We are proposing to add cBTC as a collateral option on Lenfi to boost the Cardano lending ecosystem. cBTC is a 1:1 Bitcoin-backed token with over $1 million in TVL and has facilitated over 100 BTC in transactions ($7 million). Adding collateral support would greatly incentivize BTC holders to bring their Bitcoin to Cardano because they would now have the ability to use their BTC as collateral to borrow loans on one of the leading and most trusted lending protocols, ultimately increasing economic freedom to a global community.
I still remember when this project started, lot of stones and fud from other projects and bc in the way, but look at them… cBTC is here with us… respect!
I’m a big fan of this project. It’s definitely one of the most secure and decentralized BTC swappers there is. But it is necessary to arrange for ways to actually use the cBTC that is created on the Cardano blockchain. So I’m in favor of putting cBTC on LenFi.
I have followed this project from the very beginning after being super impressed with everyone’s CVs. They have worked diligently for years to bring this vision to Cardano. In addition, they have built a trusted community with their constant communication and updates through Discord and X. They have also let the community lead the way through governance on a number of important decision and the token is widely distributed to the public. This is a no-brainer and benefits all stakeholders.
