Lendefi Launches On Binance Smart Chain Testnet

The final milestone before mainnet launch!

Lendefi Protocol
Jun 28, 2021 · 3 min read

Lendefi is proud to announce that our protocol has now been deployed on the Binance Smart Chain testnet. This important milestone takes us closer to our mainnet release on the Binance Smart Chain, scheduled for July 12th.

As we cross the penultimate milestone of testnet launch, we’d like to take this opportunity to thank our community for the support they have given us over the previous months.

The Binance Testnet Launch

Our protocol developers Blockchain Labs Asia (BLABS) are currently ironing out several issues related to the testnet environment. Once these issues are resolved, BLABS and Lendefi will start to perform stress and functional testing of the user interface. The testnet will then be opened to invited testers, before eventually being opened to the public.

Protocol Security

As we identified in our last Medium article, the tesnet period is an important pillar of our three-pronged approach to protocol safety. These three prongs are represented by our ongoing audit, the testnet period and our upcoming Bug Bounty.

1. We have assigned an auditor and provided them with our smart contracts for auditing. This will ensure that a reputable auditor has analysed the smart contract code to check there are no weaknesses to exploit. The results of the audit will be released before or upon mainnet release after the audit is complete.

2. Our current testnet period will allow us to further stress-test the protocol for weaknesses and load.

3. The Bug Bounty program will reward individuals for identifying weaknesses within the system.

The combination of these three security approaches will ensure that Lendefi is actively pursuing the highest possible level of security for our protocol’s users.

The Binance Smart Chain

The Binance Smart Chain operates in tandem with Binance’s native Binance Chain. BSC was launched at the end of 2020 to bring additional functionality to the Binace Chain such as the inclusion of smart contracts. The Binance Smart Chain has recently become increasingly utilized due to its low transaction fees and swift transaction times.

Given the recent rise in Ethereum’s gas fees, Binance has become popular for new projects. Lendefi will leverage these advantages to provide a more cost-effective and dynamic experience for our users.

The Value Of LDFI Tokens

As we have previously discussed, the launch of Lendefi onto the mainnet will change the value proposition of LDFI tokens. The tokens will cease to be a speculative investment and take their value from the voting rights they acquire as Lendefi moves towards the implementation of a Decentralized Autonomous Organization (DAO).

Owners of LDFI tokens will have access to voting rights that impact the governance of the DAO. This will make LDFI tokens valuable to participants of the leveraged trading and undercollateralized loan markets.

Next Stop Mainnet!

We are on the home stretch towards the mainnet launch of Lendefi’s protocol on the Binance Smart Chain. Our mainnet launch is still scheduled for two weeks time on the 12th of July.

We will continue to update Lendefi’s community of our developments as we move towards mainnet launch and beyond.

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.

Lendefi

Leveraged trading via secured undercollateralized loans.