MyConstant – Peer-to-Peer (P2P) DeFi Lending For the Digital Age
MyConstant is a next-generation crypto-backed, multi-market P2P lending platform. The platform focuses on peer-to-peer lending of both fiat and crypto assets. It enables anyone to secure an ROI by lending funds to other users via the network’s lending pools.
Notably, DeFi P2P lending is one of the fastest-growing sectors in the cryptomarket at this time. MyConstant enables anyone to receive instant access to fiat and crypto-backed loans that are collateralized against multi-coin collateral. In this way, MyConstant streamlines the lending process.
What Problems Does the MyConstant Attempt to Fix?
MyConstant gives the average crypto investor access to funding that might not have been available. Unfortunately, it can be tough for some people to access funding via the traditional financial system due to centralization. In most instances, getting a loan requires a person to deal with multiple gatekeepers. These individuals decide if you are worthy of a loan based on their criteria. Worst of all, you may never know why your loan was denied.
MyConstant eliminates the central banks from the lending equation. Instead, the network directly matches borrowers and lenders. As part of this strategy, the platform provides open access to all.
The developers have gone to great lengths to remove all financial and technical barriers. For example, you only need $10 to start lending or borrowing funds. MyConstant addresses investor confusion in multiple ways. Primarily, the integration of blockchain technology offers a more streamlined user experience to the market.
The centralized system in place today lacs the transparency of MyConstant. The network operates as a customer-focused financial platform. Primarily, it’s because these systems were never meant to share data with users so freely. In comparison, MyConstant users can easily borrow against multi-crypto portfolios in minutes. Additionally, the network’s dashboard is easy to navigate and provides you access to crucial data to make informed lending decisions.
There are a lot of features and benefits that make MyConstant a popular choice for investors. For one, the platform supports an excellent selection of tokens. Additionally, you can choose to automatically or manually top-up to secure your loan fully. This strategy eliminates the gatekeepers and human error. There’s also never any credit or background check required.
Instant Access to Funding
It only takes five minutes to get a loan from MyConstant. Best of all, users can borrow with an LTV ratio of up to 66%. You can set the parameters of your loan as well. Specifically, there are 1, 3, and 6 month lending periods available.
For example, you can borrow USD 1000 with collateral of just .0446 Bitcoin. You can set your term length to suit your needs. The longer the repayment, the higher the APR will be. You can also select to receive the payment in USD or crypto.
MyConstant borrowers enjoy low interest rates compared to traditional lending services. The network averages around 6% APR, and there are low matching fees of 3.5% on crypto loans. This strategy enables users to save compared to the industry average of 5% matching fees.
To get a loan on MyConstant, you must provide collateral. When you repay your loan, these funds get automatically returned to your wallet. The network integrates Prime Trust as its fiat custodian.
There are two main participants in the MyConstant network, borrowers and lenders. First, lenders secure interest on their crypto loans. Notably, a lender can secure up to 7% APR by investing in P2P loans.
Borrowers also enjoy low rates and a streamlined lending experience. It only takes a few seconds to choose your terms and select your payment options. Users can continue to HODL their crypto and still access the funds they need to continue their daily lives. In this way, MyConstant offers a way for you to retain market exposure without relinquishing ownership of your digital assets.
Choose How to Receive Your Loan
There are a lot of choices in terms of how you would like to receive your loan. You can opt for fiat currency. The system will automatically deposit USD into your linked bank account. You can also receive your loan in stablecoins or cryptocurrencies. The network supports 71+ cryptos at this time. To accomplish this task, the system searches multiple exchanges for the best prices in the market.
There are many reasons you would choose to receive your loan payment in different currencies. For one, you can select USD to take the funds for use in your everyday life. There is also a gift card feature that enables you to secure 3% cashback on purchases. Furthermore, if you seek to continue trading on another platform, stablecoin withdrawals are a wise decision. Lastly, withdrawing in cryptocurrencies allows you to leverage assets in multiple currencies.
To qualify for a loan, you need to provide collateral. Notably, there are a couple of different ways to accomplish this task. For example, you can choose to borrow against your whole portfolio or single crypto. There are also some advanced repayment and even top-up options.
The system can automatically top up your loan from 110% to 120%. You can also select a manual top-up. In this strategy, the system will send notifications at 125%, 120%, 115% regarding the state of your loan. Also, you can use any token supported by the network to secure your loan, depending on if you choose to isolate it or not.
Once you agree to and meet the terms of your loan, your collateral is returned directly to your wallet. If the value of your collateral drops too much or you fail to adhere to your loan requirements, your collateral will be liquidated to ensure the network remains financially buoyant. The liquidation percentage is 110%.
MyConstant Company History
MyConstant entered the market in January 2019 as a stablecoin project. At that time, the developers behind the project wanted to provide countries suffering from crushing inflation with to protect their wealth. After doing more research and development, the team decided that DeFi services would enable users to secure profits just for holding the token. In the coming months, the platform will add even more features, including the ability to short markets.
MyConstant’s network has expanded considerably from the launch of the project as a stable coin in 2019. Today, the platform operates as a full spectrum DeFi ecosystem. Notably, MyConstant has secured lenders more than $1,052,281.499 in total interest earned.
MyConstant – A More Democratic Lending System
MyConstant has succeeded in creating an easy-to-use multi-market P2P lending platform. New users don’t need any previous experience navigating the dashboard and accessing all of the network’s powerful features. This simplistic design, coupled with a healthy selection of features, makes MyConstant a platform worth taking another look at.
Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site.