EtherLink is currently working towards fixing the mistakes of the past. This could either be a dud or a chance for massive gains!
- Active on social media
- Good daily interest rate
- ERC20 token on ethereum blockchain
- Hard working team
- Platform needs rework
- Token price manipulation
- No mention of how profits are made!
What Is EtherLink?
EtherLink started out as LendConnect back in 2017 and had a massive hype and huge following, but then the Bitconnect disaster happened and the lending space was forever changed. Many of the upstarted lending platform ICOs failed to follow through on their promises because of massive FUD in the lending space and people just wanted to get out. LendConnect however did have massive success in the beginning and was trading on CoinExchange and was listed on CoinMarketCap. The listing on CoinExchange proved to be a problem with day traders and it was not possible to get delinted, so a straw poll was held on their telegram channel to hard fork into a new coin… and so LendConnect became EtherLink on the 6th of April.
EtherLink claims to be the first ERC20 token based lending project, which essentially means that it’s a token on the ethereum blockchain. The EtherLink team seems to be moving away from the bad lending stigma by transforming their platform into an exchange. While I was writing this review they also put a temporary hold on the possibility to make new loans, so it’ll be interesting to see what the future brings.
How Does EtherLink Make Money?
It’s not really clear to me how EtherLink is able to generate any revenue since they fail to mention that piece of information on the website and in their whitepaper.
The EtherLink Lending Platform
EtherLink is trying to find it’s bearings after the token swap and currently one lending option is available. It’s called Stake Of Value (SOV) and the daily interest rate has been cut to a more reasonable level. There is a mention of a bonus, but so far I have not been able to find any information regarding this.
|SOV Package 1||0.4% – 1%||50 Days||Random bonus days|
The EtherLink Staking Program
EtherLink does not offer a staking program for their token, but they tease with the option to stake ethereum:
“EtherLink is the first platform to offer Ethereum Staking with significant bonuses on your holdings.”
This would be a new safe and secure way to add on to the daily passive income. This staking option should have been active on April 11th, but this has not happened yet and who knows it it ever will.
The Team Behind EtherLink?
Like any other lending platform the team behind the project is anonymous, but they did tell a little about themselves in their whitepaper. They claim to be a team of passionate, experienced investors of which 75% of the team is based in Europe. This includes the CEO, lead developer and community managers. EtherLink also include blockchain developers from Japan and India.
I’ve looked into their domain name and it was created back in 2015 and was updated the 5th of April 2018 which makes sense in regards to the re-brand. The domain will expire after 2 years, so that’s maybe not putting to much faith in to the project. Their site actually seems to not be hosted on a dedicated server since 11 other sites are also hosted there. I’ve checked a few of the sites and they are not crypto related and I doubt it’s side projects of EtherLink.
Their domain contact is protected by WhoIsGuard, but this is normal practice for anything online these days.
The Bottom Line
Actually I was very positive about EtherLink when I picked it for a review plus there is a ton of hype videos on YouTube about the platform. But this soon changed after I read the recent announcement on Telegram that new loans will be put on hold. It seems like EtherLink has been a victim of their own price manipulation and now they had to hit the breaks. Like other lending programs they have given investors a reason to lock in loans by inflating the value of their tokens. This means that you can pick up cheap tokens on their exchange for cents and lock in loans for 10x of that amount, sounds great right? No of course not, you would generate profits of that loan amount, but when you change from USD to the actual token you have to sell on the exchange, the same inflated price will of course carry over. This means you are not able to pull out your profits until the price on the exchange match the inflated price. This has not worked for any lending program in the long run and EtherLink has been lowering the inflated price of their token to 2$ and with that stopped any new loans. On top of that they want to get rid of day traders by implementing 4% sell fee on their exchange, which gives investors a reason to hold on to their tokens. And the cherry on top is that you can now only sell 2500 ETL tokens per 12 hours, so they are putting on all the stops to make investors hold on to their tokens and hope for the price to rise.
EtherLink is true to their words about a minimum of 1% daily profits, which for the last month has been fixed at 1,1%. I find this quite suspicious since they are not clear about how they generate the daily interest. I’m fairly sure they are not trading cryptocurrency since the current state of the market is terrible and you’d have to be a magician to keep pulling those numbers. Their exchange alone does not have enough volume to generate those kinds of profits either.
With the new SOV package the daily interest rate is closer to 0.40%.
EtherLink know they messed up and they have clearly stated so in their latest Telegram announcement and it will be interesting to see if they are able to turn this mess into a rainbow. The future of EtherLink clearly seems to be their exchange, which will be listing a new token some time in July. If they are able to come up with a solid plan and maybe get their ethereum staking platform rolling then the potential of EtherLink is huge. If you like to gamble then right now might be the perfect time to enter the EtherLink platform, you can pick up some dirt cheap tokens right now for the low price of only 5cents.
The token which should have been using the EtherLink exchange decided against this, I hope for the sake of the platform they can generate enough hype for another try.
After the recent token swap the price was set to $1 per token, which quickly dropped in value to 8cents. A lot of people are pissed with the token swap since it was a 10:1 swap and people felt robbed. I can imagine a lot of people just sold asap when the swap was done to recover losses and move on. Like I stated earlier, this might be the perfect time to get some cheap tokens, but to me this is to big a gamble, specially in the current market.