Lendasat's Closed Beta PHASE 1: Insights, Achievements, and What's Next
On November 26, 2024, we took a significant leap forward in revolutionizing Bitcoin-collateralized loans by launching PHASE 1 of our closed beta. Now that the dust has settled, it's time to reflect on what we've learned, celebrate our wins, and chart the path forward.
"Get the bread you need without having to part with your corn." — Lendasat, 2024
"Get the bread you need without having to part with your corn." — Lendasat, 2024
📈 Closed Beta: PHASE 1 in Numbers
Over the course of one fast-paced week, here's what we achieved:
- 191 waitlist signups
- 100 invitations sent to eager testers
- 29 unique borrowers took 34 loans in total
- 21 loans disbursed via virtual debit cards, and 13 paid out in stablecoins (USDC on Polygon)
One of our trusted partners stepped up to support us by providing loan offers, allowing our team to focus entirely on refining the borrowing experience during this phase. In just one week, we exceeded the lender's promised liquidity by 15%, prompting an early wrap-up.
In terms of value:
- 1.34 BTC in Total Value Locked (TVL)
- $54,600 USD in Total Value Disbursed (TVD)
These numbers don't just reflect activity; they validate the demand for Bitcoin-backed loans and alternative disbursement methods like virtual debit cards.
📝 What We Learned
PHASE 1 taught us a lot about our product, our users, and the road ahead. While this beta focused on the borrower experience and the integration of virtual debit cards thanks to our partner Moon, it gave us valuable insights into what works and what needs improvement.
The UX Challenge
Building a non-custodial platform is hard. Designing its UX? Even harder.
- Our decision to use a Contract Secret (a sovereign key for signing contracts) instead of an in-app wallet upheld our commitment to self-custody, sovereignty, and safety.
- However, this introduced friction for users. We're rethinking how to make this smoother while staying true to our principles.
💳 Virtual Debit Cards: A Game Changer
The ability to claim loans directly onto a virtual debit card — thanks to our partnership with Moon — was a clear hit. Virtual cards weren't just appreciated; they were a hot topic.
➡️ However, one feature that could take this to the next level is the ability to add these cards to Apple Pay or Google Pay. It's a missing piece we're eager to explore to make the experience even more seamless and user-friendly.
➡️ However, one feature that could take this to the next level is the ability to add these cards to Apple Pay or Google Pay. It's a missing piece we're eager to explore to make the experience even more seamless and user-friendly.
Stablecoin Repayment: A Friction Point
Repaying loans in stablecoins on an alt-chain wasn't as seamless as we'd hoped. Reducing this pain point will be a top priority in future iterations.
➡️ To address this, we are actively exploring new integrations that would allow borrowers to repay their loans via bank transfer or even by using their debit or credit card, providing more flexible and user-friendly repayment options.
➡️ To address this, we are actively exploring new integrations that would allow borrowers to repay their loans via bank transfer or even by using their debit or credit card, providing more flexible and user-friendly repayment options.
✅ Demand Validated
From Bitcoin-collateralized loans to virtual debit card payouts, the strong demand reinforced our belief in the product's potential and validated that our approach is the right one.
➡️ In the future, the underlying protocol will continue to operate on a Bitcoin<>Stablecoin foundation, ensuring speed, trustlessness, and efficiency. Borrowers, however, will have the option to opt-in for intuitive on/off ramps and spending tools, making the experience seamless and user-friendly. This will allow the complexities of the alt-chain infrastructure to disappear entirely from the borrower's perspective. At the same time, we'll keep the order book clean and unfragmented, ensuring a smooth and scalable ecosystem for all participants.
➡️ In the future, the underlying protocol will continue to operate on a Bitcoin<>Stablecoin foundation, ensuring speed, trustlessness, and efficiency. Borrowers, however, will have the option to opt-in for intuitive on/off ramps and spending tools, making the experience seamless and user-friendly. This will allow the complexities of the alt-chain infrastructure to disappear entirely from the borrower's perspective. At the same time, we'll keep the order book clean and unfragmented, ensuring a smooth and scalable ecosystem for all participants.
🌙 Dark Mode Is (Still) a Thing
Yes, even in the world of Bitcoin-backed loans, dark mode is a surprisingly big deal.
➡️ Message received; devs are doing something.
➡️ Message received; devs are doing something.
👀 Looking Ahead: BETA RELOADED
If PHASE 1 was about testing the waters, BETA RELOADED 👀 will be about diving deeper. In this next phase, we're opening up both borrower and lender experiences to our beta testers, with:
- Improved UI/UX, based on the invaluable feedback we've received.
- New partnerships and integrations to enhance functionality and accessibility.
- Exciting surprises that we'll reveal when the time comes.
If PHASE 1 taught us anything, it's that we're onto something significant. We've demonstrated that Bitcoin-collateralized loans are not only reinventable but genuinely in demand. And this is just the start of what's to come.
Get ready for BETA RELOADED. It's coming soon™️, and it's going to be legendary!
Want to be part of the journey? Join our waiting list or, even better, connect with us on Discord to share your thoughts and stay updated!
Stay tuned, and as always, stay sovereign.