Most common support requests on Lend at Hodl Hodl
Overview
Lend by Hodl Hodl is a peer-to-peer (P2P) lending platform that enables users to offer or accept loans without the need for bureaucratic processes. There is no requirement to provide personal or financial information, nor to complete Know Your Customer (KYC) procedures.
The loans are over-collateralised with Bitcoin, eliminating the need for additional data. The collateral is held in a multi-signature Bitcoin address generated by the platform for the specific contract only, preventing its use for any other purpose. This address is secured by three keys: one held by the lender, one by the borrower, and a third held by the platform for the sole purpose of dispute resolution. This means that the participants of the contract always retain partial custody of the warranty avoiding any chance of re-hypotecation.
The collateral will remain in the multisig escrow until the contract matures. Upon completion of the repayment, the borrower shall refund the collateral (BTC). In the event of a failure to repay the loan in a timely and proper manner, the contract will be liquidated and the lender will be paid from the collateral (a liquidation fee will be applied to the borrower).
If you would like to calculate the collateral amount required for your contract, you can use our collateral calculator here.
The importance of 2FA for securing contracts
The second factor of authentication is an essential component in ensuring the security of loan contracts, and must be treated with the rigor it deserves.
Two-factor authentication codes are known only to the user. We are unable to access these codes and therefore unable to assist with recovering them. It is therefore essential that the backup codes generated during the two-factor authentication setup process are stored properly when setting up the account. The back up codes are six alphanumeric strings, each comprising 16 characters, for instance: 813536bdeb3421dc.
In the event that you lose access to your two-factor authentication (2FA) app (Google Authenticator, Authy, etc.), you will be prompted to enter one of your 2FA codes when logging into your Hodl Hodl account. At this moment, you may enter one of six backup codes. Please note that the codes are for one-time use only and cannot be reused. If you have not yet backed up the codes, we strongly advise that you disable 2FA from the platform and re-enable it, ensuring that you save your 2FA backup codes.
Lending and borrowing Liquid assets.
Our P2P lending platform offers a wide range of assets for lending and borrowing, with USDT over the Liquid blockchain being particularly popular. As you may be aware, a key feature of the Liquid blockchain is the ability to provide confidential transactions, which prevents users from seeing the amounts transferred on each movement. While this is an effective tool for privacy, it also hinders the ability of lending contracts to automatically validate the amounts sent into them. To address this, it is essential to use Liquid wallets that enable users to obtain un-confidential (un-blinded) transaction IDs, which can then be uploaded to Lend contracts for automatic verification.
At present, we can recommend the use of Blockstream’s Green wallet and the SideSwap wallet.
If your wallet does not provide non-confidential transaction links, you will need to contact our support team to manually verify payment or repayment transactions by emailing supportlend@hodlhodl.com
Risks and precautionary measures
If you are acting as the lender, please do not release the loan to the borrower until you are certain that the collateral is in escrow. Otherwise, the loan will not be secured and there will be no guarantee of repayment.
To ensure a successful loan, whether as a lender or borrower, it is essential to adhere to the instructions set out in the platform’s guidance at each stage of the contract.
In the event of a dispute, both parties are encouraged to engage in a constructive dialogue to find a mutually acceptable resolution.
Once a dispute has been initiated, a support manager will conduct a thorough review and provide guidance on the best course of action to resolve the matter.
Should you have any queries or require further information, please do not hesitate to contact us.
Reach us:
- Hodl Hodl trading platform: hodlhodl.com
- Lend at Hodl Hodl: lend.hodlhodl.com
- E-mail: support@hodlhodl.com
- Blog: hodlhodl.medium.com
- Twitter: twitter.com/hodlhodl
- Telegram: t.me/HodlHodl
- Reddit: hodlhodl.reddit.com
- Facebook: facebook.com/HHodl
- Youtube: youtube.com/c/HodlHodl
- Nostr: npub1yul83qxn35u607er3m7039t6rddj06qezfagfqlfw4qk5z5slrfqu8ncdu
HODL!
