Exploring Colend: DeFi on Bitcoin — AMA Recap

3 min readMay 31, 2024

On May 28th, we hosted an insightful AMA with Colend on Twitter Spaces. If you missed it, don’t worry! Here’s a quick recap of the key points discussed during the event. The session covered everything from Colend’s mission in the BTCFi ecosystem to its unique features and future plans.

Key Takeaways from the AMA:

What is Colend and its mission in the BTCFi ecosystem?

Colend aims to refocus on savings as the cornerstone of economic growth, leveraging Bitcoin’s innovations to create a transparent, accessible, and secure financial system. The platform facilitates peer-to-peer lending and borrowing, ensuring users have full control over their funds and are rewarded for participating.

How does Colend differentiate itself from other DeFi platforms?

Colend combines the best elements of protocols like Aave, Ampleforth, and Curve, offering a unique solution that rewards users through its token system. Users can maximise profits by supplying assets, providing liquidity, and voting on reward distribution with Colend Tokens.

Unique Lending and Borrowing Mechanisms:

Colend allows users to lend and borrow crypto with collateral, reducing risk and enabling users to keep their investments intact while accessing liquidity. Borrowers must provide more collateral than the loan amount, ensuring depositors’ funds are secure.

NFTs in Colend’s Ecosystem:

Colend NFTs offer voting rights and additional utilities, ensuring active community participation. The first batch of NFTs was a huge success, selling out in less than 24 hours. NFT holders influence APY and key decisions, with plans for more utilities like a crypto debit card. A second batch of NFTs will launch soon, so stay tuned for more opportunities to join and benefit from Colend’s growing ecosystem!

Getting Started with Colend:

New users should prioritise safety by setting up a crypto wallet, acquiring CORE tokens, and depositing on the platform. Engaging with the community on Telegram and following the step-by-step tutorial in Colend’s documentation can help users get started effectively.

Utilities and Advantages of Holding Colend Tokens:

Colend token holders enjoy governance rights, staking rewards, and potential growth as the platform expands. The tokens offer significant advantages, and holding them can maximise users’ capital through liquidity pairs on decentralised exchanges.

Growth and Sustainability in the DeFi Market:

Colend focuses on strategic partnerships, expanding cryptocurrency offerings, and engaging the community through initiatives like airdrops. The platform’s commitment to security and quality ensures sustainable growth in the competitive DeFi market. To further support its community, Colend will launch a new airdrop campaign for all depositors and borrowers on the Colend.xyz, in addition to the ongoing Satoshi App.

Join Our Exciting Campaign: Win Up to $1,000 USDT!

We have an exciting campaign where you can win up to $1,000 USDT by spreading the word about the Colend Airdrop on Satoshi App! Here’s how to participate:

1️⃣ Craft compelling posts on X from now till June 29th (23:59 PST), sharing why everyone should hop on the Colend Airdrop train.
2️⃣ Follow @SatoshiAppXYZ and @colend_xyz on X.
3️⃣ Include #ColendOnSatoshiApp and tag us for visibility.
4️⃣ The top 20 most engaging posts will split a $1,000 USDT prize pool!

Join 500,000 Colend Tokens Airdrop on Satoshi App!

Here’s everything you need to know to participate and claim your tokens:

Start time: May 25, 2024, at 8AM (UTC)
End time: June 30, 2024, at 2AM (UTC)
Total amount: 500,000

About Colend

Colend is not just another DeFi protocol; it’s a visionary platform built on the Core Network and inspired by the likes of Aave, Ampleforth, and the (3,3) governance model. With a focus on Bitcoin (BTCFi), Colend is pioneering the next evolution of decentralized finance.

Security is paramount, and Colend’s commitment is evidenced by rigorous audits from Certik and Halborn. Since its inception, Colend has rapidly grown, with over $8 million in Total Value Locked across more than six assets, primarily BTC. The NFTs collection with their unique utilities have seen incredible demand on Wizardgallery.xyz, selling out quickly and contributing significantly to the ecosystem’s growth.

About Satoshi App

Satoshi App is the world’s top free airdrop and mining platform, uniquely positioned in the cryptocurrency space with a vast community of 16+ million users. We serve as a bridge connecting high-quality blockchain projects with a massive audience, offering users the opportunity to discover and receive token airdrops.