Revolutionizing DeFi: Inside the Sui Ecosystem

Can a messaging app become the gateway to mass Web3 adoption? EnsoFi's SuperAMA#2, "Building Telegram dApps - A discussion," explored this very question.

Moderated by crypto YouTuber Joe Takayama, the event featured founders from three cutting-edge dApps — Dree Do (EnsoFi), Limon (Trekn), and Kevin (PAW Wallet) — who dove deep into the opportunities and challenges of building on Telegram, a platform with a billion users and a surprising appetite for blockchain innovation.

Telegram’s Potential and Challenges for Web3

With its massive user base and user-friendly interface, Telegram presents a unique opportunity for onboarding new users to Web3.

Dree Do, Co-founder and CPO of EnsoFi, emphasized the platform's potential for user acquisition and rapid experimentation, allowing developers to test groundbreaking ideas and engagement models. Unlike traditional app stores, Telegram allows developers to quickly test new ideas and engagement models, fostering innovation in the Web3 space.

However, bringing Web3 to Telegram users also comes with its own set of challenges.

• User Interface: Designing intuitive interfaces for users unfamiliar with DeFi concepts.

• User Retention: Keeping users engaged beyond initial airdrops and short-term incentives.

• Education: Bridging the knowledge gap between traditional Telegram users and the complexities of Web3

Overcoming the Challenges

EnsoFi, Trekn, and PAW Wallet are all building dApps on Telegram, but each project takes a unique approach.

EnsoFi

EnsoFi is a cross-chain DeFi hub simplifying yield earning. Users can seamlessly explore and participate in DeFi activities across different chains without traditional bridging. EnsoFi offers:

• Seamless cross-chain functionality: Eliminating the need for traditional bridging.

• Fixed interest rates: Providing greater predictability for cross-chain borrowing.

• Gamified and user-friendly design: Simplifying DeFi for everyone

Trekn

Trekn focused on Trekn Labs' upcoming verification tool, which aims to become the go-to platform for Web3 communities.

• Focus on community building: Providing comprehensive tools for Web3 communities to foster engagement.

• Seamless telegram integration: Allowing communities to build their gating solution right in their existing Telegram groups.

• Effective incentive systems: Encouraging both short-term and long-term user engagemen

Paw

The project aims to shift the perception of Telegram apps as merely airdrop platforms by offering real utility and an incentivized experience for exploring the Solana ecosystem.

• All-in-one telegram app: Providing a variety of features accessible without leaving the app.

• Targeting a high-value user base: Attracting and retaining "OGs" and users with demonstrated "paying behavior".

• Focus on memecoins and community engagement: Providing tools specifically for trading and interacting with memecoins.

Exclusive Alpha Leaks

The AMA also provided exclusive insights into the projects' roadmaps:

• EnsoFi: Will soon enable users to supply and borrow native tokens across multiple blockchains, with a Telegram launch slated for November.

• Trekn: Plans to introduce token-gated content, reputation tracking, and seamless Telegram integration, with a whitelist opportunity for their Trekn Odyssey NFT collection available for AMA participants.

• PAW Wallet: Will add a poker game and tools for interacting with memecoins, offering a 500 $RCAT prize to AMA participants who create a PAW Wallet account and play the RoboCat game.

Conclusion

Our AMA provided a glimpse into the exciting possibilities of Telegram for onboarding new users to Web3 and the innovative projects leveraging the platform's potential. Now is the perfect time for Telegram users to explore and engage with the expanding world of Web3.

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.

The Problem of Liquidity Fragmentation

Liquidity fragmentation occurs when assets are spread across multiple blockchains, resulting in a fractured ecosystem where users struggle to access the best yield opportunities.

To maximize returns, users are forced to navigate complex processes that involve interacting with multiple chains, wallets, and protocols. This adds not only to the complexity but also to the risks associated with cross-chain transactions.

Cross-Chain Challenges

Beyond the complexity, cross-chain interactions bring their own set of problems:

• Friction in cross-chain transactions: Users need to juggle interactions with 10+ blockchains, wallets, and protocols. This increases the risk of human errors, such as sending assets to the wrong chain or wallet. Additionally, cross-chain transactions are often slow and come with high fees.

