I first thought LeoFi wasn't working until forexbrokr mentioned through a comment that he was leasing LeoPower through it. It was because there were no activities showing in the platform at the time I visited it.
Also, the warning on top of the page saying it is still on Open Beta made me think it is not being used yet.
But yes, it turned out it's actually live and working.
I think one of the reasons why LeoFi is not popular is that not many users are talking about it or even sharing their experiences. Personally, I wouldn't have known leasing is ongoing until I read it from forexbrokr. Thank you for that :)
Other reason might be that users didn't know it exist which is not unlikely especially when one don't spend time in the LeoVerse.
Or perhaps, those who have LeoPower are active in the community so they are not keen on lending out OR they may have already delegated their LPs to other users through the usual route.
But wait, what is LeoFi?
It is a decentralized platform that allows peer-to-peer leasing and/or lending of Leo Power where the lessee (borrower) pays interest to the lender in the form of LEO token.
Lending out your Leo Power perhaps works like delegating it to another user and you earn daily payout from it but it is done through the LeoFi platform. This service is useful especially to those who have Leo Power but do not actively curate in the community. It is perhaps one way to earn through one's LP.
Unfortunately, if you want to lend out your LeoPower, you can only do so by checking out on the Lease tab and find if there are available lease requests that you can accept. Currently, only the lessee can request leases and specify the terms too. So even if we want to lend our Leo Power but aren't much competitive offers or we don't like those that are available, there isn't much we can do.
At the time of this writing, there are only 5 leases available (all from forexbrokr) at an average APY of 7%, at different timeframes, and the number of Leo Power required. Also shown are the expected Daily Payout.
How to Lease Leo Power
Go to https://leofi.io/lease/request and fill in the required information. Once you enter all 3 data, the APR is automatically calculated and so as the Total LEO to be paid.
Click "Next" when the details are to your liking and you will need to confirm how you are going to pay, either via the Hivesigner or Hive Keychain.
It is not clear though if the platform takes a fee for any successful transaction done in it.
What can be done to revive LeoFi?
Perhaps some marketing strategies to let other Hive users know of its existence. Whilst we can talk about it on #threads, those who do not use threads still wouldn't know.
Perhaps offer some incentives or some kind of rewards to those who use the service. This will probably entice some to try it out.
What to add in the platform?
I don't know the extent it has been used in the past but it may become attractive if the UI is improved to be fully functional and the "Open Beta" warning will be removed.
Enable the Lending feature so those who want to lend their LPs can specify their terms too.
Having this might encourage those who have idle LeoPower to use the service and lend them to those who need more LP. Looking at the platform, there isn't much competitive offers at present.
Add FAQs menu
I personally have questions that I want answered without having to ask anyone about it and that's where the FAQ section helps. Questions like will I have my LeoPower immediately when a lease has expired or do I have to wait for how many days? etcetera.
The "About" page redirects to
Hive account which doesn't really give an introduction to what it is. Maybe better to link or redirect it to "What is LeoFinance" as introduced by LeoGlossary.
My Thoughts
The P2P lending service concept of LeoFi is good although it can be improved for better user experience and competitiveness too. There has to be an encouraging reason to use it which will at least be on par with the benefit (rewards) we get when delegating LP to 
I personally would love to try it out (both borrowing and lending) once I raise my Leo Power to a certain level.
Screenshots/Logo from LeoFi. No copyright infringement intended. 041122/20:00ph