Bitfinity Interviews Lendfinity Team on How It Has Been Building a Robust Lending Protocol

Lendfinity, a lending protocol on Bitfinity, went live recently.

Ever since then, it has recorded $3 million TVL among other incredible numbers.

Sam Jenkins, the Bitfinity BD Lead, sparked a conversation with one of the cofounders of Lendfinity, Gastão.

Sam: How did it all start?

Gastão: My Co-founder and I are developers and we were familiar with the EVM. We decided to try out a hackathon in Portugal where we wanted to build a stablecoin protocol, but switched to the lending market.

We heard of Bitfinity as a Bitcoin L2 that uses the EVM. As developers with backgrounds in the EVM, we were excited to build on it.

Generally, every blockchain has its lending protocol. We discovered ICP and Bitfinity didn't have that and decided to build one.

Sam: That's great, can you tell me a bit about some of the recent milestones you've hit and how the journey has been post-mainnet?

Gastão: The growth we've seen so far has been beyond expectations. In less than a month, we've recorded over $5 million TVL showing an existing demand for native lending protocol on ICP.

Our airdrop campaign has also proven to be successful because of liquidity and stability.

Lendfinity Airdrop

Sam: Do you have any ideas to share on cross-chain solutions to focus on?

Gastão: There's currently no DEX with lots of liquidity on Bitfinity. But we've partnered with the likes of Omnity, enabling quick bridging.

There's a bunch of projects that are fixing this problem; making it easy to bridge from other EVM chains to Bitfinity.

Lots of players are trying to come into this market.

Sam: Is there anything you think could add to what you're doing? How can the community help?

Gastão: Like I mentioned, we need a DEX with liquidity. The community can come in by supplying liquidity.

And I think a lot of people don't know how lending protocols work beyond farming airdrops.

Instead of only borrowing any token, you should also farm stablecoins for maximal liquidity.

We really want to see the ecosystem grow with DEXes.

Sam: Is there any point you'd like to raise for the Bitfinity community in general?

Gastão: We see Bitfinity as a gateway for users to easily come to the ICP. 

The ICP system was a little bit isolated, but people are used to how the EVM works, but with Bitfinity, we can show the wider crypto world to see and engage with the ICP.

A big narrative right now is Chain Fusion; it's great, but we still need a lot of people minting these tokens. Lendfinity is providing an avenue to do this.

This benefits ICP, Bitfinity, Lendfinity, and the LPs. We're looking to see how this develops.

Sam: What's your advice for new builders looking to build on Bitfinity?

It's easy if you're coming from the EVM background. Just use your usual tools.

I'd say because the ecosystem is still new, the team is fairly approachable for support, which is a great positive.

But then, we still need a project like MakerDAO on Bitfinity and ICP generally. There's still like a bunch of things to build.

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Sam: So how big is the team currently?

Gastão: We're just 2 of us, and we've been working non-stop. We want to expand our team.

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