We are proposing to add cBTC as a borrow and collateral option on Lenfi to bolster the Cardano community’s ability to facilitate loans with a 1:1 Bitcoin-backed asset.
Using cBTC on Lenfi allows anyone to make Bitcoin-based loans and then having the ability to turn the used cBTC into real BTC.
anetaBTC is a decentralized, secure protocol that allows users to unlock the value of their Bitcoin on Cardano.
We recently launched on mainnet and now have over 16 cBTC in the ecosystem while experiencing 0 glitches or security exploits.
Our smart contracts have been formally audited and we have begun our v2 development which intends to fully decentralize our protocol.
We believe there is a harmonious overlap between the services of anetaBTC (cBTC) and Lenfi (lending) which allows any users across the globe to leverage their Bitcoin to make flexible financial decisions.
As Cardano DeFi grows, we believe cBTC can play a large role in facilitating many loans and see that Lenfi has the ability to make this a reality.
Typically, Lenfi encourages its community to only add a collateral option for assets if there is substantial liquidity, however, we believe that mostly applies to project tokens. In the case of cBTC, it is backed 1:1 for BTC, the most liquid crypto asset in existence.