Create an App like Aave and Utilize the Power of P2P Lending

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 DApps, blockchain, and Decentralized Finance (DeFi) platforms are the talk of the entire world. Likewise, borrowers and lenders can directly deal with each other without any intermediaries.

Which is that platform that is leading the P2P lending industry? It is Aave. Users can borrow funds without depositing any collateral. Entrepreneurs keen on changing the conventional financial system can develop an Aave clone app. 

The crucial functionalities of an app like Aave are

  • Dashboard - Borrowers and depositors need to sync their digital wallets for availing loans and pledging funds. They can use options like Coinbase Wallet, Ledger hardware wallet, MyEtherWallet (MEW), Torus, ImToken, and WalletConnect open-source protocol. Later, users must choose the network (Ethereum mainnet, Polygon sidechain, and Avalanche. 
  • Deposit button - Lenders can deposit their funds with ease on an Aave clone. They can select DAI stablecoin, Gemini Dollar, TrueUSD (TUSD), USD Coin (USDC), Ethereum (ETH), Maker (MKR), Tether (USDT), Binance USD (BUSD), and Basic Attention Token (BAT). 
  • Borrow option - Debtors can borrow any amount from an app like Aave. They can select 2 options (Variable and Stable) as per their preferences. Later, borrowers can choose cryptocurrencies, DeFi tokens, stablecoins, and crypto tokens.
  • Swap mechanism - Generally, users have to deposit their Aave tokens on the DeFi protocol. Later, in case of extreme market fluctuations, they can tap the staking option. Moreover, investors have to execute 2 transactions. They should tap the Approve button for moving their virtual assets and press the Stake option. Later, their Aave tokens would be staked in the Safety module. 

Urging to make a splash in the world of Web 3.0? Call up a DeFi creation enterprise and kickstart Aave clone app development now. 

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