APR13.5-23.5%(Fixed)
Risk score90High
Since 2016, Hodl Hodl's LEND platform offers global, non‐custodial P2P Bitcoin-backed loans using multisig escrow. Borrowers and lenders set their own terms—anonymous, self-custody, no KYC required.
Interest rate
Fixed (e.g. 12-22%)
Currency support
USDC, USDT, USDP, DAI, L-BTC, wBTC
Fees
1.5%
Collateral
BTC
LTV
Up to 70%
Loan type
Consumer
Liquidation LTV
90%
Margin call
75%, 80%, 85%
KYC
No
Total loan issued
N/A
Launch year
2020
Loan duration
1-12m
Support
Email
Loan value
N/A
Total risk score90High
Collateral
0/10
What are you pledging? Native BTC is safest; wrappers, bridges, or paper IOUs add redemption risk.
Native BTC (on-chain UTXO).
Rehypothecation
0/10
Will your BTC be re-used? More hidden leverage → bigger blow-up chance.
Non-rehypothecable; funds locked in escrow.
Custody
2/10
Who can move the coins? Scores quorum design, recovery paths, and (for CeFi) bankruptcy-remote segregation.
2‑of‑3 on‑chain multisig. Borrower and lender each hold a key; Hodl Hodl holds the third only for dispute resolution. Counterparty cooperation needed, but no centralized custodian.
Security & Governance
10/10
How battle-tested are code and ops? Counts audits, bug-bounty, certs, and hardware key isolation.
Borrower keys are generated in-browser by closed-source JS; no audits exist. Full unilateral sweep risk.
Platform
0/10
Is the chain or bridge robust? Rates consensus security and smart-contract attack surface.
Native Bitcoin script.
Oracle
7/10
How is price fetched and signed? Independence, on-chain proofs, refresh speed, circuit breakers.
Hodl Hodl uses an internal oracle by Hodlex Ltd, calculating prices as the median from major exchanges like Binance, Kraken, KuCoin, Coinbase, Bitfinex, ByBit, OKX, Huobi, Bitstamp, Gemini, Bittrex, Bitrue, MEXC, HitBTC, BitMart, Compound, BKEX, Cryptology.
Liquidation Buffer
4/10
How much room and time before liquidation? Combines LTV gap, grace window, and flash-crash guards.
20% buffer with margin calls at 75%, 80%, and 85%. No grace window. Max LTV is 70%, with forced liquidation at 90% after three warning emails.
Rate & Term
2/10
Can interest spike mid-loan? Looks at fixed vs variable APR and funding duration match.
Interest is fixed for the whole period and lender funds are locked in escrow (duration-matched).
Transparency
4/10
Can outsiders verify code & solvency? Rewards open-source + live PoR; punishes black boxes.
Collateral UTXOs are public, but backend code and liability data are closed; only a standalone open-source “doomsday” tool is published.
Loan Currency
7/10
What asset do you borrow? Native-BTC best; fiat stables graded on reserves, audits, censorship risk.
The lender offers several payout options, including USDT (ERC-20, TRC-20, Omni, Liquid), USDC (ERC-20, TRC-20), USDP (ERC-20), DAI (ERC-20), L-BTC (Liquid), and wBTC (ERC-20).
Privacy
2/10
How exposed is your identity? Scores KYC depth, data storage, and breach history.
No KYC; only e-mail is required; platform markets itself as “Anonymous – No verification required.”.
History
7/10
Have they proven themselves? Measures years live, audit/OSS footprint, and incident track record.
One minor 2021 incident—forced liquidation after potential payment-password leak; users compensated.
Jurisdiction
4/10
Which legal system backs you? Rates clarity of licensing, creditor rights, and enforcement.
Hodlex Ltd – limited liability company incorporated under the laws of Marshall Islands.