Lendasat

Lendasat is a peer-to-peer lending marketplace that allows Bitcoin holders to borrow stablecoins or fiat currency using their BTC as collateral, without giving up ownership or selling their position. The platform's tagline — "Borrow, Don't Sell" — captures its core proposition: Bitcoin hodlers who need liquidity can unlock it through a collateralized loan while retaining full exposure to future price appreciation. Lenders on the other side earn yield by providing capital against that collateral, with loan terms negotiated directly between both parties.

Background and Team

Lendasat was founded in Australia and registered in the United States in 2024. The team is composed of four principals: Philipp (co-founder and CEO), Lucas (co-founder and CTO), Tobi (co-founder), and Marius (head of customer relations). Co-founder Philipp Hoenisch has been publicly quoted describing Lendasat's broader vision as building Bitcoin-native financial infrastructure, with the platform representing "the first step for BitcoinFi." The project has attracted more than 3,100 community supporters and operates with direct founder access through its Discord community, which users have noted as a notable differentiator in customer responsiveness.

The platform is in a closed beta phase as of mid-2026, with access granted via invitation codes. No external venture funding has been publicly disclosed.

The Problem

Bitcoin holders face a persistent dilemma: their assets may represent significant paper wealth, but accessing that value means either selling — triggering a taxable event and surrendering upside exposure — or navigating traditional credit markets that may reject applicants without conventional income history or collateral. Centralized crypto lending platforms have proven unreliable, with high-profile failures at Celsius, BlockFi, and Genesis leaving borrowers unable to recover their assets.

Lendasat targets this gap with a non-custodial, peer-to-peer structure. Rather than depositing Bitcoin with a centralized lender who rehypothecates it, borrowers lock their BTC into a multisig escrow that requires cooperation from multiple parties to move. The platform does not intermediate the loan itself — it provides the infrastructure for borrowers and lenders to find each other, agree on terms, and execute in a trustless manner.

Protocol Mechanics

The core lending mechanism operates through a three-step flow. A borrower browses available loan offers posted by lenders on the marketplace, or posts a custom request specifying desired loan size, duration, and LTV ratio. Once terms are agreed, the borrower locks Bitcoin into a 2-of-3 multisig escrow — co-signed by the borrower, the lender, and Lendasat. With collateral confirmed on-chain, the lender transfers funds to the borrower's preferred address within 24 to 48 hours.

Underlying the escrow structure are Discreet Log Contracts (DLCs), a Bitcoin-native smart contract mechanism that enables conditional execution based on oracle-attested external data — in this case, Bitcoin price feeds — without requiring any modifications to Bitcoin's base layer. DLCs run on top of the Ark protocol layer, which Lendasat uses for enhanced settlement speed and Bitcoin Layer 2 capabilities. This architecture means the collateral remains on Bitcoin itself, not bridged to another chain, maintaining the security assumptions of the base layer while enabling programmable loan conditions.

Loan-to-value ratios can range from 5% to 75% of Bitcoin's current market value, with lenders setting their own maximum LTV thresholds. The platform implements a layered liquidation protection system: borrowers receive automated alerts at 80% and 85% LTV as Bitcoin's price falls, giving them the opportunity to top up collateral or make early repayments before the threshold is breached. If the LTV reaches 90%, lenders control the liquidation trigger, which automatically repays the outstanding loan and releases whatever collateral remains.

Repayment structures support both bullet payments (lump sum at maturity) and recurring installments, with loan durations ranging from one to 24 months. Early repayment is permitted at any time, with lenders receiving the agreed interest for the full loan term regardless of when the borrower repays, an incentive structure that protects lender yield certainty.

Features and Assets

Lendasat supports Bitcoin as the sole collateral asset, reflecting a deliberate focus on Bitcoin-native financial infrastructure rather than a general DeFi approach. On the lending side, lenders provide capital in USDC or USDT, with loan disbursement available across Solana, Ethereum, Polygon, Starknet, and the Liquid Network. Fiat loan disbursement via bank transfer or VISA card is listed as available for certain configurations.

