Why are you participating for Based Africa?

Lendbit is participating in Based Africa because we share a common goal—solving real world problems within our community. 𝐓𝐡𝐞 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞 𝐨𝐟 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐟𝐚𝐢𝐫 𝐚𝐧𝐝 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐬 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭, 𝐚𝐧𝐝 𝐨𝐮𝐫 𝐩𝐞𝐞𝐫-𝐭𝐨-𝐩𝐞𝐞𝐫 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐚𝐥𝐥𝐨𝐰𝐬 𝐚𝐧𝐲 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐭𝐨 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐢𝐭𝐬 𝐨𝐰𝐧 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐧𝐞𝐞𝐝𝐬. By enabling users to lend and borrow directly from one another, 𝐰𝐞 𝐞𝐦𝐩𝐨𝐰𝐞𝐫 𝐭𝐡𝐞 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐭𝐨 𝐬𝐨𝐥𝐯𝐞 𝐢𝐭𝐬 𝐨𝐰𝐧 𝐩𝐫𝐨𝐛𝐥𝐞𝐦𝐬, creating a more inclusive and resilient financial ecosystem. Based Africa's mission aligns perfectly with ours: using onchain technology to drive real-world impact and foster community-led solutions.

What challenges are you focusing on?

Lendbit is focused on addressing these 𝐟𝐢𝐯𝐞(𝟓) key challenges within the community:

(𝐚) 𝐎𝐩𝐞𝐧 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐋𝐨𝐚𝐧𝐬 𝐟𝐨𝐫 𝐄𝐯𝐞𝐫𝐲𝐨𝐧𝐞: Traditional banking often leaves out individuals and small businesses due to a lack of credit history or sky-high interest rates. Lendbit flips the script with a decentralized platform that lets users leverage their digital assets as collateral, opening the door for anyone to access loans—no gatekeepers, no barriers.

(𝐛) 𝐔𝐬𝐞𝐫-𝐃𝐞𝐟𝐢𝐧𝐞𝐝 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞𝐬:: While platforms like Aave and Compound decide your interest rates, Lendbit puts you in the driver’s seat. Lenders and borrowers directly negotiate their own terms, creating a competitive and dynamic marketplace where fair, tailored rates are the norm—not the exception.

(𝐜) 𝐑𝐚𝐝𝐢𝐜𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐚𝐧𝐝 𝐓𝐫𝐮𝐬𝐭: Say goodbye to hidden fees and vague terms! Lendbit’s onchain system ensures that every loan condition and transaction is visible, secure, and governed by smart contracts. Complete transparency means users can trust the process—and each other.

(𝐝) 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐟𝐨𝐫 𝐀𝐥𝐥: : Millions are left out of financial systems because they don’t have access to traditional banks. Lendbit changes that by eliminating intermediaries, allowing people worldwide to tap into decentralized financial services, regardless of their location or banking status.

(𝐞) 𝐅𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐧 𝐁𝐨𝐫𝐫𝐨𝐰𝐢𝐧𝐠: Lendbit doesn’t just give you access to loans—it offers a secure, flexible system where digital assets act as collateral, ensuring you always have control. Whether you’re a borrower looking for fair terms or a lender seeking opportunities, Lendbit’s peer-to-peer structure keeps your assets safe and your options open.

How does your submission address this challenge?

Lendbit addresses the major financial challenges faced by communities through a peer-to-peer decentralized lending and borrowing platform.

First, 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 is a significant issue, particularly for individuals and small businesses without traditional credit histories. Lendbit enables users to borrow by using their digital assets as collateral, opening up new opportunities for those who are often excluded by traditional financial systems. This democratizes access to capital, giving more people a chance to participate in the economy.

Second, 𝐡𝐢𝐠𝐡 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞𝐬 𝐢𝐦𝐩𝐨𝐬𝐞𝐝 𝐛𝐲 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 burden borrowers. With Lendbit, lenders and borrowers can negotiate their own terms, such as interest rates and loan durations, fostering a competitive environment that benefits both sides. This flexibility ensures that the community sets fair and transparent terms, eliminating the financial strain caused by predatory lending practices.

Third, 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 is a core feature of Lendbit, as all transactions are conducted onchain through smart contracts. These contracts ensure that the loan terms, collateral relationships, and any associated conditions are fully visible to all parties, building trust within the community and eliminating the possibility of hidden fees or unfair terms.

