Prefer a PDF version? Crypto Picks’ ETHLend Final

If you are like most crypto enthusiasts, you love your Bitcoin and altcoins. Like most people you will have a HODL portfolio and a trade portfolio. If you always stay true to the “never invest money that you cannot afford to lose” rule, you shouldn’t have to worry about eating cat food during your retirement or about something potentially catastrophic like job loss or illness. Worse than investing before you have established savings is the prospect of investing money you need to meet other responsibilities, which can be catastrophic.

Yet there is a natural human tendency to want to overreach, to put in more money than you can afford and go for a huge payout and that brass ring. This trait tends to become magnified the more desperate someone’s need for money.

You really do not want to sell coins of your HODL portfolio. You do not want to be in the situation where you have to sell something out of necessity. There are simply a lot of people in the crypto who have most of their net worth in crypto. But what happens when there is a situation in the real world where you need FIAT currency? Most people will have only one option which is to sell their cryptocurrencies and then use that cash for whatever expenses they have. That is where ETHLend (LEND) comes in. Please note some of this information comes directly from their white paper, Copyright 2018

What is ETHLend?

“ETHLend is a fully decentralized financial marketplace built on top of the Ethereum Network (ETH) allowing lenders and borrowers from all over the world to create peer to peer lending agreements in a secure and transparent way using Blockchain and Smart Contracts. Lending crypto-to-crypto removes the need for banks. At this point in time, banks are often the only option available to borrow at a decent interest rate. By placing a loan request on ETHLend, lenders from all over the globe can fund loan requests by competing to provide the most competitive interest rate. ETHLend is trustless and transparent and can be used by individuals and institutions.”

“ introduces decentralized lending on Ethereum network by using ERC-20 compatible tokens or Ethereum Name Service (ENS) domains as a collateral. ETHLend solves the problem on reducing the loss of loan capital on default. On healthy loan relationships the loan is paid back. However, the pseudo-anonymous nature of the Ethereum blockchain network opens the possibility to avoid repayment of the loan since the lender might not have all the necessary details of the borrower to enforce the debt in the borrower’s jurisdiction. Moreover, enforcement in a decentralized environment, where the parties can be from any part of the world, might not be efficient. ETHLend provides decentralized solutions to avoid loss of capital and to make one true global lending market available.”

To lend or borrow there is no need for a bank. There are no middle-men, no single trusted party, just the borrower and the lender. Every transaction is visible. All transactions are open for block-explorers and you can exactly find out what is happening with your loan Smart Contract at any given time. ETHLend has a great liberal view on how loans should be realized, which we support. They state:

“We believe that interest rates should not vary based on where you live. We believe that everyone should have access to low interest rates. Interest rates should not be decided by politics, economic policies or banks. Interest rates should be decided by the people and the free market.”

All of this is possible using ETHLend. ETHLend will plan to expand the decentralized lending application to other blockchain networks. For example, ETHLend and Sandblock announced a strategic partnership on April 16th, 2018.

The ETHLend Team

When looking at the website ETHLend has gathered quite the team. As we speak The ETHLend team consists of 25 members and has an advisory board consisting of 6 advisors. But who are these people, what are their past experiences and more important will they be able to lead ETHLend to glory?

CEO - Stanislav Kulechov

Stanislav Kulcehov is the founder and CEO at ETHLend. According to LinkedIn Stanislav is currently obtaining his master’s degree in Law at the Helsinki University. He followed several traineeships at multiple law firms before founding ETHLend in June 2017. At the moment Stanislav has over 500 connections and more than 1100 followers on LinkedIn. He has been endorsed for management and public speaking skills mainly by fellow ETHLend members.

COO - Jordan Lazaro Gustavo

Jordan Lazaro Gustavo is COO at ETHLend. According to LinkedIn he finished his education in political science at Université Paris Nanterre in 2013.  After completing his bachelor, he went on and finished his master’s degree in Risk Management the following year. In 2015 he finished his second Master’s degree in International Social Politics. Then in 2017 he completed what seems to be his final Master’s degree for now, the Master’s degree of Innovation and Technology Management.

