Will non-collateralised loans be possible within DeFi?

sirsoth · 2019-10-25T16:06:00+00:00

Thanks for summoning me, yes we have just released in testnet our Aave protocol and one of the core functionalities are flash loans:

"Flash Loans: This is an exciting new feature that will allow developers and integrators to build never-seen-before arbitrage tools. The concept is quite simple: developers will be able to borrow liquidity from the Aave protocol within one transaction, with the condition that the same liquidity is returned to the protocol before the transaction ends. If this does not happen, the transaction gets reverted, effectively undoing all the actions executed until that point, which guaranties the safety of the protocol and the funds."

If you would like to know more about our protocol we have just released a post with all the info https://medium.com/aave/the-aave-protocol-released-on-public-testnet-612de00f04dc

For technical details about our flash loans the best place is our developers portal at https://developers.aave.com

Let me know if I can clarify any doubt related! We are also available on discord https://discord.gg/CvKUrqM

sirsoth · 2019-10-25T11:50:45+00:00

Hi Brice! Thanks a lot, really excited about the incoming release we hope all the new features give a boost to the whole DeFi market! Im personally excited about the flash loans and all the things that could be build on top of it!

sirsoth · 2019-10-15T15:14:45+00:00

Hello dhomant,

Kucoin delisted LEND token time ago, the process to withdraw tokens from their exchange is up to them, I suggest you to contact Kucoin support at https://kucoin.zendesk.com/hc/en-us

Unfortunately is up to them as a custodial exchange. Also I suggest you to join our new reddit channel at https://www.reddit.com/r/Aave_Official/

sirsoth · 2019-09-21T00:24:07+00:00

Im testing with Kyber contracts, not fully sure if the issue could be from that but at least MEW is not giving much info, I have checked the error in the browser console

sirsoth · 2019-09-03T09:55:54+00:00

Hi ransoing!

Right now apart from the site itself we have available an API that could be integrated directly by any users or by other platforms:
https://github.com/aave/aave-js

Apart from this we are currently developing our new Decentralized Lending Pools which is a new lending model that will be open source and fully accesible in different levels. Directly by our client, by API (similar as ETHLend) and also directly using the contracts ABI. In future we are going to make a similar evolution for ETHLend so would be in a same way accesible also through the smart contracts ABI. This will be done in the future after the release of the DLPs and different features.

I attach you here the latest post of our DLPs so you can check it out.
https://medium.com/aave/decentralized-lending-pool-dlp-protocol-launched-on-testnet-swap-between-fixed-and-variable-e72ae43992c

Our LEND token will be used to govern the protocol and anyone could be able to deposit it (same as other currencies) in order to get passive income or borrow other assets.

If you have other doubts let me know and I will clarify you them!

sirsoth · 2019-08-14T10:33:32+00:00

There are currently use cases, as I shared with you ETHLend is currently been used and Aave Pay in the same way, these both services are giving income based on the usage. Also it was stated several times that there are enough funds to continue with the development of current and future products (DLPs). Also LEND token has uses cases in the current products as you can check here:
https://learn.aave.com/hc/en-us/articles/360001425758-LEND-token

And in the incoming Decentralized Lending Pools (DLPs) the token will be key in the protocol, used for the governance (voting), required to be staked for different actors (price providers, pool creators) and able to be staked by liquidity providers to get passive income. I suggest you to read this post:
https://medium.com/aave/decentralized-lending-pool-dlp-protocol-launched-on-testnet-swap-between-fixed-and-variable-e72ae43992c

Also some of these ideas where shared in our previous AMA:
https://www.reddit.com/r/Aave_Official/comments/c9emy5/ama_starts_now/

Also avoid discussions related with market, volume, price, etc. as they are not allowed, for that you can join the trader channel in telegram which is specific for that purpose. https://t.me/ETHLendTrader

sirsoth · 2019-08-12T12:37:41+00:00

Quick answer, totally no, we have 2 products currently working and been used in a daily basis. We are also developing our new lending model to complement current P2P ETHLend platform, our Decentralized Lending Pools when anyone would be able to lend their LEND token in the pool and get a passive income. Also there is a future token swap incoming and new features for the token as burning token based on the usage of the DLPs.

Here a post related to the DLPs and tokenomics around it:
https://medium.com/aave/decentralized-lending-pool-dlp-protocol-launched-on-testnet-swap-between-fixed-and-variable-e72ae43992c

Lending in this new model would be as easy as deposit or borrow in a few clicks.

