Lendasat

Lendasat is a peer-to-peer lending marketplace that lets Bitcoin holders borrow stablecoins against their BTC without selling it. Rather than operating as a lender itself, Lendasat provides the technology layer that connects borrowers directly with individual lenders who supply USDC or USDT across a range of blockchain networks, including Solana, Ethereum, Polygon, Starknet, and the Liquid Network. The protocol's core design goal is to keep Bitcoin in the hands of its owner throughout the loan lifecycle while eliminating reliance on any single custodian.

How Loans Work

Borrowers browse a marketplace of live loan offers or post custom terms. Once a match is made, the borrower's Bitcoin collateral is locked into a 2-of-3 multisig escrow split between the borrower, the lender, and Lendasat. Moving the collateral requires two of the three parties to sign, which means the lender cannot seize it unilaterally, the borrower cannot withdraw it early, and Lendasat cannot access it alone under any circumstances.

The underlying mechanism goes deeper than simple multisig. Lendasat's technical architecture combines the ARK protocol with Discreet Log Contracts (DLCs), a Bitcoin-native smart contract primitive. Borrowers lift BTC into ARK via Lightning payments to fund collateral. The two parties then collaboratively presign a set of Contract Execution Transactions (CETs) representing every possible loan outcome. These CETs are linked through HTLC locks tied to the borrower's Lightning invoice hash: if the lender disburses funds and learns the invoice preimage, they can claim their CET output; if not, the borrower reclaims the collateral after a timeout. On repayment, cooperative closure is atomic—Lendasat only releases the collateral to the borrower when both Lightning preimages are settled simultaneously, ensuring neither party can be cheated.

Loan-to-value ratios range from 5% to 75% of the Bitcoin's current market price. Margin call alerts trigger at 80% LTV and escalate at 85% LTV; automatic liquidation executes at 90% LTV, with any surplus collateral returned to the borrower after the loan is settled. Agreed interest accrues for the full loan term regardless of early repayment. The platform charges borrowers a one-time 1.5% origination fee; lender fees are to be announced at public launch.

Lender Side

Lenders provide USDC or USDT liquidity and set their own terms: interest rates (APR), loan duration ranges of 1 to 24 months, and acceptable LTV ratios. The platform advertises yields up to 10-15% APY with monthly interest payments. Repayment flows directly to the lender without passing through Lendasat, consistent with the platform's non-custodial design. Because each loan is a direct bilateral agreement, lenders bear counterparty and market risk themselves rather than contributing to a shared pool.

Lendaswap

In November 2025, Lendasat launched a companion product called Lendaswap: a non-custodial atomic swap exchange for instant, bidirectional trades between Bitcoin and stablecoins. Lendaswap uses HTLC-based atomic swaps powered by the Arkade protocol. Users can swap BTC and stablecoins without creating accounts, depositing into a custodian, or relying on wrapped tokens. The smart contracts and front-end code are open source on GitHub. Lendaswap launched on Ethereum and Polygon, with Solana, Base, Binance Smart Chain, Arbitrum, and Optimism planned.

Solana Ecosystem Role

Solana is one of several networks where lenders can deploy USDC and USDT and where borrowers can receive disbursements, alongside Ethereum, Polygon, Starknet, and the Liquid Network. The Bitcoin collateral itself never moves to Solana: it remains on Bitcoin's base layer inside ARK-based multisig structures. This positions Lendasat as a bridge between Bitcoin liquidity and Solana DeFi infrastructure, with lenders earning yield on Solana-native stablecoins while borrowers retain self-custodied Bitcoin exposure. Solana is also on the planned expansion list for Lendaswap atomic swap support.

Security and Custody Model

Lendasat is not a custodian at any point in the loan lifecycle. Borrowers receive Bitcoin wallets with seed phrases they control exclusively. The 2-of-3 multisig structure means Lendasat's key serves only an arbitration function in disputes. The use of ARK and DLC VTXOs extends this philosophy to the smart contract layer, where loan settlement is cryptographically enforced rather than administratively managed. Lendaswap's smart contracts are publicly available on GitHub at github.com/lendasat. No third-party security audits have been publicly disclosed.

Token

Lendasat has not launched a native token and has made no official announcement of tokenomics or an airdrop schedule.

Team

Philipp Hoenisch is identified as a co-founder of Lendasat. No other team members have been publicly named. The project maintains a GitHub organization at github.com/lendasat and an active Discord community.

Status

The platform is in closed beta as of mid-2026. The website, documentation, and Lendaswap exchange are live and accessible. Lendasat positions itself within a growing category of Bitcoin-backed DeFi products that bring BTC holders into on-chain liquidity markets without requiring them to sell or wrap their holdings.