Finally, Lendbit promotes 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 by removing intermediaries such as banks, allowing anyone with an internet connection and digital assets to participate. By creating a decentralized system, Lendbit empowers the community to solve its own financial challenges, with users lending and borrowing directly from each other, building a self-sustaining ecosystem.

In essence, Lendbit transforms financial access, fairness, and transparency by providing a community-driven platform that directly addresses local financial challenges.

Challenges we ran into

One of our main challenges was 𝐬𝐞𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 for Lendbit. With several technical options available, we needed a scalable solution that could grow with our platform. After thorough research, 𝐰𝐞 𝐜𝐡𝐨𝐬𝐞 𝐭𝐡𝐞 𝐄𝐈𝐏𝟐𝟓𝟑𝟓 𝐃𝐢𝐚𝐦𝐨𝐧𝐝 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝—a modular, upgradable architecture that allows us to extend the platform without redeploying it entirely. This “Multi-Facet Proxy” approach keeps Lendbit adaptable and future-proof, in line with our goal to build a DeFi solution that evolves with the community's needs.

Another hurdle was 𝐦𝐚𝐧𝐚𝐠𝐢𝐧𝐠 𝐥𝐢𝐪𝐮𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐨𝐮𝐫 𝐏𝟐𝐏 𝐬𝐲𝐬𝐭𝐞𝐦, where borrowers can take loans from multiple lenders. Designing an efficient process for liquidating collateral upon borrower defaults required careful planning. 𝐖𝐞 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐔𝐧𝐢𝐬𝐰𝐚𝐩 to enable seamless token swaps during liquidation, ensuring lenders are repaid in the right currency. To handle the complexity of multiple lenders, 𝐰𝐞 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐝 𝐚𝐧 𝐨𝐟𝐟-𝐜𝐡𝐚𝐢𝐧 𝐛𝐨𝐭 𝐭𝐡𝐚𝐭 𝐦𝐨𝐧𝐢𝐭𝐨𝐫𝐬 𝐥𝐨𝐚𝐧 𝐬𝐭𝐚𝐭𝐮𝐬𝐞𝐬 𝐚𝐧𝐝 𝐚𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐬 𝐭𝐡𝐞 𝐥𝐢𝐪𝐮𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐩𝐫𝐨𝐜𝐞𝐬𝐬. This solution streamlined liquidation, enhancing both security and efficiency, ensuring the system runs smoothly and reliably.

Additional Features

The majority of the Lendbit platform was built and coded 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐁𝐮𝐢𝐥𝐝𝐚𝐭𝐡𝐨𝐧. Key features developed include the implementation of the 𝐁𝐚𝐬𝐞 𝐒𝐞𝐩𝐨𝐥𝐢𝐚 𝐭𝐞𝐬𝐭𝐧𝐞𝐭 𝐚𝐧𝐝 𝐂𝐨𝐢𝐧𝐛𝐚𝐬𝐞 𝐒𝐦𝐚𝐫𝐭 𝐖𝐚𝐥𝐥𝐞𝐭 for seamless user interaction.

Additionally, 𝐰𝐞 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐝 𝐚𝐧𝐝 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐭𝐡𝐞 @𝐬𝐮𝐩𝐞𝐫𝐝𝐞𝐯𝐟𝐚𝐯𝐨𝐮𝐫/𝐛𝐚𝐬𝐞𝐧𝐚𝐦𝐞 𝐧𝐩𝐦 𝐩𝐚𝐜𝐤𝐚𝐠𝐞, which introduces Basenames, Avatars, and Textrecords into the platform. This feature allows users to identify themselves with human-readable Basenames instead of complex wallet addresses, enhancing the peer-to-peer marketplace experience. 𝐓𝐡𝐞 𝐩𝐚𝐜𝐤𝐚𝐠𝐞 𝐢𝐬 𝐨𝐩𝐞𝐧-𝐬𝐨𝐮𝐫𝐜𝐞 𝐚𝐧𝐝 𝐚𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐟𝐨𝐫 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐫𝐬 𝐠𝐥𝐨𝐛𝐚𝐥𝐥𝐲 𝐭𝐨 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞 𝐁𝐚𝐬𝐞𝐧𝐚𝐦𝐞𝐬, Avatars and Textrecords into their own projects, fostering broader adoption across decentralized applications.