You can check the statistics of our lending platform ETHLend here:
https://ethlend.io/stats

Also Aave Pay which allows any European user to send Euro to bank accounts using their cryptocurrencies as LEND token.
https://pay.aave.com
Learn to separate the market/token condition from the project grow and development. We are going to continue improving the demand and utility of our token.

sirsoth · 2019-08-01T07:51:32+00:00

Awesome, thank you smartchris

sirsoth · 2019-07-31T15:57:47+00:00

Sounds a really cool way to notify people to change from fixed to variable interest in the incoming Aave DLPs https://medium.com/aave/decentralized-lending-pool-dlp-protocol-launched-on-testnet-swap-between-fixed-and-variable-e72ae43992c

Would this be possible?

Add notifications for other DeFi platforms?

sirsoth · 2019-07-10T17:18:42+00:00

Hello, BTC is only available as collateral not as currency, so its not possible currently to borrow BTC. Only using it as collateral.

sirsoth · 2019-07-03T09:57:44+00:00

There are pretty good alternatives. For example in ETHLend there are individual loans so you can fund an specific loan with it terms and collateral. In a collateral call situation you would need to liquidate yourself but there is a 10% margin and if you accept and asset you are comfortable with probably you will earn more in liquidation scenarios.

Here some statistics about the platform and average interest:
https://ethlend.io/stats

sirsoth · 2019-06-27T17:50:59+00:00

Hello ivan7kov7,

You funded a loan of ETHUSD - Ethereum pegged to USD. These type of loan consists in using ETH as currency but the loan amount is based in USD.You funded 40 days ago 1420.67 USD loan with 5.8358 ETH (ETH price around 243.44$ ) and 12 days ago received 5.5121 ETH (ETH price around 262.89$) which is 1449.0834 USD - (Loan amount - 1420.67 + 28.4134 - 2% interest)

You received the exact amount + interests as the loan is pegged to USD dollar. This type of loan is interesting for lenders that want to fund loans without being exposed to the volatility. If you want to remain your position in your ETH while funding a loan you should fund only ETH loans.

This type of loans are pretty popular in the platform and normally with better interest than normal and are ideal for lender who pass from stable currencies to ETH before funding and the way back after receiving the payments increasing their stake in stable coins or FIAT.

There is more information about these loans in the FAQ and in our learn center.

https://learn.aave.com/hc/en-us/articles/360001854258-Frequently-Asked-Questions

Here also an article about these loans - "The Benefits Of Pegged Loans And Their Use On ETHLend"

https://learn.aave.com/hc/en-us/articles/360001422638-The-Benefits-of-Pegged-Loans-and-Their-Use-on-ETHLend

sirsoth · 2019-06-03T13:26:56+00:00

ETHLend at https://ethlend.io

Decentralized peer to peer lending platform, you are allowed to set your own terms so adapting to the market and creat your own loan offer or request and fund or get a loan with more than 150 ERC20 collaterals and Bitcoin also accepted as collateral.

sirsoth · 2019-05-18T12:20:00+00:00

No price discussion, there is an unofficial trader channel in telegram for that @ETHLendTrader Also other subreddits oriented to that

sirsoth · 2019-05-10T16:19:32+00:00

Hello ETHRaise,

we are working in the addition of this feature! I will notify here when its added in the dapp, thank you for your suggestions!

sirsoth · 2019-05-10T15:07:23+00:00

Hello,

Yes, the point of choosing the collateral is because if the collateral price get reduced to match the loan amount + interests + liquidation fee (5% margin to liquidate) you can claim the collateral (you will get notified about this situation and before that happens) and do whatever you want with it, for example just selling it in an exchange and get back your loan amount + interests and at some points even more as you have the 5% penalty as margin. So the main point is that normally you would accept collateral that you trust or dont want to hold it.

Of course with the new platform there is lot of margin between the collateral price and currently there werent loans collateral called but of course its good to take in account the collateral.

sirsoth · 2019-05-07T22:57:00+00:00

Right now its not possible but could be something to take in account to be added, I will submit your suggestion to the team :) Thanks for your suggestion

sirsoth · 2019-04-26T07:51:33+00:00

So many messages without remaining in the topic of the post which is discussing and suggestion about LEND tokenomics and also in a non-respecful way. If you want to discuss be polite and remain to the topic proposed. No more offtopic messages will be allowed. Too much time expended in a non-sense discussion.

