SODA V2 is live!
10 radical improvements of V2 →
Borrow DAI with Bitcoin as a collateral.
Best rates guarantee.

Take out a loan

How much DAI do you want to borrow?
Choose the collateral ratio
Daily interest
Collateral required for the loan
Try SODA for FREE.
0% interest for the first day.
Current rate:
3% APR
loan period
is accrued daily
Max Tarasenko, Co-founder & CEO
Max is a Managing Partner & Chief Investment Officer of GT Blockchain Investments, cryptoasset-focused investment fund with $2,000,000 assets under their management. He has been previously involved in the crypto-lending venture as the Founder of Nimfamoney in 2017–2018. Oxford Blockchain Strategy Programme Alumni.
Pavel Tarasenko, Co-founder & Chief Design Officer
Pavel is a UI/UX designer with 6+ years of web-development and design experience. He is also the winner of Telegram’s Instant View Contest (2017) and #2 of Telegram’s Instant View Contest (2019).
Dan Gavrilin, Co-founder & CTO
Dan is a full-stack developer (Solidity, React.js, Node.js, C#) with solid 8+ years of development experience. He previously worked on the implementation of ERP systems in medium-sized businesses. Dan is also a member of Libretto Labs, the creators of Libretto programming language.
Daria Gavrilina, Lead Developer
Daria is a front-end developer (Webpack, React.js, Stylus, JavaScript) with 4+ years of development experience. Daria is a member of Libretto Labs, the creators of Libretto programming language.
How to start borrowing on SODA?

Register on using your email and confirm it. In your account choose the crypto-asset that you want to borrow, amount and collateral ratio. You will see a Bitcoin-address that you will need to send the collateral to. You can send your collateral in Bitcoins from any exchange, wallet, hardware wallet etc. After sending the collateral, click the Receive button and wait for your transaction to be confirmed. As long as Bitcoins are received, you will see that the loan is issued for you.

You can withdraw your loan to any exchange, wallet (Coinbase Wallet, MyEtherWallet, MyCrypto, MetaMask, others), hardware wallet (Trezor, Ledger, KeepKey, others) etc.

What collateral ratio can I choose?

The minimum collateral’s equivalent is 140% from the loan amount. The maxim collateral ratio is 400%. You can choose any collateral ratio in between 140% — 400%.

Where do I send my collateral in Bitcoins to?

We are using a solution by BitGo* for generating multi-sig BTC-addresses for our borrowers. SODA controls an admin key and BitGo holds the backup key. The system automatically generates a unique BTC-address for each borrower. After sending the collateral it will be safekeeped by SODA until the loan is paid off. Please keep in mind that SODA is a custodial solution at this moment of time.

*BitGo is the world’s largest processor of Bitcoin transactions and has an average monthly transaction volume of $15 billion in cryptocurrencies. The company’s investors include Goldman Sachs and Galaxy Digital Ventures. BitGo’s platform is SOC 2 Type 2 certified.

In what case will my collateral be liquidated?

When the collateral’s price falls down to 110% of the loan’s equivalent, it gets liquidated.

How are interest rates set?

Borrowing rates on SODA are always lower than the market weighted average. Our partners are calculating SOBR (Secured On-demand Borrowing Rate) metric. SODA smart contract sets the interest rate lower based on the current SOBR date. As a result, SODA users get to benefit from the best interest rates possible.

Current borrowing rate:
DAI = 3% APR

How does the price feed work?

We are using Provable** (ex. Oraclize) oracles to integrate external price data to our smart contracts. On the step of evaluating the collateral we are sending the price request to exchange, receive the current price data and integrate it into the transaction to issue a loan.

**Provable (ex. Oraclize) is an oracle service for smart contracts and dApps.

Do I need to share my personal information?

No, you don’t need to send any of your personal information. There is no KYC on SODA. We do not conduct credit score checks. Borrowing on SODA won’t impact your credit score.

How do I pay the interest?

Interest is accumulated on a daily basis. You will pay the interest using the same crypto-assets that you are borrowing.

Which crypto-assets can I borrow?

You can borrow DAI (Multi-collateral) at this moment of time. We will be adding new crypto-assets such as USDT, USDC and many more soon.

How do I repay loan?

You can pay back your loans in parts and or pay back the full loan at once. After paying back your loan partly your interest will be calculated to the new amount.

How exactly does the borrowing process work?

After you verify email we are generating a unique Bitcoin-address for you. The collateral need to be sent to this address in order to take out a loan. We are using a solution by BitGo* for generating multi-sig BTC-addresses for our borrowers. SODA controls an admin key and BitGo holds the backup key.

*BitGo is a digital asset trust company and security company. They offer a multisignature Bitcoin wallet service, where keys are divided among a number of owners to manage risk.

When the Bitcoins are received from you, we are minting SODABTC (ERC-20) token in 1:1 proportion. We are using this one in order to interact with the credit pool smart contract. We will automatically send SODABTC on your behalf as a collateral and request smart contract to issue a loan for you.

SODABTC have been sent. You have provided your collateral. Now we are using oracles by Provable** to request the price from the exchange to evaluate your collateral (we are using HitBTC's BTC/DAI trading pair).

**Provable (ex. Oraclize) is an oracle service for smart contracts and dApps.

As long as the oracle's price request has been processed, this data is integrated into the transaction of issuing a loan. Smart contract will transfer your loan to a pre-registered ETH-address that is linked to your account. After that you will be able to withdraw the funds to any Ethereum-address: exchanges, wallets (Coinbase Wallet, MyEtherWallet, MyCrypto, MetaMask, others), hardware wallets (Trezor, Ledger, KeepKey, others) etc.