ETHLend is a decentralized lending platform on the Ethereum Blockchain. Smart contracts handle the lending process on the ETHLending platform; this allows transparency and puts some confidence in participants that anyone does not manipulate their transactions. The participants exclusively decide interest rates, premium, and conditions.
ETHLend uses about 20% of the decentralized application fees to acquire LEND tokens from the market and airdrops the tokens to all the lenders and borrowers on the ETHLend platform, which is usually based on the preceding period’s volume. They also purchase an additional amount of LEND tokens to reward lenders and borrowers or third parties who introduce new participants (referrals) onto the decentralized lending platform.
Wallets To Store Your ETHLend Tokens
Steps On How To Purchase LEND Tokens On Binance
Step 1: Open and verify your account on the Binance platform.
The very first step is for you to have an account registered with Binance. This should take you less than a minute to complete. All that is needed is to enter an email address you have access to and a secure password. This would be the information you’ll always provide to access your section of the exchange to make transactions. At form submission, you’ll be required to verify that email you just registered. Open the email account and click on a link that must have been sent to you from the Binance platform. Clicking this gives you full access to trade on the platform.
Step 2: Fund Your Binance Account.
This step has to do with funding your account with the equivalent of the value of the coin you want in exchange. Depending on the price (Check current price for the LEND token here), you can calculate how much you want to acquire in USD value. When that has been determined, send the dollar equivalent to your Binance account in Ether or Bitcoin.
To fund with Ether, follow the steps below:
- Locate the FUNDS link on top of the page and click.
- Click on the DEPOSITS WITHDRAWALS option that is displayed.
- Search for Ether in the list of cryptocurrencies that appears.
- Click on the DEPOSIT button in front of Ether.
- An Ether address should be generated, copy and go to your Ether wallet outside Binance to send some Ethers to your account on Binance.
- Wait some few minutes then refresh the page to confirm the Ether sent has been credited.
Note: the same process applies if you are funding with Bitcoin or any other cryptocurrency.
Step 3: Exchange Your Ethers For LEND
Now that you have funded your Binance account, it’s time to make the exchange. To do this, follow the instructions below:
- Click on the EXCHANGE button right in front of the Binance logo.
- Click on the BASIC option that is displayed.
- Locate the LEND/ETH pair from the list that is displayed on the right side of the screen.
- Right under the LEND/ETH chart that is displayed, on the Buy LEND section, enter the Amount of LEND you want to purchase with the Ether you just funded. If you plan to use all your funded Ethers for LEND, choose the 100% option below the Amount field.
- Click on the Buy LEND button.
Update: Binance only allows a certain number of traders to join daily. If you couldn’t create an account there, you can buy LEND from KuCoin.