Question 1

What is DreamLend Finance?

Accepted Answer

DreamLend Finance is a peer-to-peer (P2P) cryptocurrency lending platform built on Somnia L1. It allows users to lend their crypto assets to earn interest or borrow crypto by providing collateral, all through secure smart contracts.

Question 2

How do I get started with DreamLend?

Accepted Answer

To get started, simply connect your Web3 wallet (like MetaMask) to our platform. Once connected, you can browse loan offers to borrow crypto or create your own loan offers to start lending and earning interest.

Question 3

What wallets are supported?

Accepted Answer

DreamLend supports all major Web3 wallets including MetaMask, WalletConnect, Coinbase Wallet, and any wallet compatible with WalletConnect protocol.

Question 4

Do I need to create an account?

Accepted Answer

No, you don't need to create a traditional account. DreamLend is fully decentralized - you just need to connect your Web3 wallet to start using the platform.

Question 5

How much interest can I earn by lending?

Accepted Answer

Interest rates on DreamLend are market-driven and can vary based on supply and demand. Lenders typically earn between 5-15% APY, depending on the loan terms, duration, and market conditions.

Question 6

What tokens can I lend?

Accepted Answer

DreamLend supports a variety of popular cryptocurrencies including stablecoins (USDC, USDT), major tokens (WETH, WBTC), and other selected ERC-20 tokens. The supported token list is regularly updated based on market demand and security assessments.

Question 7

How do I create a loan offer?

Accepted Answer

To create a loan offer, go to the 'Create' page, specify your loan terms (amount, interest rate, duration), choose accepted collateral types, and submit your offer. Your offer will appear in the marketplace for borrowers to accept.

Question 8

Can I cancel my loan offer?

Accepted Answer

Yes, you can cancel your loan offer anytime before it's accepted by a borrower. Once a borrower accepts your offer and provides collateral, the loan becomes active and cannot be cancelled.

Question 9

How do crypto loans work on DreamLend?

Accepted Answer

Crypto loans on DreamLend are collateralized, meaning you must deposit crypto assets as collateral to secure your loan. The collateral value must exceed the loan value by a certain ratio to protect lenders.

Question 10

What can I use as collateral?

Accepted Answer

You can use various cryptocurrencies as collateral, including WETH, WBTC, and other approved tokens. The platform uses real-time oracle pricing to determine fair collateral values.

Question 11

What happens if I can't repay my loan?

Accepted Answer

If you fail to repay your loan by the deadline, your collateral will be liquidated to repay the lender. The liquidation process is automated and handled by smart contracts to ensure fairness.

Question 12

Can I repay my loan early?

Accepted Answer

Yes, you can repay your loan at any time before the deadline. Early repayment will save you interest costs, and you'll immediately regain access to your collateral.

Question 13

How secure is DreamLend Finance?

Accepted Answer

DreamLend prioritizes security with multi-signature wallets, audited smart contracts, and institutional-grade security protocols. All funds are secured by smart contracts, and we never have custody of your assets.

Question 14

Are smart contracts audited?

Accepted Answer

Yes, all DreamLend smart contracts undergo rigorous security audits by reputable firms. We also implement additional security measures like time-locks and multi-signature requirements for critical functions.

Question 15

What happens if there's a smart contract bug?

Accepted Answer

While our contracts are thoroughly audited, we maintain insurance funds and emergency procedures to protect users in the unlikely event of a critical bug. We also have a bug bounty program to incentivize security researchers.

Question 16

How are prices determined for liquidations?

Accepted Answer

DreamLend uses Chainlink price oracles to get real-time, accurate market prices for all supported tokens. This ensures fair and transparent pricing for collateral valuations and liquidations.

Question 17

What fees does DreamLend charge?

Accepted Answer

DreamLend charges a small platform fee (typically 0.5-1%) on successful loans to maintain and improve the platform. All fees are clearly displayed before you confirm any transaction.

Question 18

Are there any hidden fees?

Accepted Answer

No, DreamLend believes in complete transparency. All fees, including platform fees and network gas costs, are clearly displayed before you confirm any transaction.

Question 19

How much are gas fees?

Accepted Answer

Gas fees depend on network congestion and are paid to the blockchain network, not DreamLend. Built on Somnia L1, our platform offers significantly lower gas fees compared to Ethereum mainnet.

Question 20

Do I pay fees for cancelled offers?

Accepted Answer

You only pay the network gas fee for creating an offer. If you cancel an offer that hasn't been accepted, you won't pay any platform fees - only the gas cost for the cancellation transaction.

Question 21

My transaction is stuck or pending. What should I do?

Accepted Answer

If your transaction is pending for a long time, it might be due to network congestion or low gas fees. You can try speeding up the transaction in your wallet or wait for network conditions to improve.

Question 22

I can't see my loan or transaction. Where is it?

Accepted Answer

Check the 'My Loans' page to see all your active loans and transaction history. If you still can't find it, verify that you're connected with the correct wallet address.

Question 23

How do I contact support?

Accepted Answer

For support, you can reach us through our Discord community, send an email to harsh@dreamlend.finance, or use the help chat feature on our website.

Question 24

Can I use DreamLend on mobile?

Accepted Answer

Yes, DreamLend is fully responsive and works on mobile devices. You can use it through mobile Web3 browsers or wallet apps like MetaMask mobile.

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