• Risks with cross-chain bridges: Cross-chain bridges are a critical part of moving assets across different blockchains. However, their complexity makes them prime targets for hacks and exploits, as we've seen with numerous high-profile attacks in recent years.

So, how can DeFi users navigate this fragmented landscape while minimizing risk and complexity?

EnsoFi - Cross-Chain DeFi hub

EnsoFi, a pioneering cross-chain hub, is designed to address these liquidity and cross-chain challenges. By aggregating liquidity across multiple blockchains and simplifying cross-chain transactions, EnsoFi aims to create a more cohesive and user-friendly experience.

1. Connecting Blockchains

   EnsoFi’s platform will aggregate an significant $70 billions in assets from over 10 different blockchains into one unified DeFi hub. By consolidating liquidity, EnsoFi allows users on less active chains to access a broader range of yield opportunities typically concentrated in active ecosystems.

2. Simplifying Cross-Chain Transactions

   EnsoFi offers a streamlined, single-point interaction for cross-chain transactions. This minimizes the need to rely on multiple cross-chain bridges, reducing the friction users face when moving assets between blockchains. By consolidating the process into one platform, EnsoFi reduces the risks of errors, delays, and high fees that users often encounter. Moreover, by relying on fewer bridges, EnsoFi decreases the attack surface for potential exploits, making cross-chain operations more secure. This is a significant step toward enhancing the overall safety of the DeFi ecosystem, addressing one of the most pressing concerns for users and developers alike.

3. EnsoFi’s Comprehensive Features

   EnsoFi is more than just a cross-chain hub. It offers a range of DeFi services that are all accessible within a single platform, including:

   Cross-chain lending: Users can lend and borrow assets across different blockchains, creating more liquidity and lending opportunities.

   Liquidity: Access yield farming opportunities across multiple blockchains without the need to switch between different protocols.

   LST: EnsoFi provides users with the ability to earn rewards on staked assets while maintaining liquidity.

   Cross-chain swapping: Easily swap assets across different blockchains without the need for complex bridging processes. By offering all these features in one place, EnsoFi aims to create a seamless experience for DeFi users, making cross-chain interactions simpler, more secure, and more efficient.

Learn more about EnsoFi

EnsoFi Official Channels

Official Website | Discord | X | Docs

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.

Summary of Sui Beta-Test

During our month-long beta test, we gathered valuable feedback that has helped shape EnsoFi into the robust platform it is today. The overall sentiment from our users has been overwhelmingly positive, particularly praising the platform's clean and intuitive user interface and user-friendly experience. Many users highlighted several key features that contributed to their satisfaction:

• Lending Functionality: The lending process has been described as smooth, fast, and easy to use, making it accessible for everyone.

• User Interface: Our platform’s design received accolades for being simple, attractive, and easy to navigate, which is especially important for both new and experienced users.

• Transaction Speed: Users enjoyed quick transaction processing, particularly during lending activities.

While we celebrated these successes, we also recognized areas that require improvement based on user feedback:

• Borrowing Issues: Some users encountered glitches and failures in the borrowing process, leading to frustration.

• Transaction Failures: A number of users reported frequent errors or failed transactions, especially during borrowing and repayment, which hindered their experience.

• Sui Testnet Concerns: There were several reports of issues related to the Sui testnet, including problems with test tokens and borrowing functionality.

Introduction of Sui Mainnet

With the feedback gathered during the beta test, we are excited to officially launch on the Sui mainnet on 30th September.

This version of EnsoFi brings the same innovative features you’ve come to love on Solana, introducing a new era of fixed-rate lending and borrowing tailored for the Sui ecosystem.

As we move forward, we invite all users to explore the platform, take advantage of its unique offerings, and continue providing feedback to help us improve. Your experience is essential to us, and we are committed to ensuring that EnsoFi remains a valuable tool for your lending and borrowing needs.

Join us as we embark on this new journey on Sui, and thank you for being a part of the EnsoFi community!

