Development Update: Santa Came Earlier This Year — The Baiji Release Candidate Is Here!
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We worked hard right before holidays to be able to provide you our best Christmas gift ever!
Aave is proud to announce the final release candidate of Baiji in Kovan testnet. The release candidate is a feature-complete release of our digital asset-backed lending marketplace secured with Smart Contracts. After the final bug bounty campaign, the release will be shipped to live Ethereum network!
Now, we really need your opinion and feedback to make the most of our work. Try the application here and drop us some feedback in our Telegram Community.
What's New? Find The Brand New Features
Following the agile development approach, we made lot of changes compared to the last Baiji, in order to improve the user experience (You can check the old version features here.) to make sure our early adopters are getting the best available lending experience out there.
Addition to the previously promised, Santa came up with the following additional features for the official Baiji release candidate:
- Removed the need of update the ETH/USD price manually by users, Baiji uses automatically MakerDAO oracle to avoid users the expenses and delays.
- New loan currencies: USDC and ETH-pegged to KRW, INR, RBL and JPY. BTC as currency will be added in a future state when it is considered totally functional and secure. 🚀
- New collateral currencies: Bitcoin (BTC) and USDC.
- Improved version of the in-app wallet.
- Loan offers have been completely redesigned from scratch.
- Mobile theme completely reworked for the new release.
- Origination fee (2% of loan amount) from the borrower, this fee will be charged in the first instalment and will replace the borrower fee taken from the collateral. Using LEND tokens as collateral will reduce those fees by half and using them as currency will have zero fees on the platform.
- User experience has been further improved, the landing page of the app has been completely redesigned and now actually shows the list of the latest and premium loans requests and offers. Additionally, the loan request creation process has been completely reworked and improved.
- Referral link added. Now you can refer other users to join the platform with your referral link. 🤑
- The MPR of the loan would be calculated from the outstanding loan amount following the Fixed Rate Mortgage approach.
I’m Excited! How Can I Test Baiji?
You simply need to enter in Baiji here, create an account and ask for some Kovan Ether in their gitter channel sending there your in application wallet address (or ask us in Telegram for test tokens). 🤓
With Ether you are able to test most of the features of the platform, so remember to use ETH as currency when creating a loan offer, and as collateral when creating a loan request . For further information check our public github repository.
“Is This a Bug or a Feature?” — Get Your Hands Dirty and Join The Bug Bounty! 🐛
As we did in our previous releases, we are launching a bug bounty campaign to explore potential crucial logical errors or bugs.
The rewards will be decided on case by case basis and given in LEND tokens. 🚀 We will follow a similar approach as the Ethereum Foundation.
We would like you to join us and report all unexpected behaviour by creating an issue in our Baiji repo on Github. Mind that since the team continues the development and bug fixing, there is no documentation available on the application (yet) besides the user interface instructions provided in the application: therefore, some technical understanding is required in order to provide accurate information about the errors and bugs.
And as always Happy Baiji!