Jordan Lazaro Gustavo worked at ENGIE for a couple of months as a Country Risk Analyst. He went on to do an internship at the French General Secretariat for European Affairs to the Prime minister as a French Presence and influence Analyst. The following years Jordan focused on aiding refugees with a number of organizations before joining ETHLend.

Jordan has gotten quite some endorsements regarding International relations, technology, politics and blockchain on LinkedIn.

CMO - Nolvia Serrano

The Chief Marketing Officer of ETHLend is called Nolvia Serrano. Nolvia started her professional career as a communications officer at the leading global bank Citibank after graduating at private university Dr. José Matias Delgado where she studied from 2008 to 2013. Nolvia studied marketing at Universidad Dr. José Matías Delgado. After working for Citibank Mrs. Serrano has worked for almost 5 years as a marketing manager at Cornerstone Investment Group INC. Cornerstone Investment Group INC is a niche corporation located in Panama, Central America that specializes in managing funds in the forex market. Her most recent job before joining ETHLend was Website Manager at Monedas Virtuales (Virtual currencies). Monedas Virtuales is an informative related website about cryptocurrencies.

Growth Hacker - Martin Wichmann

Martin Wichmann is the Growth Manager for ETHLend. He is a young entrepreneur who has started and worked in multiple start-up companies with a focus on blockchain technology. After finishing his Bachelor of Business Administration at the European University he started his career as a Sales Manager at Flow Drinks. Flow Drinks is a Finnish natural sports drinks company.

During his two years at Flow Drinks, Martin also started his own company called TechFerm. TechFerm is an active lifestyle e-commerce start-up. Martin started a new job at Blockpay where he became the Head of Nordics in September 2016. Blockpay introduces a revolutionary Point-of-Sale platform that supports majority of all digital currencies.

Martin has gotten quite some endorsements regarding Business, Marketing, Sales, Blockchain, Social media etc. on his LinkedIn profile.

Business Development - Anastasija Plotnikova

Mrs. Plotnikova is working as a Business Development Manager at ETHLend. Anastasija is a consultant and commercial lawyer, specialized in International Business and taxation services for both European and offshore companies. Anastasija obtained her Master Degree European Business Law at Radboud University Nijmegen after doing her Bachelor at the Mykolas Romeris University. After graduating Plotnikova worked for over two years as a Legal Assistant for the European Union’s judicial cooperation unit Eurojust. When she left Eurojust she worked for almost two years as an Account manager and Legal Researcher at Remobis Refund Service C.V.

For her next job Anastasija became the Executive Director of EU Business Consultants where she was consulting services for European and non-EU businesses related but not limited to tax law, fintech, offshore registration and consulting on jurisdiction.

Since May 2017 she is working for ETHLend where she is responsible for, inter alia, new business development including but not limited to crypto- and investment funds, banks and institutional partners, drafting and reviewing contracts. Besides all of this, Plotnikova is currently an advisor of Blockchain Centre Vilnius and a partner of Crypto Tax & Legal.

Blockchain Architect - Jitendra Chittoda

Mr. Chittoda is working as a Blockchain Architect at ETHLend. Chittoda has a master’s degree of Computer Applications at the State Technological University of Madhya Pradesh, India. After graduating, he worked as a Software Engineer at different medium to large companies. Jitendra has over twelve years of experience in software architecture and designing. Jitendra is an industry expert on blockchain and is a frequent contributor, hacker and speaker at various conferences and meetups. He has been writing Ethereum Smart Contracts and doing Smart Contract security analysis. The Ethereum Smart Contracts he has written and reviewed are holding over $200+ million US dollar worth of Ether and tokens.

The Marketing Team

Now that you know a bit more about the core team, we will briefly discuss the marketing/ communication team. We have already talked about Mrs. Serrano, the Chief Marketing Officer. Besides Nolvia, there is Jin Park. Park is currently the Head of Marketing at ETHLend. Jin started with Bitcoin and Blockchain in 2013 and has continued to build communities and interest for this new technology. Jin is also working as AVP & IT Officer at Pacific City Bank.