Link to the app: app.ensofi.xyz

Mainnet Campaign with Season 2 $ENS Rewards - Starts in Sep 30th: With total pool of 2,000,000 $ENS to reward Solana & Sui user with their productive usage. Learn more 

About EnsoFi

EnsoFi a Peer-to- Peer lending protocol, giving users the ability to lend & borrow at a Mutually Interest Rate

Our vision is to establish a peer-to-peer cross-chain lending platform that allows for the smooth movement and accessibility of assets across different blockchain ecosystems.

With EnsoFi, users can borrow assets on one blockchain while using collateral on another, eliminating the need for complex asset bridging between chains.

Learn more about EnsoFi

EnsoFi Official Channels

Official Website | Discord | X | Docs

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.

Today, we’re excited to announce the conclusion of Season 1 $ENS Rewards and the launch of Season 2 with even more incentives for our users.

Season 1 $ENS Reward Recap: A Step Toward True Loyalty

Season 1, which began on August 2nd, 2024, marked the first phase of our loyalty program, designed to reward users who actively participated in lending and borrowing activities on EnsoFi.

Purpose

The goal of SS1 was simple—reward early adopters and loyal users for their active engagement. By tracking each action on the platform, users accumulated points that directly translated into $ENS tokens. This transparency ensured users knew exactly what they were earning, making the process both motivating and rewarding.

Outcome

• Participants: We saw an overwhelming response from our community, with over 5,000 active participants engaging on the platform during this period.

• Points Distributed: Throughout SS1, over 5,000,000 points were distributed among participants, highlighting the level of engagement on EnsoFi.

• Total Volume: The total volume of lending reached over $1 million, reflecting the strong commitment of our user base.

Reward Distribution

The reward allocation for SS1 was 1,000,000 $ENS, and the distribution of these tokens will be finalized during the TGE period. We’re grateful for the trust and support our early users have shown.

Season 2 $ENS Reward: Expanding Our Reach

With the success of SS1, we’re excited to launch Season 2, which comes with more rewards and the opportunity for a broader user base to participate.

Purpose

With our launching on Sui mainnet, SS2 is focused on attracting both Solana and Sui users, particularly early contributors who have been instrumental in supporting EnsoFi from the beginning.

This season is designed to incentivize continued usage and engagement on our platform, ensuring that those who believe in EnsoFi’s mission receive the rewards they deserve.

For Season 2, the reward pool is 2,000,000 $ENS as we’re eager to see even more engagement from our Solana and Sui communities.

• Solana: 1,000,000 $ENS

• Sui: 1,000,000 $ENS

This season’s rewards will be transparent, with users being able to easily track their points and view their estimated $ENS earnings in real-time.

• Start Time: 30th Sep

• Learn more about how to join here

About EnsoFi

EnsoFi a Peer-to- Peer lending protocol, giving users the ability to lend & borrow at a Mutually Interest Rate

Our vision is to establish a peer-to-peer cross-chain lending platform that allows for the smooth movement and accessibility of assets across different blockchain ecosystems. With EnsoFi, users can borrow assets on one blockchain while using collateral on another, eliminating the need for complex asset bridging between chains.

Learn more about EnsoFi

EnsoFi Official Channels

• Official Website | Discord | X | Docs

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.

Current point-based loyalty systems can feel repetitive and uninspiring. Users often face the frustration of waiting for rewards and being uncertain about how much they’ll actually receive. This uncertainty can turn what should be a rewarding experience into a tedious chore, making the loyalty program feel like more trouble than it’s worth.

Our approach to Loyalty

At EnsoFi, we believe loyalty programs should be about genuinely rewarding users for their productive usage. We’re committed to bringing back the true essence of what a loyalty program should be—a way to honor and appreciate those who actively engage with and benefit from our platform.

$ENS Reward System

That’s why we’re excited to introduce our Ecosystem Incentive, where we’re dedicating 25% of the total $ENS token supply to reward our loyal users. This significant allocation is designed to be transparent and direct, ensuring that you clearly understand how your engagement with EnsoFi translates into rewards.

Distribution Challenges

One of our major concerns was ensuring that our rewards go to users who are genuinely engaged and passionate about using EnsoFi. We didn’t want to attract users who are simply looking for airdrops. If we distribute large or significant allocations to such users, there’s a risk that they may dump their tokens immediately after listing. This would put immense pressure on the project, potentially jeopardizing its stability and future.

