We are happy to announce that today we deployed the Lendefi Pilot DAO on Binance Smart Chain Mainnet via the cutting edge DAO technology platform, xDAO v2.
The DAO can be publicly viewed directly on xDAO v2 via the following link:
What Is DAO?
The term DAO stands for “decentralized autonomous organization” and can be described as an open-source blockchain protocol governed by a set of rules, created by its elected members, that autonomously execute certain actions without the need for intermediaries.
Token holders of the Lendefi organization created on the xDAO v2 platform are able to determine the process for accepting new members to their DAO, manage the organization’s finances, establish rules for the issuance and sale of governance tokens, and much more. With xDAO v2, Lendefi has the ability to manage a wallet of cryptocurrencies and to make joint decisions about their usage.
The deployment process was made simple by usage of the xDAO v2 user interface, which allowed Lendefi to simply name the DAO, token ticker and add participant wallet addresses before clicking deploy and approving transaction using Metamask.
The Lendefi Piot DAO is now able to vote on proposals in a number of key areas including interacting with other smart contracts. Via the xDAO v2 supported WalletConnect function the DAO can interact with a smart contract via BSC Scan, which in the future (post-Pilot) can be used to modify protocol settings such as interest rates and supported assets in the Lendefi Protocol
Other use cases include holding of digital assets which can be used for purposes such as marketing and development. This is key to empower the DAO to conduct real world activities without the need of a central party.
Join the DAO?
LDFI token holders will have the opportunity to submit a Participation Consideration Form to the Lendefi Pilot DAO group for their approval.
We accept the Pilot DAO to grow and mature in the coming weeks and months, an exciting time for the greater Lendefi community.
The Lendefi protocol will deliver leveraged trading and secured lending to cryptocurrency markets. Utilizing an undercollateralized loan model, Lendefi facilitates a trustless relationship between lenders and borrowers, managed by the protocol to remove counterparty risk.