LEND-AaveDetailed Description

LEND-Aave Detailed Description

In September 2018, ETHLend changed its name to Aave, "Aave" is a Finnish word that means "ghost". "Ghost" represents Aave's efforts to create a transparent, open infrastructure for decentralized finance. Headquartered in London, UK, Aave is composed of 18 innovative and creative industry leaders.

1. Project introduction (ETHLend & Aave)

ETHLend

ETHLend is a decentralized p2p lending platform that allows people around the world to get loans or become lenders. As a decentralized platform, using blockchain technology, we allow you to obtain a loan or financing in a secure manner within minutes.
Since the first release, many features have been added such as Bitcoin as collateral, crowdfunding, fractional collateral calls, new currencies such as stable coins, more than 150+ ERC20 collateral and more.

Aave payment

Aave Pay is a service that allows European users to pay Fiat (currently EUR ) to pay. With this service, users can get a loan on ETHLend and send it directly to their bank account, or cash out their crypto directly without going through complicated processes, just by sending a single transaction.

Decentralized Loan Pool

The Aave decentralized lending pool is a supplement to the ETHLend P2P lending model and is a new and improved lending model. Under this new lending model, users will be able to become both lenders and borrowers by simply depositing assets into the pool and earning passive income from the assets they hold, which can also be used as collateral for borrowing.

Compared to similar lending models, our DLPs will have new features and improvements, can be swapped between fixed and variable rates at any time as a borrower, and provide an open-source protocol that allows anyone on DLPs Build and consume services through our clients, directly using the smart contract's ABI API.

2. LEND Token

Tokens are currently being used in our products with different benefits.
In the decentralized lending pool we introduce, tokens will have core/key properties and utility. Tokens will be required to participate in DLPs in different roles, it will allow users to deposit tokens in pools to earn passive income as a lender, it will be burned based on fees charged in the protocol, and will be credited to token holders Used to vote on decisions to be made in the protocol, such as adding new features. Tokens will be exchanged to adapt new products and add new features.