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Lendefi Community Update

16 June, 2021

As Lendefi moves into audit, we are pleased to announce that the first major milestone has been achieved along our roadmap towards mainnet launch! The final two milestones are the testnet launch on June 28th and mainnet launch on the Binance Smart Chain, scheduled for July 12th.

The next four weeks are going to be a very exciting time for Lendefi!

Audit & Development

The smart contracts that underpin Lendefi’s protocol were completed and delivered to us by our developers Blockchain Labs Asia (BLABS). The code has now been sent to Lendefi’s auditors for review. The audit has been scheduled for completion prior to Lendefi’s mainnet launch on the 12th of July.

The engagement of a reputable third-party auditor reflects Lendefi’s belief that protocol security is our primary operational priority. Transparency is important for Lendefi and we will release the name of our auditor along with the results of our audit, once it is completed.

Lendefi’s auditors will undertake a thorough security assessment of the smart contracts to identify potential loopholes and vulnerabilities within the protocol. There are several steps in a smart contract audit that are utilized to improve security. Initially, the various components and data flows of the protocol are identified. Security risks can then be pinpointed and threat modelling undertaken. The final steps in the auditing process concern the exploitation and remediation of security vulnerabilities.

There are additional ongoing development processes for Lendefi’s protocol. The liquidator is currently being tested and should be released shortly. The liquidator and API have been packaged as Docker containers and will soon be published as Helm charts within our Github repository.

User Interface Design

Our developers have experienced a further delay in delivering Lendefi’s user interface design. On Monday we were informed that their designer had a heart attack but is now out of the hospital and recuperating.

To mitigate the risk of any further delay in the user interface design, another designer has been hired. The designer has begun work on the completion of the user interface design and Lendefi is confident the design will meet the high standards expected by our community. We will be releasing screenshots of the design progress over the following week.

The delay in the user interface design will not adversely impact achieving our milestones towards mainnet release. We have adopted an aggressive development roadmap to maximize the potential for our token holders. We are still on schedule to meet our milestones for testnet launch on the 28th of June and mainnet launch on the 12th of July.

Lendefi is grateful for the ongoing support of our community.

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.

For further information please join our global Telegram group, visit our website, join our Twitter feed or inspect our Gitbook documentation.



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Lendefi Protocol

Lendefi Protocol

Lendefi is an innovative DeFi platform that delivers leveraged trading via secured undercollateralized loans.