Today we are proud to release 🥤 SODA version 2.0.
Three and a half months ago we have launched SODA v1.0. In v2.0 we still provide our users with on-chain cryptomagic 💫 in order to help them to borrow crypto with Bitcoin as a collateral. SODA v2.0 holds it’s promise and helps to borrow crypto with the lowest borrowing rates on the market.
As you will see it on https://soda.network, our Chief Design Officer, Pavel Tarasenko, has redesigned SODA interfaces and tried his best to improve your experience from using SODA. Daria Gavrilina, our Lead Developer, has built in the interfaces into the system that works. She is a great dev! And of course Dan Gavrilin, CTO of SODA, has written tens of thousand lines of code in order to help you feel the beauty of crypto loans 🧙.
Kudos to Pavel, Daria & Dan!
And what are the ten radical improvements of SODA v2.0?
1/10: In v1.0 you had to run through the jungle 🌴🦁 to take out a loan:
Connect Metamask → Send your collateral in BTC → Receive SODABTC to MetaMask → Approve MetaMask → Deposit SODABTC → Spend ETH (transaction fee) → Spend ETH for an oracle request → Receive a loan
v2.0: Borrow just in one simple step: Deposit collateral in Bitcoins → Receive a loan.
2/10: APR was set by SODA Foundation.
v2.0: Borrowing rates on SODA are always lower than the market weighted average.
3/10: In v1.0 you had to pay ETH for transaction fees and oracle requests.
v2.0: 0% transaction fees. SODA pays for all the loan withdrawals, repayments and oracle requests .
4/10: In version 1.0 you could only borrow with a 140% overcollateralization.
v2.0: 140-400% flexible overcollateralization.
5/10: In version 1.0 you could only borrow for 30, 60 or 90 days.
v2.0: Unlimited loan period.
6/10: Interest needed to be paid for the full loan period at the start.
v2.0: Interest is accrued daily.
7/10: Only one active loan at a time.
v2.0: Unlimited number of active loans.
8/10: Depositing the collateral in BTC from the exchanges was impossible.
v2.0: Deposit your collateral in Bitcoins from any exchange, wallet, hardware wallet etc.
9/10: It was only possible to receive the loan to your MetaMask account.
v2.0: Withdraw loans to any Ethereum-wallet (directly to any exchange, DEX, wallet) for free.
10/10: In version 1.0 you were able to use SODA with MetaMask only.
v2.0: Signing up with email (no KYC).
BONUS 11/10: There was only a web interface in version 1.0.
v2.0: Mobile-friendly interfaces with full functionality: now you can borrow from anywhere using your smartphone.
Yes, SODA V2 is live. Give it a shot now: https://soda.network
P.S.: More useful products & features are coming:
⌛️ Lending [SOON]
⏳ Leverage [SOON]
⌛️ New assets [SOON]
⌛️ Referral Program [SOON]