The problem Lendbit solves

Traditional lending and borrowing processes often rely on intermediaries, which can lead to high fees, restricted access, and lack of transparency. Lendbit addresses these challenges by providing a decentralized, peer-to-peer lending platform that enables users to:

Access Quick and Flexible Loans: Borrowers can leverage their crypto assets as collateral to secure loans with terms that meet their needs, without depending on credit scores or traditional banks.

Maximize Asset Utility: By allowing users to borrow up to 80% of their collateral value, Lendbit unlocks the potential of digital assets without requiring liquidation.

Enhance Transparency and Security: Leveraging blockchain, real-time pricing data, and decentralized pools, Lendbit ensures transparency in transactions and secure fund management, all without intermediaries.

Lendbit empowers communities to meet their financial needs directly, reducing dependency on centralized financial systems and making crypto-backed lending accessible, efficient, and community-driven.

Challenges we ran into

Building Lendbit presented several technical and strategic challenges:

Integrating Multiple APIs: Implementing the Base Blockbook JSON-RPC, Odos Token Pricing API, and Coinpaprika Crypto Price API required precise data management and compatibility adjustments. Each API returned data in unique formats, necessitating consistent data parsing and transformation to keep the user interface responsive and accurate. We resolved this by setting up standardized data processing layers to unify the output for seamless display.

Collateral and Health Factor Calculations: Designing a real-time system for assessing collateralized loans and calculating health factors was challenging due to fluctuating crypto prices. To overcome this, we implemented dynamic data retrieval and recalculations at key points, ensuring that user collateral levels accurately reflect the latest market conditions without overwhelming the network.

User Experience and Accessibility: Making decentralized lending easy to understand and use for both experienced and new crypto users was a design hurdle. By focusing on intuitive UI/UX design and clear guidance within the app, we created a streamlined experience that aligns with traditional financial systems while embracing the decentralized nature of DeFi.

Through these challenges, we refined Lendbit into a resilient platform that bridges traditional finance with DeFi, empowering users with an accessible, transparent, and efficient solution.