The Lendefi Testnet: Community Engagement
The Lendefi community’s opportunity to contribute to our development process.
Lendefi has taken an important step forward in deploying its protocol for undercollateralized loans onto the Binance Smart Chain (BSC) testnet. Although internal testing is still being undertaken, the next stages of testing will provide interesting opportunities for Lendefi’s community to engage with the development process.
As we move towards opening the Lendefi testnet for public use, we are looking forward to the contributions that our community can make towards the protocol.
The process of protocol development encompasses a number of key stages before a product is ready for mainnet release. In the case of Lendefi’s protocol, additional diligence must be taken because it manages financial transactions and must ensure the highest security for user funds.
Lendefi’s trajectory took it from concept ideation into the development process. After the initial development work was completed, an audit was commissioned and the recommendations of the audit are currently being implemented. The protocol has now moved into internal testnet testing and the next stages will allow our community members to contribute towards shaping Lendefi.
There are two aspects of Lendefi’s development where the community can contribute.
Once the protocol testnet has been updated to optimize the recommendations from the auditor, Lendefi will open a Bug Bounty program. This will allow participants to work with the testnet implementation to identify bugs within the protocol.
This testing is an important step towards delivering a fully functional and robust mainnet release. The safety of user funds is of paramount importance for Lendefi and testers who identify operational bugs will be rewarded for their contributions.
Not only is the Bug Bounty a critical component to ensuring the security of the protocol, it is also a vital step of the development process that builds user confidence. In the interest of transparency, the identified bugs and payments made during Lendefi’s Bug Bounty will be made public to the community.
User Acceptance Testing (UAT)
The UAT process will allow the Lendefi community to begin testing the protocol’s components and gain a sense of how the process of leveraged trading and undercollateralized loans will function. It is during this phase that the community will be able to provide feedback on the protocol’s utilization and how it could be refined.
Although the security of funds is the primary concern for the protocol, the usability of the User Interface will be a key factor in the adoption of Lendefi’s protocol. The UAT process will ensure that the protocol is optimized for the broadest range of users.
Lendefi will provide further details in upcoming articles, but we are expecting the UAT to provide a logical pathway for users to onboard onto the mainnet protocol. Providing users the ability to test the trading and loan model will prime the market for Lendefi’s mainnet launch.
The Road Toward Mainnet Launch
The launch date of the Lendefi protocol onto the BSC mainnet has been rescheduled due to delays experienced by Lendefi’s developers Blockchain Labs Asia (BLABS). Although this regrettable delay is beyond the control of Lendefi’s management, the team is actively working to assist BLABS to expedite mainnet delivery.
Lendefi’s management is currently engaged with the planning of our Bug Bounty and UAT initiatives to ensure their swift deployment once BLABS meets its development targets. These will be activated as soon as the internal testnet activities and audit recommendations have been completed by BLABS.
The Lendefi community has been supportive of the protocol and we are continuously impressed by the input we receive. The team is confident that the community’s engagement with our Bug Bounty and UAT will add valuable insight and feedback that will improve the protocol before mainnet release.
We will continue to keep our community updated as to the timeframe for community engagement. Although the mainnet delivery delay is attributable to BLABS, Lendefi is actively working with them to expedite the swiftest delivery schedule possible.
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.