The testnet of the trading and lending protocol Lendfi is launched on the Binance Smart Chain
The Lundfield team, protocol Providing leveraged transactions and secured loans for the cryptocurrency market, today announced that its agreement has been deployed on the Binance Smart Chain testnet. Using the under-collateralized loan model, Lendfi promotes a trustless relationship between lenders and borrowers, managed by agreements to eliminate counterparty risks.
“This milestone brings Lendfi closer to its mainnet launch on the Binance Smart Chain, which is currently scheduled for release on July 12. When we cross the milestone of the testnet launch; we would like to take this opportunity to thank our community for the past The support given to us in a few months.”
– Lundfield team
The latest achievements and notes leading to the testnet:
Binance Testnet released
Lendfi’s protocol developer Blockchain Labs Asia (BLABS) is currently solving several problems related to the testnet environment. Once these issues are resolved, BLABS and Lendfi will begin stress and functional testing of the user interface. Before finally opening to the public, the testnet will be open to invited testers.
An important pillar of Lendfi’s three-pronged protocol security approach includes continuous audits, testnet periods, and upcoming bug bounties.
- Lendfi has assigned one Auditor And provide them with the smart contract of the agreement for auditing. This will ensure that reputable auditors have analyzed the smart contract code to check that there are no exploitable weaknesses. The audit results will be released before the mainnet is released or after the audit is completed.
- This current Testnet It will allow Lendfi to further stress test the weaknesses and loads of the protocol.
- impending Bug bounty The plan will reward individuals who identify weaknesses in the system.
The combination of these three security methods will ensure that Lendfi actively seeks the highest possible security level for protocol users.
Binance Smart Chain
Binance Smart Chain works in conjunction with Binance’s native Binance Chain. BSC was launched at the end of 2020, bringing additional features to Binance Chain, such as the inclusion of smart contracts. Recently, the Binance Smart Chain has been increasingly used due to its low fees and fast transactions. In view of the recent increase in the gas cost of Ethereum; Binance is very popular in new projects. Lendfi will use these advantages to provide users with a more cost-effective and dynamic experience.
The value of LDFI tokens
Looking ahead, the launch of Lendfi on the mainnet will change the value proposition of the native LDFI token. As Lendfi shifts to the implementation of a decentralized autonomous organization (DAO), tokens will no longer be speculative investments, but will derive value from the voting rights they obtain. The owner of the LDFI token will be entitled to the voting rights that affect the governance of the DAO. This will make the LDFI token valuable to participants in the leveraged trading and under-collateralized loan markets.