Then there is Scott Malsbury, Head of Communications at ETHLend. Malsbury has over 25 years’ internationally experience in Senior Quality and Business management roles for the world’s largest oil companies and providers both on- and offshore. Having past experience with multi-billion-dollar projects throughout Asia, the Middle East, Africa and Europe from design through to turn key completion and handover. Malsbury has now moved into Finance and Cryptocurrency investments taking a senior management role for ETHLend.

Luca Cotta is the Community Manager of ETHLend. Cotta states he was one of the first Bitcoin users in Italy since the very beginning in December 2009. He collaborated with a number of different companies in the crypto-world within support, marketing and even as a technician.

Kelly Ann Pope is the Social Media Manager of ETHLend. Kelly Ann is a crypto-radio show host and social media specialist.

The Development Team

When looking at the development team of ETHLend it is evident that they have a lot of developers with experience in the blockchain industry. Amongst the team they have experience in developing DAPPs, blockchains and smart contracts. A few skills of the ETHLend development team are:

  • C++;
  • Full stack developer;
  • Solidity;
  • Java (script);
  • Smart contract security;
  • Cyber security.

Most of the developers from the ETHLend team page have credible LinkedIn profiles. Almost all developers also state their current job at ETHLend so there does not seem to be an issue there. We do find it a little strange that not all developers state ETHLend as their current employer.

At current time most of the development team will be working on releasing the ETHLend DAPP which is currently in Alpha mode. ETHLend released Alpha 0.3 codenamed Kogia on the Ethereum testnet at the beginning of April 2018.


The advisory board of ETHLend consist of 6 people all with significant experience in either finance, fintech or the blockchain industry.

John Mathonis (Founding Director of the Bitcoin Foundation)
Prof. Wulf Kaal (Former foreign exchange trade analyst at Goldman Sachs Securities Division)
Ada Jonuse  (IT and blockchain education activist)
Amin Rafiee  (Heavily involved within the cryptocurrency scene since 2013)
Robert Viglione (Co-founder of ZenCash and president of the Zen Blockchain Foundation)
Tomoaki Sato (Founder & Blockchain engineer at


ETHLend does not have their own foundation but it is part of the Ethereum Enterprise Alliance. ETHLend has joined EEA to participate in the Banking Working group, specifically to share knowledge on financial smart contracts with the banking enterprise industry and to support the adoption of Ethereum in the enterprise.

However, ETHLend does have an established formal company in Chiasso, Switzerland. They opened recently and some team members are working from there since it is their main office.

Track record

When looking at the roadmap of ETHLend you will see that they missed a few deadlines. For example, the decentralized credit rating profile was scheduled for release in Q1 2018 and has not yet been fully released. The decentralized credit rating profile is included in the new ALPHA and is currently being tested on the Ethereum testnet.

The decentralized credit rating profile ETHLend has built is a gamified credit profile. This profile will tell an ongoing story of your financial behavior within the DAPP. Until now, credit rating systems are based on a top down American system known as FICO scoring. These systems are managed by big American multinationals. These players tend to look at risk in the same way, where they often miss the point and lack cultural understanding, since the entire world does not only consists of Americans.

Within the system, each person can claim badges from different credit sources, both central and decentral to give the users a gamified experience. ETHLend did manage to deliver the Gamified Credit Rating Profile on-time.

That said, the roadmap of ETHLend is ambitious. ETHLend frequently adds new deadlines and they actually do get a lot of them done in time so we do not see a big issue here.

Social Media Activitiy

The ETHLend team is quite active on social media. They respond within minutes to questions on Telegram, keep their followers up-to-date on progress by using Facebook/ Twitter and have a very active blog on Medium.  ETHLend also has a YouTube channel with some instruction videos and multiple interviews with the top management. Besides this, we have also asked for a review of this document. The CMO responded within minutes in a very polite and positive manner and reviewed our document the same evening.


