CRE balance is burned and permanently erased.
5 times Faster DAPP
We changed the algorithms of the decentralized application. Now the DAPP is 5 times faster.
New Colours
We changed the colours a bit (hope you like it) and use the red colour for the unsecured loan requests. Therefore, the lenders can indicate easier which are secured and not. Secured loan requests (tokens and domains) are in blue as usual.
Kovan Testnet and Old Smart Contracts
We launched a sandbox so that you can play around with ETHLend without using real Ether.
You can find it here: http://test.ethlend.io
The sandbox is on Kovan network so you would need to beg Kovan Ether from the Kovan Gitter: https://gitter.im/kovan-testnet/faucet
Just ask for Keth and post your MetaMask address, remember to switch to Kovan testnet on MetaMask J Loans that were deployed with previous smart contracts are here:
http://old.ethlend.io http://oldest.ethlend.io
And of course the real thing is here: http://ethlend.io
Have Fun!
Author: @ethlend
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Disclaimer
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Accordingly, we will not be liable, whether in contract, tort (including negligence) or otherwise, in respect of any damage, expense or other loss you may suffer arising out of such information or any reliance you may place upon such information. Any arrangements between you and any third party contacted via the EthLend are at your sole risk.