To me, it competes with CEL and others because you can earn HIVE with other crypto loans those tokens are only available for purchase. The fact that you can earn HIVE or other tokens to help pay off the loan fully or partially sets it apart for me

In Addition, no KYC for HIVE loans makes it a more attractive proposition, CEL interest rates are only a teaser rate, that won't be the market rate, they are offsetting a lot of the cost by leveraging their books in other trades.

CEL also only supports ETH based tokens, where in theory with HE we can easily support any tokens users want to make markets for giving it more flexibility.

If we look at HODLHODL's model people are borrowing Bitcoin P2P at rates of up to 17% because they don't have to KYC, not everyone wants to use custodial services.

Finally, If we look at payday loan markets, people are paying upward of 70% interest which is nuts, that market could be disrupted by what I am speaking about here, so your TAM is much higher than trying to compete with CEL user base.

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