To avoid this, we focused on creating a distribution strategy that rewards those who truly value and use our platform regularly. By doing so, we aim to build a community of loyal users who are invested in the long-term success of EnsoFi, rather than those who may simply be looking for short-term gains.

Seasons for Reward

To tackle this, we’ve introduced a seasonal reward system. Each season’s rewards will be tailored to the current stage of our product and the sentiment of our community. We’ll be transparent about the allocation for each season in advance, so you’ll always know what to expect and can estimate your potential rewards based on your engagement.

Season 1 $ENS Reward

For Season 1, we’re offering 1,000,000 $ENS to users who actively lend and borrow on EnsoFi

This season, we’re especially excited to attract Solana users and early contributors who have supported us from the start. Your engagement is crucial to our growth, and we want to ensure that those who have been with us from the beginning receive the recognition and rewards they deserve.

Every action on EnsoFi will be calculated as points, which reward users for their activities.

These points are immediately converted into an estimated $ENS Reward that users can view in detail, so you always know how much you’re earning.

Our goal is to reward users who are really using EnsoFi, without adding extra hassle. We aim to make the process straightforward and transparent, so you can easily see your rewards and enjoy the benefits without the frustration of waiting or uncertainty.

• Total Reward: 1,000,000 $ENS

• Start Time: 2nd Aug 2024

• Learn more about how to join here

About EnsoFi

EnsoFi a Peer-to- Peer lending protocol, giving users the ability to lend & borrow at a Mutually Interest Rate

Our vision is to establish a peer-to-peer cross-chain lending platform that allows for the smooth movement and accessibility of assets across different blockchain ecosystems. With EnsoFi, users can borrow assets on one blockchain while using collateral on another, eliminating the need for complex asset bridging between chains.

Learn more about EnsoFi

EnsoFi Official Channels

*Official Website | Discord | X | Docs*

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.

Initially, we planned to test our idea through hackathons. Just a month after starting, we joined SuperteamVN's hackathon with an MVP and unexpectedly secured 2nd place, which motivated us to continue.

However, it wasn't easy. We ran into many problems. Our first idea was too complex for our tech team, so we had to throw away two months of hard work and start over with a new design and system. It was a tough and frustrating setback, but we pushed through and rebuilt from the ground up.

We then took this new concept to the Solana Renaissance hackathon, putting in maximum effort and posting regular updates on Twitter. Although we didn’t win any global tracks, we achieved 1st place in the local track, giving us a significant boost.

With support from Superteam, we connected with key partners MonkeyDAO, SpringX by BuidlerDAO, and Angel Investors.

One of big achievement so far was being selected as one of the 13 #SpringX Solana projects from over 106 global applicants. This opportunity allowed us to participate in an intensive acceleration program with guidance from top Solana builders, refining our product and strategy.

EnsoFi is LIVE on Solana mainet

After a remarkable journey, we are excited to announce that EnsoFi is officially live on Solana's mainnet as of July 29th!

This launch marks a major milestone in our development, bringing you a new era of fixed-rate lending and borrowing. We invite you to explore the platform and take advantage of its innovative features. If you encounter any issues or have feedback, please reach out to us via Discord.

Link to the app:

http://app.ensofi.xyz

Mainet Campaign

Here’s what you can expect in the coming events:

• Mainnet Launch on Solana - July 29th: EnsoFi officially goes live on Solana’s mainnet.

• EnsoFi Boosting Pass Mint - July 30th: Launch of the Boosting Pass for members of 30+ Communities in Solana. Learn more here

• Season 1 $ENS Rewards - July 31st: Season 1 starts with total pool of 1,000,000 $ENS to reward user with their productive usage. Learn more here

About EnsoFi

EnsoFi a Peer-to- Peer lending protocol, giving users the ability to lend & borrow at a Mutually Interest Rate

Our vision is to establish a peer-to-peer cross-chain lending platform that allows for the smooth movement and accessibility of assets across different blockchain ecosystems.

With EnsoFi, users can borrow assets on one blockchain while using collateral on another, eliminating the need for complex asset bridging between chains.

Learn more about EnsoFi

EnsoFi Official Channels

*Official Website | Discord | X | Docs*

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.

