##What Is Lenfi (LENFI)? Lenfi is a decentralized lending and borrowing protocol built on the Cardano blockchain. The platform offers both pooled and peer-to-peer lending and borrowing. The latter version leverages NFT bonds and support for Cardano native assets, while the pooled version gives users access to decentralized and secure permissionless pool creation and ownership, along with fixed interest rates for borrowers and delegation rewards for suppliers in pools with ADA pairs on top of the interest yields.
##How Many LENFI Tokens Are There in Circulation? Lenfi’s total token supply is 29,500,000 AADA. The circulating supply is 14,710,000. The protocol’s Public launch allocation amounted to 1,250,000 LENFI tokens (4.24%). The tokens were released on SundaeSwap at the DEX launch on 29 January 2022. Another 1,250,000 LENFI tokens (4.24%) were unlocked to participants in the Public Round sale on 16 February 2022. 18.64% of the supply goes to Private Round participants. The distribution began on 10 March 2022 with a 9-month vesting schedule. An additional 13.56% of the allocation is due for distribution every two weeks starting 28 May 2022 as a reward for ISPO participation. *As of 2024, all token vesting has been completed. The remaining allocations are split among 3 addresses, with the majority moved to a dedicated DAO treasury wallet. * ##Who Are The Founders of Lenfi? Lenfi began as Aada Finance and was founded by Rytis and Mantas Andriuska in 2021. The latter learned about crypto in 2016 and took great inspiration from blockchain technology and its ability to facilitate trustless transactions. The DeFi craze raised his interest even more, consequently turning him to Cardano. What fascinated Mantas the most was the new land of exploration the blockchain presented. The initial concept of Aada Finance involved creating a Cardano equivalent of Aave. Later, Aada (an acronym of the four initial members’ surnames) developed into a project with a unique NFT bond interaction model. On 28 June 2023, the project rebranded to Lenfi, marking a new marketing campaign for the upcoming V2 pooled lending protocol. From the project’s inception till now, the core Lenfi team is based in Kaunas, Lithuania.
##What Makes Lenfi Unique? ###Permissionless Pool Ownership Lenfi reiterates the traditional concept of pooled lending by introducing permissionless pool ownership. This novel approach enables any protocol user to create a pool with a pair of Cardano native tokens of choice. When creating a pool, the protocol mints a Pool Manager NFT, which can later be transferred or traded by the pool owner, effectively turning each pools into a tradeable commodity.
###Isolated Pool Market Lenfi V2 utilizes an isolated pool market approach, which shards pools separately from each other. This feature enhances protocol security by making each liquidity pool autonomous and self-sustainable. Moreover, this approach increases the depth of chaining, increasing the protocol throughput and efficiency.
###NFT Bonds Lenfi is the first protocol to introduce the NFT bond feature. It tokenizes all loans into NFTs, practically allowing borrowers to transfer and trade their loans. Whenever a user takes a loan, the protocol mints an NFT with a unique policy. Since every loan data is attached to an NFT bond, borrowers must own it to repay their debt.
###Native Asset Lending And Borrowing Unlike regular lending and borrowing protocols, Lenfi introduces native asset parameter settings. That way, a borrower can request one Cardano-native asset (CNT), supply another as collateral, and pay interest using a third one. All assets’ value is calculated in ADA to ensure maximum accuracy when determining the loan’s Health Factor.
###DAO Governance Another key feature that defines Lenfi is its DAO. LENFI token holders can participate in the decision-making by submitting and voting on various proposals. The on-chain governance model enables the community to add and remove tokens, change the transaction fee parameters, and others.
##Where Can I Buy LENFI? LENFI is available for trading with ADA pairs on major Cardano decentralized exchanges like Minswap, WingRiders, SundaeSwap, and MuesliSwap.
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