This is a two-part series which outlines the problems that exist amongst crypto-backed lending solutions today. The second post in our series focuses on the improvements that decentralized lending solutions like MakerDAO and ETHLend bring, but also their own unique set of challenges and problems. You can read Part One about centralized lending solutions here.

Previously on The Issues with Crypto-Backed Loans Today

Two days late for rent, two weeks away from my next paycheck, and still two thousand dollars short of paying off my next four months of rent. But despite all that, I wasn’t worried. With the seemingly countless number of crypto-backed lending solutions out there, what was there to fuss about? There must be something out there that fit my needs.

Now with less than a week before getting evicted, I was in a real cash crunch. Problem is, all the centralized lending solutions I was seeing out there were plagued by the very same four constraints and issues. Using centralized lending platforms means…

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