At its core, lending is a digital adaptation of traditional credit and loan systems within the web3 space. Borrowers can secure loans by offering their cryptocurrency holdings as collateral. Conversely, lenders can offer their assets to borrowers in exchange for interest, similar to the interest earned from traditional savings accounts in banks.

Lending has emerged as the 2nd largest sector within DeFi , showcasing remarkable growth and solidifying its importance.

Since October 2023, the total value locked (TVL) in DeFi lending protocols has experienced a significant surge, growing from $14 billion to an impressive $33 billion by May 2024. This rapid growth trajectory suggests a robust recovery and a strong potential to reach the all-time high (ATH) TVL of $50 billion, last seen at the end of 2021 and early 2022.

The current crypto environment, marked by the acceptance of Bitcoin ETFs and increased mainstream attention, has acted as a powerful catalyst for this remarkable growth in DeFi lending. The institutional validation and wider adoption brought about by these developments have bolstered confidence in the crypto market, driving more users to explore and invest in DeFi platforms.

As a result, the lending sector within DeFi is poised to continue its upward trend, fueled by enhanced accessibility, investor interest, and the innovative nature of decentralized financial services.

Growth Horizons

Market Opportunity

The blockchain industry is still growing, with DeFi at its heart. Within this space, the DeFi lending market has reached $10.3 billion. However, compared to the enormous $10.5 trillion global lending market, crypto lending makes up only 0.1% of the total. This huge difference shows how new the crypto lending market is and how much room there is for growth.

Most of the top players in the crypto lending market, like Aave, Compound, Kamino, and MarginFi, etc, use a peer-to-pool lending model. In this model, lenders put their assets into a pool, and borrowers can take loans from this pool. This system helps manage capital well and has been key to the early success of DeFi.

Despite the benefits, peer-to-pool lending has a big problem: floating interest rates. These rates change based on how much of the pool is being used. When the pool is heavily used, rates go up quickly to reduce usage. However, this system isn't very effective and usually just keeps usage at an optimal level.

The issues with floating interest rates in peer-to-pool lending models create unacceptable rate spreads that hinder the development of a mature financial system. Even if large institutional liquidity were available, there would still be significant slippage on large loans. To enable DeFi to go mainstream and fully realize its potential, it is crucial to address and fix these rate spread problems. Otherwise, the crypto lending market is missing out on tapping into the huge $10.5 trillion global lending market.

Demand of Fixed Interest Rate

Fixed-rate lending can address these issues by providing a stable and predictable rate environment. This stability is crucial for attracting institutional-sized liquidity, which requires reliability and precision in financial planning. With fixed rates, DeFi can offer more appealing and understandable products, making it easier for new users to enter the market and for existing users to plan their financial strategies effectively.

The introduction and traction of fixed-rate lending in DeFi can remedy the problematic rate spreads, establishing a legitimate yield curve. This foundational change is necessary for the development of more complex financial derivatives and applications. Yield derivatives, for instance, hold exciting potential within the crypto space but require a healthy and stable interest rate foundation to thrive.

Fixed interest rates can create a more mature and efficient DeFi ecosystem. They will enable better risk management, improve user confidence, and facilitate the creation of advanced financial products. As DeFi continues to grow, the demand for fixed interest rates will become increasingly critical in shaping a sustainable and integrated financial future.

Demand of innovative products for LSTs

In 2023, Ethereum's liquid staking market experienced significant growth, primarily driven by the Shapella upgrade, allowing withdrawals from the Beacon Chain. This led to a rise in staked ETH, reaching 28.6 million ETH by December 2023. The adoption of liquid staking derivatives (LSDs) also surged, with approximately 44% of all staked ETH now held in these protocols. This expansion has been fueled by yield-seeking ETH holders and the increasing utility of LSDs within the DeFi ecosystem.

Additionally, Solana's liquid staking market saw Marinade initially dominate, but Jito emerged as a strong competitor, particularly in Q4. Jito's success was partly attributed to the distribution of Jito points, which led to a significant airdrop event. The lowest tier of users received 4931 JTO tokens each, estimated to be worth ~$10K on the day of the airdrop. Additionally, BlazeStake, a newcomer, offers token-incentivized rewards for staking, successfully providing bSOL holders with additional yield opportunities.

