The problem LendiFY solves

Access to Decentralized Lending

Problem: Traditional lending systems are often centralized, limiting access and flexibility for users.
Solution: LendiFy provides a decentralized platform where users can lend and borrow assets with greater control and transparency.
Earn Interest on Digital Assets

Problem: Many digital assets remain idle in wallets without generating any yield.
Solution: LendiFy enables users to deposit assets like USDC and USDT to earn stable interest over time.
Leveraging Collateral for Borrowing

Problem: Users with significant holdings in specific tokens often cannot leverage their assets effectively.
Solution: LendiFy allows users to deposit DIAM tokens as collateral to borrow other assets, providing liquidity and flexibility.
Automated and Transparent Liquidation

Problem: Manual liquidation processes in lending protocols can be inefficient and opaque.
Solution: LendiFy's automated backend service ensures a transparent and efficient liquidation process, protecting both borrowers and the protocol.
High Loan-to-Value Ratio

Problem: Traditional lending platforms often have low LTV ratios, limiting borrowing capacity.
Solution: LendiFy offers a high LTV ratio of up to 80%, allowing users to borrow more against their collateral.
Inspiration from Proven Models

Problem: Designing a new protocol from scratch can be risky and time-consuming.
Solution: LendiFy incorporates successful elements from Compound v3, including interest rate models and collateral management, to provide a reliable and efficient lending protocol.

Challenges we ran into

Integrating with Diamnet Chain

Challenge: Navigating the unique aspects of the Diamnet chain, including transaction handling and smart contract deployment.
Solution: Collaborated closely with the Diamnet community and developers to ensure seamless integration and utilized detailed documentation to address specific challenges.
Interest Rate Model Development

Challenge: Designing a dynamic interest rate model that balances supply and demand effectively.
Solution: Implemented a robust interest rate model inspired by Compound v3, fine-tuning it to ensure optimal performance and stability.
High Loan-to-Value Ratio Management

Challenge: Ensuring protocol solvency while allowing users to borrow up to 80% of their collateral value.
Solution: Established stringent collateralization and liquidation mechanisms, including a 90% liquidation threshold to safeguard against under-collateralization.
Automated Liquidation Process

Challenge: Creating an efficient and automated backend system for liquidation to protect the protocol from bad debt.
Solution: Developed a backend service that continuously monitors collateral values and initiates liquidation processes promptly when thresholds are breached.
User Experience

Challenge: Designing an intuitive and user-friendly interface for complex lending and borrowing operations.
Solution: Focused on UX/UI design principles, user testing, and feedback to refine the frontend application, ensuring a seamless user experience.