The white paper is well written, easy to understand and gives a good description of the concept. The ambition of ETHLend is stated clearly and future developments, ideas or concepts do not seem unrealistic.


Now that you may be interested in ETHLend, you probably want to know what you can do with the platform. ETHLend offers multiple use-cases such as borrowing Ether by pledging ICO tokens or even unleashing the Ether locked in ENS domains for any finance goal.

The borrowed Ether can then be used for multiple purposes of your choice like participating in different ICOs, buying dips (bear market movements) and purchasing tokens from the exchange for investment strategies without the need to sell tokens, lending altcoins and tokens for short selling or hedging, financing mining expansions, liquidity for trading and many more. If you are an Ethereum hodler, you can lend your Ethers at an interest rate of your choice and gain more ether while hodling.

In FIAT-economy: By using FIAT-pegging (using USD instead of Ether as a calculation), any finance goal of real world can be met without bearing the volatility. ETHLend announced they started the process of licensing process to obtain a license on lending activities in over 30 European Economic Area (EEA) countries and in various other countries within on April 13th, 2018. According to their roadmap this was originally scheduled for Q4 2017, so they are slightly behind their roadmap. Users can now pledge cryptocurrencies and receive FIAT currency such as EUR, USD and GBP as a loan.

ETHLend is also working on the ability to integrate Bitcoin (Q2 2018) and other altcoins/ digital tokens into their platform including the ability off short selling, which is expected to go live in Q4 2018.

Another great aspect about ETHLend is that there is no variation in interest rates based on the country you live. Today the inflation-adjusted interest rate in different countries varies based on the available liquidity and central bank policies. In high liquidity markets like Europe, loan interest rates vary between 0.5-5 percent, in Russia it’s 12-15 percent, in India it’s 12 percent and in Brazil it’s 32 percent. Since ETHLend offer the ability to lend cryptocurrency and not FIAT-money, people in these countries are able to gain access to low interest rates, based on a decentralized free market.

In our opinion, these are a solution to real-world problems.

ETHLend also thought about use cases in the distant future. At the moment these are too far away and too vague. However, it does show ambition, which is a good sign in our opinion. These future use-cases include Tokenization of Things, pledging real property, shares, intellectual property and physical objects such as cars, boats, power plants, solar energy plants and art.

Why should I use or HODL the token?

The LEND token is used as the main medium of exchange (lending currency) on the ETHLend decentralized application. The main use-case of LEND is to be a lending currency.

The LEND token has the following utilities:

– Zero fee lending by using LEND as the medium of exchange;
– 50% discount when using lend as collateral instead of other tokens;
– LEND as collateral will improve the loan to value rating from 65% to 70%;
– Featured loans can only be paid for with LEND;
– Late penalty fee reduction from 5% to 2,5% when using LEND as collateral;
– 20% of collected fees will be distributed to active lenders and borrowers;
– The ability to vote on future developments, 1 LEND = 1 vote.

If you believe ETHLend has the ability to become a multi-billion dollar multinational, it’s good to add some LEND to your portfolio.

Working product

ETHLend released Alpha 0.3 codenamed Kogia on the Ethereum testnet in the beginning of April 2018. During this testnet release, it is possible to test some basic lending functions.

Additionally, it is possible to test the crowdlending functionality, decentralized credit rating system and test another new feature called on demand lending.

Current use

On April 17th ETHLend reached over 12000 ETH in total loaning volume. Approximately 60% of the lending volume have been ETH loans and the remaining 40% USD-pegged ones according to their March update on Medium.

Clearly the ETHLend DAPP is currently under development nonetheless there is already a basic version which is already working and helping people to get a loan.

As you can see on the picture above LEND continues to be most used collateral on the platform. Other popular tokens used on the DAPP as collateral are: IXC, OMG, VEN, WTC and GVT.

