Reloanr and More: A Quick Progress Update

Updated repos, a glimpse into the UI and an assessment of the ‘how’ of things

To begin with, a shout-out to the community for their support and patience. We’ve played things a bit close to the chest in recent weeks, but now we’ve got something to share. A progress update on Reloanr, with a sneak peek into the UI (subject to further improvements). We’ve also opened up the GitHub repo, where you can view and review not just Reloanr code, but also the Lendroid JS library and protocol smart contracts. Shall we begin?

Without further ado, links to our GitHub repos, with updated code:

1. Reloanr UI : https://github.com/lendroidproject/reloanr-ui

2. Lendroid JS library : https://github.com/lendroidproject/lendroid-js

3. Protocol Smart contracts : https://github.com/lendroidproject/protocol.1.0

Do take a look, and connect with us on the Telegram channel, Twitter, Slack or Reddit.

Reloanr — Why it’s different

We first unveiled Reloanr — the first-of-its-kind secondary market for Dai loans — at ETH Buenos Aires. As we announced in the partnership blog, it is an active use case for the Lendroid Support Token, and also the debut of the Wrangler, an original Lendroid concept.

Now, there are ways to get Dai apart from generating a CDP — at an exchange for instance, or via a lending dApp. Getting it from an exchange would mean purchasing the Dai, with no further instance of utility for the stablecoin.

What if you could borrow the Dai with some wrapped ETH instead? And what if you could loan Dai and earn interest? This isn’t such a big leap for existing dApps, but here are the Reloanr differentiators -

Speed

Typically, there is considerable waiting time when trying to get a crypto loan. This is because every step of the process — from requesting a borrow order, filling in the requisite details like interest and time frame, allocating collateral — are each committed on-chain, one by one. And that’s even before the offer has been filled in and the loan created. This spikes the number of transactions, and causes a visible drag on the experience.

Lendroid dips into the network only at the final instance, when the loan is availed. All the underlying contract calls are aggregated into one single transaction. Requests, filling offers, all happen off-chain. Not only is this faster, but also more efficient on the network. What if a borrow order is created, committed on chain and there are no takers? The four (at least) transactions that went into creating it go waste, and the potential borrower’s collateral is locked. Reloanr also repurposes orphan contracts, further reducing the number of transactions and thereby, the speed of your experience on the platform.

Feature Rich

There’s always room for more, but it is important to set a benchmark when building a lending platform, particularly to inspire adoption.

Let’s look at Reloanr from the borrower’s perspective. He can begin with wrapping his ETH on the platform itself. He can choose which lend order he needs. He can close the loan at any time before expiry. More importantly, he can top up his collateral when the loan health depreciates.

Like borrowers, lenders too can choose which orders they want to fill (partially or wholly). They can choose to liquidate the loan if the loan health deteriorates, and they can (soon, via wranglers) request a loan rollover, so the interest keeps flowing in.

The Wrangler

The Wrangler is potentially the most important addition to the lending ecosystem. With the Wrangler, we’re completely decentralizing the computational needs of the protocol — whichever form that might take. We’re talking underwriting, clearing house services, account monitoring, and much more.

In the Reloanr context, the Wrangler is an underwriter. At the time of order creation, lenders and borrowers get to pick their choice of Wrangler from a drop down, to monitor the loan. Wranglers will have their own server and smart contract system. To begin with, Lendroid will be the Wrangler. Subsequently, anybody can register to provide Wrangler services on the protocol.

Reloanr — Where we’re at

For a full overview of the platform, you can check out our published primer, which lists the various stages and features. We’ve come some way in making that a reality. Here’s a sneak peek into the UI, which will soon be live on app.reloanr.com.

Note: the numbers are placeholders in the illustrations.

As a Lender, you can begin by setting your Dai allowance.

As a borrower, you can wrap your ETH on the platform.

And set your WETH allowance for collateral.

Here’s how you create a Lend Order as a Lender. A simple, composite exercise.

The Borrower fills a Lend Order in one step.

A snapshot of the Wrangler approval of the loan request.

The loan, now ready, is reflected on the Borrower’s UI.

Notice the borrower has the option to close the loan or top up collateral. The liquidate option, innate to the Lender’s role, is disabled here.

The loan is also reflected in the Lender’s UI.

Creating a loan is possible now, and we’re currently working on wrapping up collateral top-up and liquidation. Reloanr will first be launched on Kovan and subsequently, on mainnet.

It’s been a while since we last connected, but I hope to make this a more regular affair and look forward to sharing even more interesting updates soon.