As liquid staking brings a wave of innovation to the DeFi product stack, the demand for new and innovative financial products continues to rise. One of the most exciting developments in this area is the concept of LSDfi, which has started to gain traction as the next big thing. Leveraging liquid staked tokens (LSTs) has become a necessity for several reasons.

The ability to lend and borrow LSTs natively within DeFi platforms can significantly enhance liquidity and capital efficiency. By allowing these assets to be used as collateral or for earning yields, DeFi platforms can attract more users and increase the overall utility of staked ETH. This native lending and borrowing capability can serve as a major catalyst for growth within both the liquid staking and lending markets.

Demand of cross-chain product

The current DeFi landscape is characterized by a plethora of blockchain networks, each with its unique features and ecosystems. While this diversity fosters innovation, it also leads to fragmentation, where assets and liquidity are confined within individual chains. This siloed approach restricts users' ability to fully leverage their holdings, as they are often unable to seamlessly move assets between different platforms

Liquid staking derivatives (LSDs) are a prime example of how cross-chain functionality can enhance DeFi. In both the Ethereum and Solana ecosystems, LSDs have emerged as vital tools for providing liquidity to staked assets. However, the benefits of LSDs can be significantly amplified through cross-chain integration. For instance, liquid staked ETH and SOL could be utilized across multiple DeFi platforms, regardless of the underlying blockchain, thereby increasing their utility and yield opportunities.

The adoption of cross-chain solutions is inevitable as the DeFi ecosystem continues to expand. A connected ecosystem, where assets can move freely between chains, will unlock new possibilities for innovation and growth. Users will benefit from increased liquidity, enhanced yield opportunities, and a more seamless DeFi experience.

Learn more about EnsoFi

EnsoFi Official Channels

Official Website | Discord | X | Docs

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.

Why Sui: Key Features

Parallel Execution for High Throughput Sui utilizes a parallel execution system that allows multiple transactions to be processed simultaneously. This significantly boosts the network's throughput and scalability, enabling it to handle a high volume of transactions efficiently. Unlike traditional blockchains that rely on sequential processing, Sui's parallel execution reduces latency and increases transaction speeds, making it an ideal choice for applications requiring high performance.

Object-Centric Data Model Sui’s architecture is built around an object-centric data model, where all entities on the blockchain are treated as objects with clear ownership and capabilities. This model enhances security by allowing precise access control and simplifies the development of complex dApps. Objects in Sui can be uniquely identified, tracked, and managed, providing a straightforward framework for developers to create and interact with blockchain entities.

Low Gas Fees and Competitive Costs Sui offers competitive gas fee models that attract developers and users by keeping transaction costs low. This affordability is essential for mass adoption, making blockchain interactions more accessible and sustainable for everyday use cases, such as micropayments, ticketing, and other low-value transactions.

Innovative Cryptographic Solutions Sui employs advanced cryptographic techniques, such as zkLogin, which enables secure and frictionless user onboarding using standard web credentials like Google and Facebook. This integration simplifies the user experience, allowing for seamless interactions with decentralized applications without compromising security.

EnsoFi’s Alignment with Sui’s Features

1. Enhanced User Experience By building on Sui, EnsoFi benefits from the blockchain’s high throughput and low latency, ensuring a smooth and responsive user experience. The parallel execution capability means our users can enjoy fast and reliable transactions, crucial for real-time financial applications.

2. Security and Transparency Sui’s object-centric model and advanced cryptographic solutions enhance the security of our platform. Precise access control and verifiable interactions ensure that users’ assets and data are protected, fostering trust and confidence in our system.

3. Cost Efficiency The low gas fees on Sui enable us to offer a cost-effective platform for our users. This affordability is crucial for attracting a broader audience, including non-crypto users, by lowering the barriers to entry and making blockchain technology more accessible.

EnsoFi Joins Sui's Overflow Hackathon

https://x.com/Ensofi_xyz/status/1795648907927830716

EnsoFi is excited to announce its participation in Sui's global hackathon, Sui Overflow. As the event approaches its final days, our team is fully dedicated to leveraging this opportunity to showcase and refine our platform. With only few days left, we are in the final stages of completing nearly 100% of our tasks, demonstrating our commitment and enthusiasm for this significant event.