Target Market

The cool thing is ETHLend provides the ability to borrow even in locations where there are no banks in sight. People lend P2P, which means you do not need a bank account to get a loan. There is no middleman. No one can stop you from lending or borrowing, not even ETHLend. No assets are held by ETHLend. Their target market is huge. If we take a look at the total worldwide consumer loans, there is a potential 42.3 trillion dollar estimated industry to disrupt (2015). This number only takes into account all bank balances worldwide, not to mention all the unbanked who have the need to take a loan too, but just are not able to. Currently there are only a few services that provide in the need of using crypto-based collaterals. Clearly, there is a lot of room for growth in this industry. As more and more wealth is distributed to the blockchain, it is natural that the need for loans that use blockchain assets as collateral will grow.

The ETHLend team considers safety and compliance as one of the most important factors in crypto lending. As crypto-to-crypto lending is becoming more popular each day, it is more than vital that lenders and borrowers are able to conduct safe and compliant transactions. Their team has some very good employees with high level proficiency specialized in law. However, laws change and in this new crypto ecosystem many countries are still figuring out how to handle ICOs and crypto in general. By being able to guarantee security and safety, ETHLend can become a reputable and safe marketplace for collateral-based cryptocurrency lending.

Why Ethereum?

To establish a decentralized lending application, it is critical to use a popular cryptocurrency, especially due to its liquidity. Ethereum is the first, largest and most widely adopted blockchain network that allows Smart Contracts. For users to adopt decentralized crypto-currency lending the platform should support a cryptocurrency that is widely used and Ethereum has gained a lot of popularity in the last couple of years.

Ethereum is great for developing decentralized Smart Contracts on-chain. However, deploying Smart Contracts on the Ethereum blockchain does come with costs. For example, each time the borrower creates a loan agreement there will be an exhaustion of a small amount of gas. Besides the gas consumption, the deployment of the loan agreement would cost some small amount of Ether.

Even though the consumed amount of Ether is currently small, this situation might change. When ETH’s price continues to surge, it will be more expensive to deploy the contract if the borrower is using funds that were converted from FIAT to ETH shortly before the deployment. This is a potential threat to their business model. However, please note technological progress is very fast these days and this problem could be solved before you will even notice.

ETHLend is also looking at other blockchains to handle these problems. This is a conversation in the ETHLend chat:

Member: “Hey ETHLend team, are you preparing a similar platform (codename “EOSLend”??) for EOS, once it launches in the beginning of June? Or are you focused solely on the Ethereum platform?”

Stani Kulechov (Founder of ETHLend): “We want to focus on the top blockchain tech so EOS is on our radar. However, what we are looking is speed, security and low gas in the future of our blockchain solution.”

Member 2: “I have a mundane question along these lines. As ETHLend begins to add new lending blockchain capabilities to the platform (BTC, EOS, etc.) is the nomenclature always going to be ETHLend?”

Stani Kulechov (Founder of ETHLend): “I think common sense can only tell what would work the best for the aim that we are pursuing. Yes and we are doing a lot of research at the moment on blockchain protocols…”

Just so you know, the technology architecture of ETHLend is built on/ with Meteor, NodeJS, Solidity, Web3.js, React, LiveScript, JavaScript, LiveScript and Java.


Of course, ETHLend is not the only one trying to decentralize the lending industry. There are competitors. Please note there are more competitors than just these two mentioned in this report.

ETHLend vs Salt

ETHLend is not the only one providing loans within the crypto ecosystem. However, in our opinion they are ahead of the curve. One competitor is SALT. While Salt requires identity verification, restriction to US Bank account holders, and charges a membership fee, ETHLend offers a highly automated and more democratized solution to lending.

Here is how the process of getting a Salt loan works. First, you will need to create an account on their website. Then, you will need to verify your ID by submitting copies of these documents. At press time, only customers with US bank accounts are supported. However, US nationality does not appear to be required. Next, you will need to activate your account by paying one SALT token.

This token is used to pay for a one-year basic membership. The basic membership entitles you to one loan at a time and the ability to borrow up to $10,000. Higher tiers are available, but they require a higher yearly membership cost.

Next, you will need to deposit your cryptocurrency collateral. At this time, Salt only accepts Bitcoin and Ether as collateral. The company claims that they plan to expand to other currencies at a later date. At one point, their main page included listing XRP and NEM as potential collateral choices.

