Ensofi

EnsoFi is a decentralized peer-to-peer cross-chain lending and borrowing protocol that lets users negotiate fixed interest rates directly with one another, removing the uncertainty that algorithmic pool-based lending creates for both borrowers and lenders. Founded in Vietnam in December 2023 and launched on Solana mainnet in July 2024, EnsoFi has since expanded to Sui and Eclipse, positioning itself as a cross-chain DeFi hub covering lending, liquid staking token opportunities, AI-powered yield strategies, and a forthcoming privacy layer.

The Problem With Pool-Based Lending

Traditional DeFi lending protocols operate on a peer-to-pool model where interest rates float continuously with supply and demand. Utilization spikes can drive borrowing costs sharply higher or compress lender yields within hours, making it difficult for either party to plan around a loan. EnsoFi addresses this by replacing the pool with direct peer-to-peer matching. Lenders post offers specifying their required interest rate and loan term; borrowers browse and accept the terms they find acceptable. Once matched, the rate is fixed for the life of the loan—borrowers know exactly what they owe, and lenders know exactly what they will earn.

Core Mechanism

EnsoFi's lending engine runs as a Solana program audited by BlockApex. Lenders post loan offers with collateral requirements, desired interest rate, and duration. Borrowers deposit collateral and accept an offer, locking the terms. Cross-chain functionality is powered by Wormhole, which verifies collateral on remote chains and enables cross-chain liquidations. This means a borrower can use assets held on Sui as collateral for a loan originated on Solana, or vice versa, without manually bridging assets first.

The protocol also supports flexible lending products alongside fixed-rate loans, giving participants the option of more variable arrangements when fixed terms are not preferred.

Key Products

Fixed Lending — the original product: fully peer-to-peer, user-negotiated interest rates, fixed for the loan duration.

Flexible Lending — extended lending options for participants who prefer liquidity-weighted terms.

LST Integration — liquid staking tokens (LSTs) can be deployed within EnsoFi strategies, letting holders earn lending returns on top of native staking yield.

EDAS (AI-Powered Strategies) — launched in Q1 2025 with ElizaOS integration, EDAS runs AI agents that scan DeFi markets continuously, identify yield opportunities, and execute strategies on users' behalf across supported chains.

Cloak (Privacy Layer) — currently in development, Cloak is a confidential DeFi layer built on Arcium that will offer encrypted private transfers, private lending, and private swaps.

Supported Chains and Assets

EnsoFi is live on Solana, Sui, and Eclipse. Planned expansions include Monad, Movement, Sonic, Base, and Hyperliquid. Primary assets supported are USDC and SOL, with broader asset support through the lending infrastructure.

Security

BlockApex conducted a formal security audit of EnsoFi's Solana network program, examining ten security domains including PDA reinitialization, arithmetic overflow, liquidation evasion, frontrunning, and protocol centralization. The audit identified three critical vulnerabilities:

1. Reinitialization attack — the protocol's setting_account could be reinitialized due to improper use of Anchor's init_if_needed constraint, which could corrupt lending and borrowing state. Fixed by switching to the init constraint.
2. Fund locking flaw — erroneous loan status updates following repayment prevented collateral from being returned to borrowers, causing permanent fund loss. Fixed by correcting the LoanOfferStatus implementation post-repayment.
3. Frontrunning vulnerability — lenders could modify interest rates just before a borrower accepted an offer, forcing the borrower to accept unfavorable terms. Mitigated by implementing cooldown periods between offer edits and loan matching.

All three vulnerabilities were resolved by the EnsoFi team before launch. BlockApex published the case study publicly.

Team and Background

EnsoFi was founded in Vietnam in December 2023. The core team consists of Nomad (CEO), Dree Do (Chief Product Officer), and Dreamer (Chief Technology Officer), with advisors including Anh Tran, Minh Thach, Wilgush, and Joe Takayama. The project received a grant from Superteam Solana and backing from the Solana Foundation. Protocol integrations include Orca and Raydium for DEX liquidity, Pyth Network for price feeds, Wormhole for cross-chain messaging, Arcium for the privacy layer, and ElizaOS for AI agent execution.

Growth Timeline

• December 2023 — Protocol founded
• July 2024 — Solana mainnet launch; 5,000 users onboarded in the first month
• October 2024 — Cross-chain expansion to Sui, cross-chain routing live
• December 2024 — Eclipse mainnet launch; Movement Labs grant secured
• Q1 2025 — TVL reached $1.3 million; EDAS launched with ElizaOS integration
• Q2 2025 — Retroactive rewards program initiated
• Q4 2025 (planned) — EnsoFi DAO formation and $ENFI governance token launch

Fit Within the Solana Ecosystem

EnsoFi fills a specific gap in Solana's lending landscape by offering fixed-rate, peer-to-peer loan matching rather than algorithmic pool dynamics. Its Wormhole-based cross-chain layer allows Solana liquidity to flow to newer networks—Eclipse in particular, which uses Solana as its settlement layer—creating liquidity bridges that benefit both ecosystems. The addition of EDAS brings AI-automated strategy execution to Solana DeFi users who want yield optimization without manual position management, while Cloak is positioned to bring transaction privacy to lending at a time when on-chain privacy primitives on Solana are still nascent.