The Sui Overflow hackathon is a pivotal moment for us, providing a dynamic environment to innovate and integrate the unique features of the Sui blockchain into our project. Our participation underscores our dedication to pushing the boundaries of what's possible in decentralized finance. Despite the challenging timeline, the EnsoFi team is working around the clock, driven by the spirit of collaboration and innovation that the hackathon fosters.

Through this hackathon, we aim to highlight the capabilities of EnsoFi within the Sui ecosystem, focusing on cross-chain lending and borrowing solutions that can bring unprecedented value to our users. The progress we've made so far is a testament to our team's hard work and the potential of our platform to revolutionize DeFi.

Stay tuned for updates as we continue to make strides in the #SuiOverflow hackathon. Our journey here is just beginning, and we are eager to share our advancements and contributions with the community. Let's make this a memorable event together!

Learn more about EnsoFi

EnsoFi Official Channels

Official Website | Discord | X | Docs

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.

Community

Culture of Support

One of the standout point of the Solana ecosystem is its robust and supportive community culture. This culture is deeply ingrained in the blockchain’s ethos and is evident in the actions of the Solana Foundation and the broader community. A notable example is when the Solana Foundation supported the Madlads project by adopting Madlad profile pictures (PFP) as their avatars. This act not only highlighted the foundation's endorsement but also fostered a sense of unity and encouragement within the community.

Community-Led Initiatives

Beyond the foundation, various community-led initiatives play a pivotal role in nurturing new projects. For instance, MonkeyDAO, SuperteamVN, SuperteamUAE and the Pyth Network are known for their active engagement and support of emerging projects through activities such as AMA sessions and FireBuilder chats. These initiatives provide new projects with a platform to gain visibility, share their vision, and receive valuable feedback from experienced community members. This level of support is instrumental in helping projects like EnsoFi gain traction and grow within the Solana ecosystem.

https://x.com/PythNetwork/status/1784961140239569032

https://x.com/SuperteamVN/status/1773224788619898955

https://x.com/SuperteamAE/status/1778331303538036772

https://x.com/MonkeDAO/status/1769477075117756776

Only Possible on Solana

One of the key technological advantages of Solana is its capability for parallel execution. Unlike many blockchains that process transactions sequentially, Solana can handle thousands of transactions simultaneously, significantly enhancing its scalability and efficiency. This feature is particularly beneficial for DeFi platforms like EnsoFi, where high transaction throughput and low latency are critical.

Parallel execution enables EnsoFi to process multiple lending transactions concurrently without bottlenecks. This ensures a seamless user experience, even during periods of high demand. The ability to handle large volumes of transactions quickly and efficiently makes Solana an ideal platform for implementing sophisticated DeFi protocols. By leveraging Solana’s advanced technology, EnsoFi can offer competitive interest rates and rapid transaction confirmations, enhancing the overall attractiveness of our lending services.

Top Choice for DeFi

Solana's reputation as a top choice for DeFi is well-supported by its impressive growth in Total Value Locked (TVL). From October 2023 to May 2024, Solana has seen a significant increase in TVL to almost $5B, reflecting the growing trust and adoption of its DeFi ecosystem. This growth is indicative of Solana’s robust infrastructure and the confidence that users and developers have in its long-term potential.

The surge in TVL highlights the effectiveness of Solana’s technology and the successful deployment of various DeFi projects on its platform. For EnsoFi, building on Solana means aligning with a blockchain that is not only technologically superior but also one that has proven its capacity to attract and retain significant capital inflows within its DeFi landscape.

Conclusion

EnsoFi’s decision to build on Solana is rooted in a strategic alignment with a community-oriented, technologically advanced, and rapidly growing blockchain. The vibrant NFT culture, robust technological infrastructure, and impressive growth in DeFi adoption make Solana the ideal platform for EnsoFi to realize its vision of revolutionizing decentralized finance. As we continue to innovate and expand, we are confident that Solana’s ecosystem will provide the support and scalability needed to drive our success and deliver unparalleled value to our users.