Lending dan Borrowing di Solana: Bank Digital Tanpa Perantara

Memahami sistem lending dan borrowing terdesentralisasi di Solana: Solend, MarginFi, dan masa depan keuangan terbuka

📅 10 Oct 2025

🏦 Bank Digital Tanpa Perantara

Salah satu inovasi paling kuat dari DeFi adalah kemampuan untuk meminjam dan meminjamkan aset tanpa bank.

Traditional banking:

Apply for loan → Wait days/weeks
Credit check → Income verification
Approval → Maybe yes, maybe no
Interest: 10-20%
Collateral: House, car, etc

Solana DeFi:

Connect wallet → Instant
Deposit collateral → Auto-approved
Borrow in seconds → Always yes (if collateral sufficient)
Interest: 5-15%
Collateral: Crypto only

Solana, dengan kecepatannya, membuat aktivitas ini tidak hanya efisien tapi juga terasa seperti aplikasi keuangan modern.

💡 How DeFi Lending Works

Basic Concept:

Two sides of the market:

Lenders (Supply):

You have: 1000 USDC (idle)
Deposit to: Lending protocol
Earn: 10% APY (passive income)
Withdraw: Anytime

Borrowers (Demand):

You have: 10 SOL ($500)
Deposit as collateral
Borrow: 350 USDC (70% LTV)
Pay: 12% APY interest
Use borrowed funds for anything!

Interest Rate Model:

Supply & demand driven:

High utilization (90%+ borrowed):
→ Interest rates rise
→ Incentivize more supply
→ Discourage more borrowing

Low utilization (30% borrowed):
→ Interest rates drop
→ Incentivize more borrowing
→ Attract yield elsewhere

Hasil: Self-balancing market! 📊

🏦 Solend — First Lending Protocol

Apa is Solend?

Solend adalah protokol lending/borrowing pertama di Solana, launched 2021.

Solend Features:

1. Simple Lending

Deposit assets:
- USDC, USDT, SOL, etc
- Earn interest (APY)
- Compound automatically

Withdraw:
- Anytime (if liquidity available)
- No lock-up period
- Instant settlement

2. Over-Collateralized Borrowing

Safety mechanism:
- Deposit $100 worth SOL
- Borrow max $75 USDC (75% LTV)
- Extra collateral = Lower risk

Liquidation:
- If collateral drops below threshold
- Auto-liquidated (partial)
- Protects lenders

3. Isolated Pools

Main pool: Blue-chip assets (SOL, USDC)
Isolated pools: Riskier assets
Separate: Risk contained

Solend Stats:

TVL: $200M-500M (varies) Assets supported: 15+ Users: 50k+ Total borrowed: Billions lifetime

Interest Rates (Example):

Supply APY:

USDC: 8-12%
SOL: 3-7%
USDT: 7-11%

Borrow APY:

USDC: 10-15%
SOL: 5-10%
USDT: 9-14%

Spread: Protocol keeps small margin

📊 MarginFi — Next-Gen Lending

Apa is MarginFi?

MarginFi adalah protokol baru (2023) yang menawarkan cross-margin borrowing dan integrasi portofolio multi-chain.

Mengapa MarginFi is Different:

1. Cross-Margin Borrowing

Traditional (Solend):
- Position 1: Borrow against SOL
- Position 2: Borrow against USDC
- Each isolated

MarginFi:
- All collateral pooled
- Borrow against total portfolio
- More capital efficient!

2. Points Program

Every action = Points
- Lend assets
- Borrow assets
- Hold positions
- Referrals

Points → Future airdrop? 💎
(Speculative but likely)

3. Lower Fees

Optimized smart contracts
Batch operations
Lower borrowing costs

4. Better UX

Modern interface
Portfolio dashboard
Risk visualization
One-click operations

MarginFi Stats:

TVL: $400M+ (growing fast) Assets: SOL, USDC, USDT, LSTs Users: 100k+ (points hunters!) Points issued: Billions

🎯 Use Cases: Why Borrow?

Use Case #1: Leverage

Goal: Multiply exposure

Contoh:

You have: 10 SOL ($500)
Bullish on SOL

Strategy:
1. Deposit 10 SOL as collateral
2. Borrow 300 USDC (60% LTV)
3. Buy 6 more SOL with USDC
4. Now have: 16 SOL exposure!

If SOL +50%:
- Your 16 SOL → $800
- Repay loan: $300
- Profit: $200 (40% return vs 25% without leverage)

If SOL -20%:
- Risk liquidation
- Careful management needed!

Use Case #2: Yield Farming

Goal: Farm without selling

Contoh:

You have: 100 SOL (long-term hold)
Opportunity: New farm with 50% APY

Strategy:
1. Deposit 100 SOL collateral
2. Borrow 3,500 USDC
3. Farm USDC (50% APY = $1,750/year)
4. Pay 12% interest ($420/year)
5. Net profit: $1,330/year
6. Keep SOL exposure!

