Introducing Lendfinity:
The lending protocol for ICP and Bitcoin tokens.
Problem
Internet Computer (ICP) is one of the biggest L1 blockchains, with a market cap of $6B.
Despite this, only $0.06B of that value is currently engaged in DeFi. This gap is largely due to ICP’s lack of DeFi protocols, particularly a lending protocol, which prevents holders from unlocking additional value from their assets.
Solution
The success of DeFi on EVM-compatible chains demonstrates a clear path forward. With the launch of Bitfinity, an EVM-compatible Layer 2 on ICP, there’s now an unprecedented opportunity to bring DeFi to the ICP ecosystem. Lendfinity is designed to leverage this, drawing on Aave’s proven lending model to enable ICP and Bitcoin token holders to participate in secure, decentralized lending and borrowing.
Objective
Our goal is to become the backbone of ICP’s DeFi ecosystem, driving up TVL and empowering ICP and Bitcoin holders with new financial tools. By building a secure, user-friendly lending protocol, Lendfinity aims to expand the DeFi landscape within the Internet Computer ecosystem and unlock liquidity for ICP’s native assets and Bitcoin Runes.
Traction
- 1st place on the first ICP hackathon in Portugal
- Community grant by Dfinity
- $300k TVL within 6 days of Bitfinity’s launch
Roadmap
- Official launch on 19th November
- Q1 2025 - $LEND token TGE
- Q2 2025 - Automatic liquidations, Lendfinity stablecoin
…
Partners
- ICP Hub Portugal
- Lunar Strategy
- Bitfinity
- Omnity
- Covault
- Chapswap
Links & Socials
We will be working from the DFINITY office this week and the next, come talk to us if you are around!
10 Likes
I’m glad to see the DeFi space grow, this will surely impact the demand for ICP tokens. I love that the platform is an Aave clone - it makes me feel better about security.
Once you get the hang of onboarding into the Bitfinity ecosystem and learn it’s intricacies like using MetaMask (which ICP-maxi’s hate to use), it becomes like 2nd nature. You do need to pay for gas on Bitfinity Network, so you need to use Sonic’s Bitfinity Dex to obtain BFT tokens to pay for gas prior to using the app. They do have a Faucet you can ask for BFT tokens to be airdropped to you directly in the Lendfinity app, but that’s not a reliable source of BFT.
If you own ICP and you want to borrow & lend and leverage your assets to maximize DeFi returns, this is a good place to start imo. Check them out using my link if you want to sign-up: Lendfinity.xyz You may qualify for an airdrop too.
Is Lendfinity eyeing an SNS launch in the future?
2 Likes
Congrats on the team, clsing in on $4m TVL!
1 Like
Hey @DHemingway, thanks for your appreciation! The Bitfinity Ecosystem is quite young, so we’re still missing some key staples like DEXs. Like you said, we do have Sonic on Bitfinity, but the liquidity is still quite low. Once that increases and you can reliably swap tokens natively without having to bridge to ICP, the UX will improve massively.
In regards to doing an SNS sale, we’ve thought about it and we don’t think it makes sense, at least for the time being. All of our code is deployed on Bitfinity, it’s not like we have canisters on ICP that govern the smart contracts. However, we want to build canisters that can call our code, as we want other SNS DAOs to be able to supply liquidity to our protocol!
Thank you very much! According to our projections, this is really just the beginning. A lending protocol on ICP should have a TVL in the 9-figure range, especially if there are no competitors. The Market Cap of ICP is $6.5B, if 0.5% of that is on Lendfinity, that’s a TVL of $300M, and this does not include other tokens.