Once your loan is approved, the US dollars will be sent to your bank account within a few days and a loan contract will begin. Once a month, you will need to make a loan payment.

As you can imagine, this process is much more complicated and slower than ETHLend’s. By using ETHLend, there is no need to verify yourself with your ID, nor to wait days to get your money. You cannot be a lender at Salt, and Salt users need to have a US based bank account, while you can be both a borrower and a lender at ETHLend, based anywhere in the world.

Only Accredited Investors and qualified financial institutions can become lenders on the SALT Platform. All interested parties must complete the SALT Lending “Suitability Test” and meet a minimum investment threshold.

ETHLend vs Elixir

When comparing ETHLend to Elixir there are a lot of similarities. Both projects are focused on P2P lending and build on top of the Ethereum blockchain. The big difference is that ETHLend already has a working model which incorporates collateral. This makes it way safer option for lenders. Another thing what makes ETHLend stand out is their team. ETHLend has a huge team with a lot more experience compared to Elixir. When looking at their recent developments this becomes more evident, ETHLend seems to be steps ahead concerning the development of their DAPP, their business model etc.

While ETHLend, Salt and Elixir are three services that are currently operating, they all still have a long way to go and are all admittedly in early development stages. Therefore, the environment in which they operate is likely to change in the next few years. It is also possible that blockchain collateralized loans could be picked up by big established banks at some point in the future.

Margin Call Risk

The problem with these lending platform is that there is a strong risk of losing your collateral. This would happen in the event of a margin call.

margin call is when the valuation of your collateral goes down to such a degree that the Smart Contract will demand that you pay them to rebalance the loan-to-collateral ratio. In simple terms, imagine that you borrowed $10,000 and you used 1.25 Bitcoin as collateral when Bitcoin was priced at $10,000 exactly. At this point, your loan is 125% over-collateralized. This means that there is a little wiggle room in the event that Bitcoin drops as much as 25%. If, however, Bitcoin values drops to let’s say $5000 each, your loan-to-value ratio is now unfavorable to the Smart Contract. At this point, a margin call would occur and the borrower could claim your tokens.

However, ETHLend offers the ability to loan in Ether. In this way, there is less chance of a margin call. Only the value fluctuations between Ether and the tokens that you have used as collateral are taken into account. You are solely responsible for not taking on too much debt. Always keep in mind your tokens can decrease in value rapidly, especially during bear markets.

Within the new version of the DAPP, ETHLend manged to significantly reduce the margin call risk. ETHLend added an option to refill your collateral if needed. A margin call can be avoided in this way. The team also announced they will include an option for borrowers to withdraw some of their collateral in case of an increase in value.

In this version lenders will have the option to do collateral refilling, which means that they can add collateral in case

ETHLend is currently working on a decentralized credit rating system which can be used in order to identify borrowers who are less likely to default a loan.

Technical analysis

Technical analysis is important to find a good entry price for the blockchain project you want to invest in.


The relative strength index (RSI) is a momentum indicator that compares the magnitude of recent gains and losses over a specified time period to measure speed and change op price movements and can be used to in order to attempt to identify overbought or oversold conditions.

The RSI on a 6-month graph signals an downtrend. The 3-month RSI also signals an uptrend. The 5 days RSI signals for a uptrend.

24HR volume

Volume is an important indicator in technical analysis as it is used to measure the relative worth of a market move. If the markets makes a strong price movement, then the strength of that movement depends on the volume for that period.

When looking at the 24hr volume it becomes clear that in the beginning of April 2018 the volume was at its lowest. Since the first week of April the volume has more than doubled. On the 13th of April the volume reached its latest high which was almost tenfold of the low in the beginning of April. Overall we have seen a steady increase in volume during April.


The MACD, is an abbreviation of ‘Moving Average Convergence Divergence’. This indicator is a trend-following momentum indicator that shows the relationship between two moving averages of prices and is calculated by subtracting the 26-day exponential moving average from the 12-day EMA. The nine-day EMA of the MACD is called the ‘signal line’, which is plotted on top of the MACD and functions as a trigger for buy and sell signals.

