Leveraged trading through undercollateralized loans is now available with Lendefi.
Lendefi Finance is pleased to announce the launch of its leveraged trading protocol onto the Binance Smart Chain (BSC) Mainnet. The launch represents a significant step forward in Lendefi’s roadmap. As we take this momentous step, we delve deeper into what the Canary mainnet release involves and what’s next for Lendefi.
Lendefi is an innovative new protocol that facilitates leveraged trading of digital assets through undercollateralized secured loans. The Lendefi protocol enables the creation of leveraged investment positions within the DeFi environment. A trustless relationship between lender and borrower is delivered and managed through the protocol, to remove counterparty risk.
The Lendefi Value Proposition
Lendefi allows leveraged trading through undercollateralized loans. Traders are able to access funds for leveraged trading and lenders are able to generate interest payments from their trades. The protocol manages both trades and loans within an escrow that facilitates a trustless transaction between lenders and traders. Lendefi will continue to develop its suite of tools with the aim to deliver a comprehensive leveraged trading experience.
Lendefi’s Canary Mainnet Release
The Lendefi protocol has successfully completed the testnet and audit phase of development and is moving forward with its mainnet release. The mainnet release will initially take the form of a Canary release. Safety is the primary concern of the Lendefi protocol and the Canary mainnet release will allow Lendefi to undertake further testing of the protocol to minimize potential risks.
Canary mainnet releases allows a fully functional product running on the BSC mainnet but specifically for testing purposes given there are minor differences between the operation of BSC’s testnet and mainnet which need to be accounted for during the release process.
As the Lendefi protocol demonstrates safety and robust functionality, it can move towards a full mainnet release on BSC. Lendefi’s new technology partners Chainsulting will assist with the Canary mainnet release process.
As the staged release of Lendefi’s mainnet iterations occurs, Lendefi intends to ramp up its marketing initiatives to drive awareness and utilization of its leveraged trading protocol. A bug bounty will be initiated as the final stage of testing along a roadmap that has already seen a successful audit, testnet and Canary mainnet release. Lendefi has recently upgraded its token which can be reviewed here.
Lendefi recently upgraded its native LDFI token to enhance the tokenomics and deliver an improved rewards system. The new token was rebased by a multiple of 1,000. The total supply of LDFI was increased from 10,000,000 to 10,000,000,000 and new LDFI tokens were distributed to all existing token holders at the rate of 1:1000.
The decision to increase the token supply was taken to create a more conducive rewards program. Three of the rewards that will be improved will be staking, farming and the shortly to be released referrals program. Additionally a 3% transaction fee has been added to all transactions. This fee will be used to benefit all token holders and split in the following manner:
- 1% Tax Fee — Distributed to all token holders
- 1% Buy-Back Fee — Used to Buy Back and Burn token
- 1% Wallet Fee — Protocol & marketing funds
The Tax Fee will increase the number of LDFI tokens held by token holders. This will facilitate a multiplier “staking” effect for staking rewards. Staked tokens will increase through the Tax Fee additions and multiply the rewards achieved by staking. The Buy-Back Fee will reduce the number of tokens in the total supply and create a hyper-deflationary effect that will bring value to all token holders as the value of tokens rises.
The Future For Lendefi
The Canary mainnet release of Lendefi’s protocol represents the final milestone for Lendefi before the full mainnet release. The Lendefi team aims to continue development to improve the protocol for the benefit of users and token holders.
Additional functionality and features will continue to be added to the protocol and include:
- Staking functionality
- An affiliate referral program
- Farming options
- The additional of Limited Orders and Stop-Loss trading functionality
- Governance enhancements through Lendefi’s DAO mechanism
- Multi-Chain integration with Polygon, Optimistic, HECO and Fantom
The Lendefi protocol will continue to grow and add functionality to improve the rewards and trading experience. Lendefi intends to position itself as the premier undercollateralized lending and leveraged trading protocol within the DeFi marketplace. It’s going to be an exciting future!
The Lendefi protocol will deliver leveraged trading and secured lending to cryptocurrency markets. Utilizing an undercollateralized loan model, Lendefi facilitates a trustless relationship between lender and borrower, managed by the protocol to remove counterparty risk.