Use Case #3: Tax Optimization

Goal: Get cash without taxable event

Contoh:

You bought SOL at $10
Now: $50 (5x gain)

Sell: Taxable event (capital gains)
Borrow: Not taxable!

Strategy:
Borrow USDC against SOL
Use for expenses
No tax until you sell

Use Case #4: Emergency Cash

Goal: Quick liquidity

Contoh:

Emergency: Need $5,000 cash
Have: Crypto portfolio

Traditional:
- Sell crypto (taxable)
- Wait for bank transfer
- Days to receive

DeFi lending:
- Borrow USDC instantly
- No tax event
- Seconds to wallet

⚙️ How It Actually Works

Step-by-Step: Borrowing on Solend

Step 1: Connect Wallet

Visit solend.fi
Connect Phantom/Solflare
Wallet connected ✅

Step 2: Deposit Collateral

Choose asset: SOL
Amount: 10 SOL
Click "Supply"
Confirm transaction

Step 3: Enable as Collateral

Toggle "Use as collateral"
Your borrowing power: Displayed

Step 4: Borrow

Choose asset: USDC
Max borrow: $350 (70% LTV)
Amount: $300 (safe)
Click "Borrow"
Confirm transaction
Done! USDC in wallet ✅

Step 5: Monitor Health

Health factor: 1.5 (safe)
< 1.0 = Liquidation risk!
Monitor regularly

🚨 Understanding Liquidation

Apa is Liquidation?

When collateral value drops below threshold, protocol auto-sells part of it to protect lenders.

Example:

Initial:
Collateral: 10 SOL @ $50 = $500
Borrowed: $350 USDC
LTV: 70%
Health: Good ✅

SOL drops to $40:
Collateral: 10 SOL @ $40 = $400
Borrowed: $350 USDC
LTV: 87.5%
Health: DANGER ⚠️

SOL drops to $38:
Collateral: 10 SOL @ $38 = $380
Borrowed: $350 USDC
LTV: 92%
Liquidation triggered!

Protocol sells 5 SOL:
Repays $350 USDC loan
Liquidation penalty: ~5%
You keep: ~4.1 SOL (lost 5.9 SOL)

Avoiding Liquidation:

1. Conservative LTV

Max LTV: 80%
Safe LTV: 50-60%
Buffer: Protection against volatility

2. Monitor Positions

Check daily (or use alerts)
Add collateral if needed
Repay loan partially if risky

3. Use Stablecoins

Borrow against stablecoins:
- No price volatility
- No liquidation risk
- But also no upside

💰 Earning as a Lender

Strategy: Passive Income

Simple approach:

Deposit USDC to Solend
Earn 10% APY
Compound automatically
Withdraw anytime

$10,000 USDC:
Annual income: $1,000
Monthly: $83
Passive & easy!

Which Asset to Lend?

Stablecoins (USDC/USDT):

APY: 8-15%
Risk: Low (price stable)
Liquidity: High
Terbaik for: Passive income

SOL:

APY: 3-7%
Risk: Medium (price volatile)
Liquidity: High
Terbaik for: SOL holders

Other tokens:

APY: Varies (5-20%+)
Risk: Higher
Liquidity: Lower
Terbaik for: Diversification

📈 Menuju Ekonomi Terbuka

Lending di Solana bukan sekadar produk finansial — ini adalah langkah menuju ekonomi terbuka.

The Vision:

Scenario: Global Access

Petani di Indonesia:
- Has crypto portfolio
- Needs business loan
- No local bank access

DeFi Solution:
- Deposit crypto collateral
- Borrow USDC instantly
- Interest: 12% (better than local 25%!)
- No paperwork, no waiting
- Economic opportunity unlocked!

Impact:

1. Financial Inclusion

2 billion unbanked globally
DeFi = Banking for everyone
Just need internet + phone

2. Lower Costs

No bank overhead
Automated by code
Savings passed to users

3. Transparent

All rates visible
No hidden fees
Algorithmic pricing
Fair for everyone

🎓 Kesimpulan

Lending & Borrowing di Solana represents the future:

✅ Instant approval (no credit check) ✅ Global access (no borders) ✅ Transparent rates (algorithmic) ✅ Permissionless (no KYC) ✅ 24/7 operation (always open)

Bayangkan dunia di mana kredit global tersedia untuk siapa pun, tanpa diskriminasi, hanya berdasarkan aset yang dimiliki.

Inilah visi besar DeFi, dan Solana menjadikannya nyata. 🌐

📚 Baca Juga

Platforms:

Solend
MarginFi
Kamino Finance (lending + vaults)

Artikel ini dibuat dengan riset mendalam & fact-checked. Untuk pertanyaan atau feedback, hubungi kami di ruangsolana@gmail.com.