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A Step Further into CryptoFinance  –  Introducing the Omura Alpha Update

ETHLend has made proof-of-concept applications a more user-friendly experience for everyone

Amidst much anticipation, ETHLend has released their next version of its decentralized lending application codenamed Omura (Alpha 0.2.1). Since December 15, 2017, there have been over 600 loan transactions on the current decentralized lending platform with over 3 000 ETH (around $3,000,000) worth of lending volume. As of today, the new version is now live.

Due to the large volume and interest, ETHLend has decided to perform an additional release to turn the proof-of-concept application to a more user-friendly experience for everyone. This includes a list of key changes and additions for the Omura release:

Smart Contracts

Over 130 collaterals to choose from

ETHLend has added new liquid collateral tokens. New tokens are selected from the coinmarketcap and are seen as liquid ERC-20 tokens. These tokens are usually traded in multiple exchanges and bear a decent amount of volume and have a great team behind the project.

If you want your token to be added contact us at Telegram. These tokens in total hold $52 billion market capitalization, which could be unlocked via ETHLend’s decentralized application. Here is the up to date full list of collateral tokens, which can be used in ETHLend.

Tokenlist as a smart contract

A separate smart contract is created for token list control. Hence, when a new token needs to be added, or an old one needs to be removed, the main smart contract does not need to be re-deployed. Therefore, the collateral token list management is easier and flexible to manage.

Collateral calling

If the token market price drops 33 percent of the 100 percent, which was set during the loan request – in case the token price has decreased by 33 percent, the lender has the option to claim the collateral tokens.

Claiming tokens in 33 percent price reduction would amount to receiving the same amount of ETH, which has been lent out since the borrower can only borrow up to 67 percent of the token value.

Oracle for token price check

Upon each loan request, Oracle is used to check the token price on a given moment to add more security for the decentralized application. Oraclize is used as the Oracle service and USD/ETH rate is pulled from both Kraken and ERC-20/ETH from Coinmarketcap.com.

Oraclize rate reduced

Previously, Oraclize rate was set to charge around 0.05 ETH, currently the charge for the USD rate is around 0.005 ETH. The rate is valid for one hour and upon pulling the rate, it will be available for all users. This function is already deployed to the previous smart contract.

Pausable ledger

After each and every smart contract update, ETHLend is able to pause the old smart contract to not accept any new loan requests. However, repaying old loans and claiming tokens is naturally available. This method will reduce the issue of creating a new loan request to an old ledger smart contract.

Release locked ERC-20/ETH

If the loan smart contract is finished, defaulted or cancelled, ETHLend is able to call a release function in case users are accidentally sent ERC-20 tokens or ETH to a completed loan smart contract.

User interface improvements

Install metamask notification

Notification is added if the user does not have metamask installed or enabled. Such message helps the newcomers to download metamask.

Loan filtering

Loans can be filtered with states (All, Set data, Waiting for tokens, Funded, Finished and Defaulted).

My loans section

A filtering section, which displays all your loans in all states to help you find your loans instead of browsing the ledger. No need to pull the USD rate to see the terms: rather USD rate is not needed to pull so as to see the USD loan terms.

Whole loan period is calculated

Upon setting data and choosing installment count and days, there is a calculator which will accordingly indicate the total loan period.

Display the whole loan period

On each loan request the lender sees the total loan period in days addition to days to pay and installments.

Auto-refresh

When tokens are received or the loan is funded, the page will auto refresh.

Faster browsing

Browsing loans once loaded on to the front end is 5x faster when browsing from one page to another or from one sorting filter to another.

Bug Fixes

Front-end - days to pay

Previously the front-end had a glitch on displaying the “days to pay” field. This has been fixed on Omura.

Double funding issue

The previous version had a bug where the smart contract accepted more than one simultaneous funding. This has been fixed and henceforth, the loan smart contract accepts the first lender only.

What happens to loans on the previous smart contract?

Old loans will still be accessible. The most disruptive power of the blockchain technology is that the data cannot be easily removed. The same goes with the lending ledger smart contract. All loans, which were made with the old loan ledger smart contract are accessible now accessible by accessing the following link.

You can continue with our old payment schedule or you can repay the loans earlier. The new smart contract features are applicable in the new smart contract only.

New instructions videos

The ETHLend team will also be providing new instructional videos during the week to help both lenders and borrowers use the decentralized application. A separate announcement will soon be made upon completion of production of these new videos.

What’s next?

The ETHLend team continues to develop the new proposed fee structure, GUI release and Q1 milestones (crowdlending, lender side loan offers and decentralized credit rating) during this Q1. This will see ETHLend soon announcing the structure of the reward for active lenders and borrowers.

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