#204: Max Keidun
10/23/2020 · 65 min · transcript via mlx
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Key topics
— HodlHodl launched a non-custodial, peer-to-peer lending platform using Bitcoin as collateral and seven stablecoins (USDT on Omni/Tron/Ethereum/Liquid, DAI, USDC, Pax) for loan disbursement.
— The platform uses three-signature multisig escrows (lender, borrower, HodlHodl arbiter) with 24-hour dispute resolution windows and 70% maximum LTV ratios to protect against liquidation during price volatility.
— Half a million dollars in liquidity appeared on the platform within 24 hours of launch, with multiple loans already issued peer-to-peer.
— HodlHodl raised a Series A to expand into US markets (launching within two weeks), hire support staff, and complete redesigns of their trading and prediction market products.
— The platform removes geographic borders by using stablecoins instead of fiat, allowing users from any country to lend and borrow without disclosing banking details or KYC information.
— Future roadmap includes decentralized price oracles, API access for wallet integrations (Blue Wallet already live), potential Liquid Bitcoin and RGB asset support, and additional features like partial repayment and Bitcoin-stablecoin hybrid repayments.
Market & price signals
— Max referenced the March 12 Bitcoin price drop (~50% over multiple days) as a liquidity and fee-pressure stress test for lending platforms, noting HodlHodl's average LTV ratio after launch stands at 50%—well below the 70% maximum, leaving substantial buffer.
Actionable insights
— Non-custodial lending with stablecoin collateral offers a regulatory-advantaged alternative to custodial platforms like BlockFi; HodlHodl's US launch avoids KYC because no fiat is held and collateral remains non-custodial.
— Peer-to-peer lending markets may achieve higher adoption and accuracy than centralized lenders because interest rates and LTV ratios self-correct via order-book dynamics rather than algorithmic oracles prone to failure or manipulation.
— Blue Wallet integration now enables non-custodial buying on HodlHodl directly from a watch-only wallet linked to Cold Card hardware storage—a complete self-custody stack from acquisition to cold storage.
Episode sponsorships
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