General
How can I try the closed Beta?
You can try Lendasat’s BETA by going to:
- If you wish to borrow against your Bitcoin: Borrower
- If you wish to lend your Stable Coins for a guaranteed return: Lender
You will need an invitation code to join the closed beta.
Join our Discord to contact our team on 𝕏 or email us and request participation!
What is Lendasat?
Lendasat is a Bitcoin-backed lending platform where members can participate as Borrowers or Lenders.
- Borrowers receive stable coins loans or fiat loans and use Bitcoin to secure them.
- Lenders earn interest on their stable coins, or on their fiat by providing liquidity for such loans.
ℹ️ Note that what also sets Lendasat apart is that borrowers can request the disbursement of their loan using alternative methods, such as, for example, a Virtual Card
Why Lendasat?
ℹ️ In closed beta we are using a 2-of-3 multisig contract and not DLCs. The keys are distributed among the borrower, lender, and Lendasat in line with current industry standards for security.
At Lendasat, control is placed in the hands of our users. Unlike centralized lenders, many of whom have recently collapsed, Lendasat never holds or has access to Bitcoin collateral. Instead of using traditional escrow services, we leverage Discreet Log Contracts (DLCs) built on the Bitcoin network to lock collateral securely. This ensures a trustless, decentralized process that protects both Borrowers and Lenders.
Our marketplace model promotes price competition, leading to better price discovery and transparency for all participants.
Lendasat also enables non-Bitcoin native investors to participate in the market, investing in Bitcoin-backed loans without needing to handle Bitcoin transactions, manage wallets, or interact with cryptographic materials. Investors only need to manage fiat transfers between their bank accounts.
Additionally, there’s no need to worry about Lendasat’s solvency or reputation—we solely provide the technology to facilitate secure interactions between Borrowers and Lenders, and we never have access to users' funds or collateral.
Who provides loans at Lendasat?
In closed beta, the loans are provided by the users themselves — the lenders. We are evaluating the user experience from both the borrower’s and lender’s perspectives, as well as the optional experience of borrowing against a Virtual Card.
Lendasat is a peer-to-peer (P2P) platform where loans are provided on a bilateral basis between our members - Borrowers, who hold Bitcoin, and Lenders, who hold stable coins.
Lendasat offers technology for secure interactions, utilizing DLCs for collateral management and facilitating seamless settlement between Borrowers and Investors.
What amount of Bitcoin do I need for a loan?
ℹ️ The amount of Bitcoin you need depends on the LTV required for the loan you select, see the next category.
In general, the ratio between your Bitcoin collateral and the amount due (amount + interest) of your loan is 2x.
For example, if you wish to borrow USD 1000, for 1 year at 6% (amount due ⇒ 1000 + 6% = USD 1060), you would need to lock Bitcoin collateral worth USD 2120.
On top of that, you should consider the current blockchain fees and Lendasat origination fees of 1.5% of the notional amount that will be deducted when transferring Bitcoin.
What are the origination fees?
The origination fee is a 1.5% charge applied to the total loan amount when securing a loan on Lendasat.
For example, if you borrow $10,000, the origination fee would be 1.5% of that amount, which equals $150. This fee will be deducted from your collateral after you repay your loan or if a liquidation occurs. If you repay the loan in full and claim your collateral, the fee is deducted before the remaining collateral is returned to you. Similarly, if the collateral is liquidated due to non-repayment, the fee will be deducted from the proceeds of the liquidation.
Please note that the origination fee is charged only once the loan is repaid or liquidated, and it is based on the loan amount, not the collateral value.