Interest rates are set by individual lenders and typically fall in the 7–20% APR range. Lenders earn up to 10% APY with a minimum 125% collateralization requirement on their deployed capital. The platform charges a 1.5% one-time origination fee on the loan amount paid by borrowers; lender fees had not been publicly announced as of the beta launch.

The platform requires no KYC, credit checks, or income verification on either side of the marketplace, positioning it as accessible to participants who are excluded from or choose not to engage with traditional financial identity requirements.

LendaSwap

In parallel with its lending marketplace, Lendasat launched LendaSwap, a non-custodial exchange enabling instant atomic swaps between Bitcoin and stablecoins across Ethereum and leading EVM-compatible chains. LendaSwap uses Hash Time-Locked Contracts (HTLCs) — technology analogous to the Lightning Network — executed through the Arkade protocol. The result is a trustless swap in which neither party can take the other's funds without completing their side of the trade.

On launch, LendaSwap supported Ethereum and Polygon, with Base, Solana, Binance Smart Chain, Arbitrum, and Optimism planned for expansion. Both the smart contracts and the frontend interface are open-source and available on Lendasat's GitHub. LendaSwap complements the lending product by enabling users to convert between Bitcoin and stablecoin liquidity without relying on centralized exchanges or wrapped token bridges.

Solana Integration

Solana is one of Lendasat's supported disbursement networks. Borrowers who prefer to receive loan proceeds in USDC or USDT on Solana can specify a Solana wallet address for fund delivery, making Lendasat available to Solana-native DeFi participants who hold significant Bitcoin positions. The same applies to lenders: capital deployed from a Solana wallet in USDC or USDT can fund loans to Bitcoin borrowers, extending Solana's stablecoin liquidity infrastructure into Bitcoin-collateralized credit markets.

LendaSwap's planned Solana integration would further deepen this connection, enabling direct atomic swaps between BTC and Solana-native stablecoins without leaving the Bitcoin or Solana ecosystems.

Ecosystem Partners

Lendasat lists several infrastructure partnerships that underpin its technical stack. Satora and Bringin.xyz provide fiat on and off-ramp connectivity for cash-denominated loan disbursement. Ark Labs and the Ark protocol provide the Bitcoin Layer 2 infrastructure on which DLCs and LendaSwap's atomic swap settlement operate. Boltz and BlitzWallet offer Lightning Network interoperability. Together these integrations give Lendasat access to Bitcoin's extended settlement and scaling infrastructure without requiring custom development of the underlying primitives.

Audits and Security

No independent security audit has been publicly disclosed for Lendasat as of mid-2026. The platform is still in closed beta, and the team has not published audit reports or third-party security certifications. The 2-of-3 multisig structure and on-chain collateral visibility are described as core security properties — the Bitcoin collateral is locked and visible on-chain at all times, with no counterparty able to move it unilaterally — but independent verification of the DLC and smart contract implementations has not been confirmed in public materials.

Positioning

Lendasat positions itself in contrast to both centralized crypto lenders, which require custody of assets and have demonstrated systemic failure risk, and overcollateralized DeFi protocols, which can have complex liquidation mechanics and often lack fiat on-ramp connectivity. The peer-to-peer marketplace structure means the platform does not take principal risk or hold lender funds: all capital flows directly from lender to borrower, with collateral secured in escrow.

For Solana ecosystem participants, Lendasat offers a route to access stablecoin liquidity against Bitcoin holdings through a non-custodial, Bitcoin-native mechanism, with USDC and USDT deliverable directly to a Solana wallet. As Bitcoin-denominated financial products grow as a category within Solana's DeFi landscape — through products like wrapped Bitcoin, Jupiter's BTC market forecasts, and tokenized Bitcoin yield strategies — Lendasat's approach to building Bitcoin liquidity infrastructure with multi-chain stablecoin disbursement fits an emerging pattern of cross-chain capital mobility that Solana serves as a settlement layer for.