The MACD on the daily candles is starting to move towards the zero line this could signal a short term sell signal. This means that it could be possible to get a better entry point then the current price of 800 Satoshi.

Resistance and support

Resistance and support lines are great indicators in order to identify the next ‘support’ or ‘resistance’. Support levels are where demand is perceived to be strong enough to prevent the price from falling further, while resistance levels are prices when selling is thought to be strong enough to prevent prices from rising higher. In general, the more often a support- or resistance is exercised, the stronger it becomes.

The first major resistance seems to be at a price of 896 Satoshi and the first support is found at a price of 730 Satoshi, the first major support around 600 Sats. Currently the 50-day moving average acts as support around 650 Sats.

Moving average

A moving average (MA) is a widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random price fluctuations. It is a trend-following, or lagging, indicator because it is based on past prices. The current price is above both the 50- and 200-day average and ascending which signals an uptrend.


ETHLend is actively marketing their product. They participate in a lot of different FinTech and blockchain conventions and have a very active and extensive blog on Medium with daily posts. They communicate with the target market through various social media channels and try to answer questions ASAP.


ETHLend has a very active and growing community. Their Telegram channel counts over 19k members, and hundreds of messages are being sent by members every day. If you have a question, just ask it and you will get an answer within minutes. Some team members are actively managing the Telegram channel and provide token holders with good quality information including a weekly update. Their Bitcointalk forum is less active, since most of the communication runs through their Telegram and Twitter. They have over 40k followers on Twitter and get hundreds of interactions with their Tweets most times. The team is not creating FOMO by stupid announcements of announcements.


ETHLend is currently improving the way they share information. This includes launching a new website and videos covering current and future milestones.

Upcoming developments (Q2 2018)

The following developments can be expected for Q2 2018:

  • Airdrops for active lenders and borrowers;
  • On-demand and crowd lending (loan offers from lenders);
  • Decentralized credit rating (DCR);
  • Penalties for late payment & refinancing;
  • Lending Bitcoin;
  • Using lend gives a 25% discount;
  • Gateway for decentralized providers (Uport, Civic) to DCR*.

For more developments or more information about upcoming developments check the Roadmap.

Unique Selling Points

ETHLend want to disrupt the global lending market by enabling everyone to lend and/ or borrow at a competitive interest rate. To accomplish this vision, it is important that ETHLend is positioned as the main decentralized lending platform in the market. To be able to claim this position ETHLend uses the following USP’s to conquer the market:

  • ETH (ERC20) Tokens as collateral.
  • LEND token has many use cases within the DAPP;
  • ETHLend has a good team;
  • Many upcoming developments;
  • Anyone can be both lender and borrower;
  • Loan to value collateral 65% (70% when using LEND);
  • Huge target market;
  • The possibility to have both Fiat and ETH pegged loans.


ETHLend is constantly looking for collaborations and always interested in sharing knowledge. They are currently having discussions with other blockchain startups and want to establish as many partnerships as possible.

At the moment ETHLend has signed up the following partnerships:

