Upgrade to the Lendefi token
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.
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% Transaction Fee on all transactions
1% Transaction Fee — Given back to all token holders
1% Buy-Back Fee — Used to Buy Back and Burn tokens
1% Wallet Fee — Protocol & marketing funds
Transaction 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.
Transaction Fee % to Buyback Tokens (1%)
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.
Transaction 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 Transaction Fee
The following addresses have been excluded from the transaction Fee’s
Excluded Addresses from Rewards
The upgraded LDFI token, Vesting and LP Locking contracts have been audited by Chainsulting.
PancakeSwap Liquidity Provisioning
The upgraded LDFI token is now available on PancakeSwap.
3–5% slippage recommended.
Confirm correct token is selected via BSCScan url
250,000,000 LDFI | 100,000 BUSD (equivalent in BNB)
The LP has been locked for 6 months.
Audited LP locking contract:
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.
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.