Upgrade to the Lendefi token

Lendefi has released a new token

Lendefi Protocol
Aug 26 · 4 min read

On the 1st of August 2021, an unauthorised minting of 850,000 tokens occurred as the result of an information leak of the validator address for the Hot Cross ETH-BSC bridge. This was controlled by the LDFI team (sub-contracted to Blockchain Labs Asia).

After a number of consultations with Hot Cross and Chainsulting, the Lendefi management team made the decision to release an upgraded BEP-20 token to replace the legacy ERC-20/BEP-20 tokens and provide resolution to the unauthorised minting that occurred.

What does this mean for token holders?

All LDFI ERC-20/BEP-20 token holders will receive the upgraded BEP-20 LDFI token via airdrop.

If you are a LDFI token holder and haven’t yet received your upgraded LDFI token please visit our Telegram group and ask for an admin.

The Lendefi Treasury will bear the expense of burning the extra tokens that were minted as a result of the security breach.

The legacy ETH-BSC bridge has been permanently decommissioned and for the time being there will be no cross-chain functionality.

Upgraded Tokenomics

LDFI BEP-20 Address: 0x8F1E60D84182db487aC235acC65825e50b5477a1

The upgraded token is rebased by a multiplier of 1,000. Hence, the total supply will increase from 10,000,000 to 10,000,000,000. Consequently, all existing token holders will also be given 1000x more tokens than they are currently holding. The reasoning behind the rebase is because a larger token supply is more conducive toward reward programs such as staking/farming/referrals (a soon to be released feature).

After consultation with liquidity professionals, we decided to build reflection features into the new token, as it increases value for token holders and fosters price increases. It also provides a native form of staking, rewarding our community of holders. Further staking will be introduced next month, allowing token holders to “stack” their staking to exponentially increase their token yields.

3% Tx Fee on all transactions

1% Tax Fee — Given back to all token holders
1% Buy-Back Fee —
Used to Buy Back and Burn tokens
1% Wallet Fee
— Protocol & marketing funds

Tx Fee % to Holders (1%)
The transaction fee percentage distributed to token holders. This fee will be collected from all transactions as a percentage of the transaction token amount and immediately reflected to current holders. The fee is paid in LDFI.

Tx Fee % to Buyback Tokens (1%)
Hyper-deflationary mechanism.

The fee will be collected from all transactions as a percentage of the transaction token amount. Once the token contract holding exceeds 0.1% of the total supply, an automated swap will be executed on a sell transaction and BNB will be added to the token contract. Once the BNB balance of the token contract exceeds 1 BNB, on a sell transaction 1% of the available BNB balance will be used to buy back and burn LDFI tokens.

Tx Fee % to Wallet (1%)
The transaction fee % sent to the Lendefi Protocol’s multi-sig wallet.
These funds will be used to fund Protocol and Marketing expenses.

Excluded Addresses from Tx Fee
The following addresses have been excluded from the Tx Fee’s

Lendefi wallet’s
0x30DD781D2143fE32C36E894a049898f268b82092 0x0009f605338D882A4720b92BBd831B2E64349B7A 0x417c247503f1Ab27cd93715C61fAf80280c1DC55

Vesting Contract
0xc598d81c62f6391b2412d02a78fa3f3affe58b52

Excluded Addresses from Rewards

Vesting Contract
0xc598d81c62f6391b2412d02a78fa3f3affe58b52

LP Contract
0x86f56bf6e0fc7d0a8b1686f7714e82ddc1eb93c2

Audits
The upgraded LDFI token, Vesting and LP Locking contracts have been audited by Chainsulting.

LDFI Token audit
LDFI Vesting contract audit
LDFI LP Locking contract audit

PancakeSwap Liquidity Provisioning
The upgraded LDFI token is now available on PancakeSwap.

PancakeSwap LDFI Token Information
PancakeSwap Trade LDFI

Import :

0x8F1E60D84182db487aC235acC65825e50b5477a1

3–5% slippage recommended.

Confirm correct token is selected via BSCScan url
https://bscscan.com/address/0x8F1E60D84182db487aC235acC65825e50b5477a1

Liquidity Summary
250,000,000 LDFI | 100,000 BUSD (equivalent in BNB)

The LP has been locked for 6 months.

Audited LP locking contract:

https://bscscan.com/address/0xb9241f1f71bfbf7e2036a295f6ba58f35f6c4ff8

Locked date: 26 Aug 2021
Unlock date: 26 Feb 2022

The project has also allocated $400,000 worth of LDFI tokens for a potential contribution towards the PancakeSwap Syrup Pool.

What’s coming next?
The Lendefi Protocol Canary Mainnet will be deployed on the 31st of August.

Upcoming features:

Staking (stack your staking!)
Affiliate referral program (share the trading fees!)
LP Farming (lock your LP token and farm!)
Limited orders and stop-loss (advanced trading functions!)
Governance (decide about the future of Lendefi!)
Multi-Chain (Polygon, Optimistic, Huobi ECO, Fantom)

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.

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.