The rise of DeFi has brought immense opportunities for users to maximize their returns through lending, borrowing, and yield farming. However, the rapid expansion of various L1s and L2s has also introduced a significant challenge: liquidity fragmentation. With assets scattered across different chains, DeFi users often find it difficult to access optimal yields, particularly on less active blockchains.

After a successful month of beta testing, we are thrilled to announce that EnsoFi is officially live on the Sui mainnet! This milestone comes after an exciting period of testing that started on September 5th, where we engaged with over 10,000 users to refine and enhance our platform.

At EnsoFi, we’ve always believed that loyalty programs should go beyond mere point systems and instead provide meaningful rewards for true engagement. That’s why we introduced our Ecosystem Incentive Program, allocating 25% of our total $ENS token supply to genuinely reward our loyal users for their participation and support. This program aims to create a thriving, long-term community that values our platform and is integral to its growth.

Loyalty programs have long been designed to reward users for their engagement and commitment. They aim to thank users for the loyalty and incentivize users to keep using the product. But as many of us know, current loyalty programs can often fall short of their purpose.

Our journey began at the end of 2023 when we identified an issue with the peer-to-pool lending model: high utilization leading to increased borrowing rates and reduced capital efficiency. To address this, we developed EnsoFi to offer fixed interest rates, ensuring stability and predictability in lending.

The financial world has long been familiar with the concept of lending, encompassing various forms such as mortgages, lines of credit, and personal loans. However, with the advent of web3 and the rise of cryptocurrencies, a new paradigm of lending has emerged. Lending and borrowing have become crucial strategies for enthusiasts to gain exposure to digital assets, generate passive income, and strengthen their portfolios.

EnsoFi is committed to revolutionizing DeFi sector by providing the first cross chain peer-to-peer lending experience. As part of our growth strategy, EnsoFi has chosen Sui as the second blockchain to build on, leveraging its unique features to enhance our platform. By incorporating cross-chain, EnsoFi aims to enable users to lend and borrow assets on Sui while using collateral from other chains. This strategic move not only broadens our technological foundation but also provides our users with a more versatile and robust DeFi ecosystem.

As the DeFi landscape continues to evolve, selecting the right blockchain to build on is crucial for the success and growth of any project. EnsoFi has chosen Solana for several compelling reasons, ranging from its supportive community culture to its advanced technological capabilities and its burgeoning DeFi ecosystem. Here’s an in-depth look at why EnsoFi is building on Solana.

EnsoFi is the first decentralised peer-to-peer cross-chain lending platform, giving users the ability to lend on one chain while collateralising on other chain at a Mutually Agreeable Interest Rate.