Lendefi is pleased to provide our community with information concerning the protocol’s latest development milestones. In this update, we will cover important information concerning our audit, testnet deployment, user interface design and web interface.
We will also address our amended path towards mainnet launch which has been influenced by delays experienced by our lead developers Blockchain Labs Asia (BLABS).
Lendefi received the draft of our auditor’s report on July 5th. We are pleased to inform our community that no critical issues were identified during the audit process. Our auditors have provided us with some recommendations for the Lendefi protocol, which we are incorporating whilst ironing out some minor issues.
Once these have been addressed, the updated protocol will once again be shared with the auditors for a final review. After this is complete, Lendefi will release the formal audit report into the public domain.
On June 28th, the Lendefi protocol was deployed onto the Binance Smart Chain testnet. Initial testing has revealed some issues which are only relevant within the testnet environment. These issues are caused by PancakeSwap’s (trade contract) stack being only partially deployed on the Binance Smart Chain testnet and utilizing only a limited set of pairs.
Some elements of PancakeSwap are not supported by the PancakeSwap team on the Binance Smart Chain testnet. This is because they are community maintained and unofficially deployed. Furthermore, only a few ChainLink contracts are available on the testnet. Several other dependencies, that are usually found on the mainnet, are not available (Chi).
However, we are pleased to announce that these preliminary issues were resolved by July 6th. The team has now shifted focus to the implementation of the audit recommendations. These recommendations are all minor in nature and once implemented, the contracts will be upgraded onto the testnet. A new cycle of tests will then be performed to ensure the protocol’s functionality is optimized and secure.
User Interface Design
The user interface was finalized by July 1st and approved for implementation within the previous week. Below is a new screenshot of Lendefi’s user interface design.
The web interface is now being updated to incorporate the amended design and the final issues identified during the testnet deployment.
Whilst we have made strong progress, Lendefi must advise our community that we have been forced to defer our published mainnet release date of July 12th. This delay is solely due to delivery issues experienced by our lead developers BLABS and is beyond the control of the Lendefi management team.
BLABS has informed us that they require additional time to implement the audit recommendations and stabilize the protocol’s functionality. Lendefi’s management team is treating this delay with the utmost urgency. Swift delivery of a secure mainnet release is the priority for Lendefi’s management team.
Although we regret the delay to our expected mainnet launch date, our commitment to transparency and our community is unwavering. Blockchain development is full of obstacles and we continue to surmount the challenges as they arise.
We will be working closely with BLABS to assist them in finalizing the Lendefi protocol. In the meantime, we are looking forward to opening our testnet environment to the community for testing once it is stable enough.
As usual, we thank our community for their continued support and deliver our assurance that we are working hard to shepherd Lendefi across the final hurdles before mainnet release.
The Lendefi protocol will deliver leveraged trading and secured lending for cryptocurrency markets. Utilizing an undercollateralized loan model, Lendefi facilitates a trustless relationship between lender and borrower, managed by the protocol to remove counterparty risk.