Q: Can you add support for lending additional crypto currency
Yes, please raise an issue on github
Q: Where can I donate some coins to support the project?
poloLender is a free service. If it helped you in any way, if you would to contribute to the project and see it continue as a free service.
You can make a donation at BTC address below:
3C6oygw1w7v1nNyePB3mQYjPmxVyeDZMj7
Q: How do I setup the bot to receive the reports on Telegram messenger on my phone
-
Install Telegram messenger on your device, if you don't have it already. Visit https://telegram.org/
-
Create a telegram bot. Just talk to BotFather and follow a few simple steps as described here. Once you've created the bot, you receive a link to your new bot and the authorization token.
-
Open your new bot by clicking on the link sent by the BotFather.
-
Go back to the BotFather, copy the authorization token and set the field
Telegram token
(Settings
tab in poloLender web GUI) -
Set the field
Telegram userId
with your telegram userId (Settings
tab in poloLender web GUI)
Note: if you don't know your telegram userId, talk to @cryptozonebot to find it out.
- That's all. Enjoy receiving your reports on Telegram messenger.
Note: Only the periodic reports are sent to the Telegram, not the "info" messages for individual loans.
Q: How is the loan offer rate calculated?
The rate is calculated based on the history of the lending rates and the average loan holding time. Based on these parameters the rate with best return is calculated.
The average loan holding time is a key parameter for determining the time the bot should wait with an offer at a higher rate, and the time when it should lower the rate (when statistically it's more profitable to lend at a lower rate).
Taking the average loan holding time into calculation is one of the main characteristic of this lending algorithm and where its power and profitability are. This is also what it differentiates it from other lending bots.
Q: The bot is not lowering offered rates for several hours. Why is this happening?
As explained at Q4 above, the algorithm for determining the rate with the best return takes into calculation the average loan holding time. Based on the value of the average holding time, the bot will wait shorter or longer before offering loans at lower rates.
During the periods when the average loan holding time is higher (e.g. +8 hours) and it is more profitable to wait longer for lending at a higher rate.
On the contrary, when the average loan holding time is shorter (e.g. 1 hour) and it would be more profitable to wait less at a high rate and place offers at a lower rate quicker.
The optimal waiting time and the best return rate are mathematically calculated and at times it may look counter-intuitive:
Users have reported situations when they perceive the bot is lowering the rate to quick; at the same time situations when they perceive the bot is not lowering the rate quick enough.
Q: The bot is offering loans at a low rate and after couple of hours the lending rates are higher. Why is this happening and why is the bot not waiting longer for higher rates?
See the two previous questions above.