0 replies \ @lendasat OP 15 Aug \ on: Introducing: Escrow-Less Bitcoin-Collateralized Lending bitcoin
CORRECTION:
As @supertestnet correctly points out in #648625, the protocol we propose is not trustless. The linked whitepaper does not claim such a thing, but our original post here used the word "trustless" incorrectly.
A DLC-based protocol necessarily involves an oracle, which acts as a trusted third party.
Sorry for the mistake.
We're addressing an existing market need by providing a solution to minimize risks for users. This way, users can still borrow against their Bitcoin while maintaining control over it.
"If you don't believe it or don't get it, I don't have the time to try to convince you, sorry."
- Satoshi Nakamoto
Good to know that you're not our primary target for this product.
People are massively using trust based and centralized/custodial services, we're offering an alternative!
Unless you borrow and repay some USD-denominated amount of bitcoin. That would make more sense. And it is probably something like it, since we have an oracle in the system.
Yes, this is how it works. The loan you take is USD-denominated meaning the exact sats amount will vary.
Lendasat aims to make it as simple as paying a lightning invoice for instant bitcoin-collateralized loans.
To buy goods, groceries or get cash...
Learn more at https://www.lendasat.com
You can read more and sign up for early access here: https://www.lendasat.com
Thank you for your insight.
Our goal is to create the best user experience while offering an instant and non-custodial service.
A 19% interest rate seems quite high; a market-driven interest rate would likely be more reasonable.
13 sats \ 0 replies \ @lendasat OP 11 Jul \ parent \ on: You've hodled long enough. Start living. bitcoin
Lendasat is a Bitcoin-only product.
Your invoice is instantly paid with Bitcoin, and the repayment is made in Bitcoin.
No fiat or stable coin involved.
13 sats \ 1 reply \ @lendasat OP 11 Jul \ parent \ on: You've hodled long enough. Start living. bitcoin
There is going to be an originator fee of 1-2% and an interest e.g. 1% on the loan. The originator fee is only to be paid once and the interest is to be paid on a monthly basis.
Is there going to be some sort of calculator?
We don't have one yet, but if you search for loan calculator you may find many useful resources.