Baiji Update to lend new features to ETHLend

Emilio Frangella, a full stack blockchain developer at Aave, shared information about the new features on ETHLend with the Baiji Update on 15 March.

ETHLend is decentralized lending on Ethereum network. Emilio conveyed that Aave is focused on improving ETHLend platform on a regular basis. The specific areas of improvement are UX and usability.

Emilio continued to elaborate on the novel features that ETHLend is offering. One of these is the support for newer languages. Emilio noted that Aave’s goal is to become a global market where people from different nationalities can reach out and fulfill their financial needs.

Emilio highlighted that in the effort to be multi-linguistic, ETHLend has been translated into Vietnamese, Chinese, Korean and Spanish. Users have the facility to select the language of their choice by scrolling down to the bottom of the landing page. They can also change the language by logging in and using their profile page.

CRYPTO LENDING PLATFORMS ARE GETTING A MAJOR BOOST WITH UPDATES. A BLESSING IN THE MAKING.

Emilio cited on the offering of new collateral tokens as –

“At Aave we constantly monitor the fast pacing world of decentralization, trying to capture as many opportunities as possible. We have worked to introduce new tokens to open ETHLend to new markets and technologies, always aiming for the best experience to everyone.”

Emilio further shared information that the newly available collaterals are Huobi token (HT), POA20 (POA), PAXOS (PAX), USDCoin (USDC).

Emilio carried on to throw light on the new loan currencies facilitated through stablecoins. Emilio captured the current hindrance in the lending market almost posing “a big entry barrier”. Emilio averred that stablecoins could be a solution to this problem.

The blog sustained by stating that stablecoins could offer the benefits of two requirements. They are compliant to blockchain technology in terms of transparency, decentralization, and trust. They are also blessed with stability associated with fiat currency.

Last month, Aave had made news by welcoming Aave Pay. Aave Pay supported crypto-based bill payments. With Aave Pay, the notion of cryptocurrencies being only ‘speculative’ would change and cater to any real use cases. In yet another report, Aave had heralded their Aave SDK, which is a complete set of tools, libraries, and functionalities.

The blog concluded by informing DAI, TrueUSD (TUSD), USDCoin (USDC), PAXOS (PAX) are stablecoins supported as loan currency on ETHLend platform. These stablecoins would potentially mitigate barrier and ensure stability. By borrowing stablecoins, users are ensured that the value will remain the same during the whole loan period.