  1. Eidoo – official partner of the token sale. New generation HD wallet with enhanced security features.
  2. Digix Dao – Gold-backed crypto platform. Token DGX tokens contain the right to 1 gram of gold that is stored in an audited vault. The partnership consists of R&D collaboration, creation of the shared products and new functions.
  3. Bloom – Decentralized credit scoring powered by Ethereum and IPFS. Creation of the reputation-based lending.
  4. NaPoleonX – algorithmic asset management company for crypto investors.
  5. Sharpe Capital – FinTech organization developing a platform to crowd-source market sentiment on global equities and blockchain assets.
  6. Brickblock Trade in tokenized ETFs, Real Estate, and Coin Funds stored under your name in your digital trust.
  7. Change – A mobile Crypto-Wallet for ERC20 token Crypto-asset portfolio management with debit card, collateral management, identity management and other cross-platform integration services.
  8. SwissBorg – a wealth management company will use the ETHLend platform in a various set of investment strategies to optimize their portfolio management processes. Both as a borrower to increase its liquidity management for various investments operations including leverage upon participations in ICOs and as a key lender to provide liquidity to ETHLend while earning interests.
  9. Enigma is an off-chain P2P network that enables different parties to jointly store and run computations on data while keeping data completely private through the use of secret contracts. Using Enigma’s secret contracts.
  10. Kyber Network – is an Ethereum based protocol that allows the instant exchange and conversion of digital assets. ETHLend is working together with Kyber to integrate the Kyber Network within the ETHLend smart contract protocol to effectively create a Lend pair for every ERC20 token in the ETHLend ÐAPP.
  11. Sandblock enables businesses to convert loyalty points, coupons and vouchers into crypto assets, they become tradable and have a real market value. ETHLend and Sandblock are partnering to give a new usage to brand’s rewards by using them as collateral on ETHLend.

All the partnerships are signed with the goal to create more liquidity for the platform and introduce new financial and trading tools.

ICO & Token information

It is important to take a good look at the Initial Coin Offering and general Token information to see how much money was raised, how the team aims to spend that money, how many tokens will be added in the future, etc. This will give us a basic understanding of the growth potential.

Token contract

  • ERC20 Contract: 0x80fB784B7eD66730e8b1DBd9820aFD29931aab03
  • Token name: LEND
  • Decimals: 18

Raised funds and allocation

During the ICO phase ETHLend has raised USD$16.2 million. They reached the total hard cap of 37,600 ETH. ETHLend will use these funds to further develop the technology behind ETHLend according to the following funds allocation:

  • 30% on core development;
  • 20% on user experience development;
  • 20% on management of ETHLend Foundation or LLC;
  • 20% on promotions;
  • 10% on unexpected costs.

A multi-signature wallet is used to store the raised funds.

Token distribution

According to the blockchain the LEND tokens are reasonably well distributed. There are a few addresses with a large number of coins. However, these could be exchanges. There is a vesting model for the team’s coins. The ETHLend development team and key personnel are bound to a 24-month vesting period. During the vesting period the LEND cannot be sold.

ETHLend introduces the following Vesting model for the core team:

  1. 80% of LEND is locked once the Token Sale distribution has ended
  2. 60% of LEND is locked after 6 months from the Token Sale distribution
  3. 40% of LEND is locked after 12 months from the Token Sale distribution
  4. 20% of LEND is locked after 18 months from the Token Sale distribution
  5. 0% of LEND is locked after 24 months from the Token Sale distribution

Market cap and circulating supply

ETHLend is currently sitting on top of a market cap of 83 million USD. Competitor SALT reached a market cap of almost 1 billion USD during the parabolic bull run of crypto in late December/ early January. The current circulating supply is LEND

Max supply

The max supply sits at 1.299.999.942 LEND. This is an 19,69% increase from the current circulating supply. These extra tokens will be added to the circulating supply within 24 months after the token sale distribution.

Red flags

In our opinion, ETHLend is a very legit project. We could not find any concerns about their legitimacy. However, we have found something which could be worth reading, although it has already been resolved.


The cool thing is ETHLend provides the ability to borrow even in locations where there are no banks or only bank accounts available to the lucky few. LEND is an ERC20 token and is used as the main medium of exchange (lending currency) on the ETHLend decentralized application.

As we speak the ETHLend DAPP is working and helping people to get a loan or earn while HODLING. We believe ETHLend is ahead of the competition because they offer a true P2P decentralized solution to lending with the ability to add collaterals and a decentralized credit rating in the near future.

When we take a look at the target market (total consumer loans), there is a potential 42.3 trillion dollar estimated industry to disrupt (2015) and that industry is rapidly growing. ETHLend is currently sitting on top of a market cap of 83 million USD. If you believe ETHLend has the ability to become a multi-billion-dollar multinational, it’s good to add some LEND to your portfolio.

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