The Binance Smart Chain Testnet
As Lendefi takes steps towards the final two milestones along our development roadmap, it is important to understand the necessity and value of testing blockchain protocols.
The testnet process is a valuable aspect of a robust security regime that reflects Lendefi’s priority for user security. The upcoming testnet period is also a valuable time for Lendefi to stress test the protocol’s functionality.
Our launch onto the Binance testnet is set for the 28th of June and the mainnet launch is planned for the 12th of July.
Launched at the end of 2020, the Binance Smart Chain runs concurrently with Binance’s original Binance Chain in what is called a “dual-chain system”. It delivers numerous additional features to the Binance Chain and has enabled the integration of smart contracts and faster transaction speeds.
The Binance Smart Chain represents a significant value proposition when compared to the high gas fees currently in operation on the Ethereum network. This has compelled increasing numbers of investors and developers to utilize the Binance Smart Chain. The reduced transaction costs and faster speeds will positively impact the Lendefi user experience.
The Binance testnet functions as a testing environment for protocols before they move into full operation on the mainnet. It is open to developers and run by the Binance Smart Chain development community.
Testing the functionality of blockchain projects is an important step towards full mainnet operation. This process works in conjunction with the auditing process to identify any potential security risks and functionality issues. Rigorous testing is necessary to stress test the Lendefi protocol and ensure it is ready for launch onto the mainnet. This is in the interest of the Lendefi community and users.
The final aspect of the trilogy of security testing is the implementation of a robust bug bounty program. Lendefi’s bug bounty will reward individuals for identifying unidentified bugs within the system. The combination of auditing, testnet period and bug bounty program reflects Lendefi’s commitment to user security.
As Lendefi moves towards launch on the Binance testnet Lendefi will continue to provide our community with regular updates.
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.