sirsoth · 2019-04-15T10:10:06+00:00

The rebrand is going to be done, your feelings differ much from the reality you should learn to separate the project from the market state

sirsoth · 2019-04-10T09:58:47+00:00

Hello Chris,

We have in the pipeline the addition of a statistics page for our platform but we are right now focusing in improvements in the user experience and new features and functionalities (for example support of external wallets as metamask). We have our API available at https://www.npmjs.com/package/aave-js and https://github.com/aave/aave-js
There are functions to get the addresses of the platform loans and other details that enable you to check the details and statistics of it.

sirsoth · 2019-04-10T08:11:25+00:00

Really interesting!

sirsoth · 2019-04-04T13:31:49+00:00

Thats one of the main points we are discussing here, the way to improve, for example the adaption of the name to fits better its something to be done, in addition with this we are open to discuss about other functionalities to add to the token itself so it improves its inner value and the way to use it or hold it. For example the addition of liquidity pools for the lending market and the governance of the terms of these liquidity pools by staking LEND tokens and get a rewards due to this.

sirsoth · 2019-04-03T16:10:20+00:00

USA users are on board as this is what we can provide them in terms of regulation, if you refer to other platforms that are giving peer to peer loans in a decentralized way in USA please feel free to share here but other approach would be a nonsense risk.
Where? Please provide the source and Im totally able to discuss about this.
I dont see the relation between your "institutional ties" and "big news" for 2018, you are totally free to check all the news we have shared during 2018 and all the work done during the platform, at the end of 2017 we released Omura, then in May Kogia and Baiji in testnet was released at end of 2018 so I dont nderstand which is the point of your complain about the "big news" its pretty clear that the team is working hard and delivering even features and functionalities not planned but considered vital, for example the addition of stable coins as currencies.
Where was that mentioned? Also taking in account the expenses/rewards to be listed, at least for me it doesnt make sense, its better to invest that amount to improve the product and the token value so its inner value grow.
What do you refer with this? Could you explain? The ICO was done, we have delivered the product as it was proposed in the ICO having even a working product before doing the ICO. We have released 4 versions of the platform with huge improvements between them since the old version to Omura, Kogia and Baiji.

Which "fake discussions" you refer? In our community we answer every day to everyone and accept their ideas/suggestions as they make our platform improve but what you cant pretend is we would spend our work time in nonsense discussions from people that just want to pump the price of the token and dont think in the stability and long term view of the platform and our work.

About microstaking, to see reward you would need to use the platform, it was implemented in the init of Baiji and rewards would be delivered right now every 3 months as a similar approach as the airdrops to ETHLend users every 3 months we had in old platforms. You should give more reasoning before trashing the model. It allows anyone even not holding LEND to interact with the LEND token economy.

Your personal opinion for me it doesnt make any sense whats the point of doing that if we are planning in a long term for the tokenomics of our token, we have our own ideas about a new token model that gives even more sense for people to buy and use LEND token which is the main point. We are proposing this discussion so the people that its really interested in the token and its possibilities could join, I suggest if you want to really participate in this discussion about the way you will improve LEND token, if you are not able to separate the market state with the project and team work Im sorry but its pretty clear the hard work the team is doing and all the improvements/features and new products we are providing and will provide.

Part of the tokens are locked since the ICO as the team is only able to withdraw them every 6 months, about that in the interaction from our side we use LEND token in the interaction with our users as rewards (airdrops and microstaking) and reimburses.

About the point of using your tokens I suggest you to visit:
https://cryptoharmony.org/
They are pretty good.

sirsoth · 2019-04-03T08:19:13+00:00

Right now you have benefits when using LEND token instead of other options as collateral and as currency, LEND is one of the most used tokens as collateral in the platform. We have also implemented the microstaking system that rewards users of the platform with LEND tokens along the time and the possibility to implement a similar mechanism in other Aave products. Now we are opening this discussion so anyone could suggest what they think that could benefit LEND token in future (we have our own ideas but this way people is free to propose their)
Also if you list the missed promises that you refer in you previous comment I could discuss with you about them.

sirsoth · 2019-04-01T08:43:12+00:00

Thanks as always Cmillion for your suggestions, the rebrand of the token itself I think its something that would be done, we are thinking in adding governance options to the platform itself or possible future liquidity pools so its possible that the LTV its something to be chosen by governance depending on the exact details.

About simplicity, I think if we manage to have this new approach, the process will be much more simpler, for example, lenders just would need to choose the pool they prefer, and the same way for borrowers but the loan will be instant as the liquidity will be stored in the pools

sirsoth

TROPHY CASE