Introduction
Introducing Beach Finance
BeachFi is a permissionless lending protocol on TON. At its core, it offers the basic features of a lending protocol: deposit, withdrawal, borrowing, repayment, and liquidation.
Problems
Unlocking the liquidity of retail users on DeFi
It is a well-known problem that users with little knowledge or retail users cannot use traditional lending protocols like Aave or Compound. They simply don't have time or motivation to understand the concept of overcollateralization or liquidation, which in the specific context of their everyday Web2 lives, do not really exist. Moreover, they do not even know why they need to pay a gas fee to use a consumer app, which is supposed to be free. These are only few of the biggest challenges in onboarding a web2 user to a lending protocol.
Also, there is inherent fear of interacting with a DeFi protocol for those users, due to its complexity and unfamiliar user experience that are unseen at traditional Web2 apps - for example, banking apps.
The general consensus is that lending, as well as other financial primitives built in the form of DeFi, are heavily used by degens, or at least some users who taught themselves how to use them. Crypto-savvy users are only few amongst almost a billion users on Telegram. Liquidity of the rest of the users isn't unlocked yet. And we know that only the apps with supreme UX will dominate the market by attracting those users.
Lending is boring
10 in 10 lending protocols show the same UI, features, and experience, because the underlying concept of lending stays the same across protocols and blockchains, leaving a small room for builders to differentiate. Moreover, the session time spent on a typical lending protocol by each user isn't too long, because there is nothing really much interesting to do other than depositing and borrowing, which should take seconds and usually serve ephemeral purposes.
So...
All of these combined makes a big problem, because most of the users who don't use a lending protocol are missing out on the true benefits of lending, and the lending protocols are missing out on an opportunity to acquire a lot of users too.
BeachFi attempts to solve these problems by making the experience simpler, more fun and intriguing.
Powered by TON
Naturally, building on TON makes a lot of sense for BeachFi, because it is the gateway to the most users who might not necessarily have a prior experience in using blockchain products.
BeachFi's contracts are 100% written in func, a smart contract language specifically crafted for TON.
Development
Currently, BeachFi is under heavy development. Interested in partnering or investing? Please contact us.