a summary of new developments and initiatives – Explica .co






The Lendefi Protocol introduces secured loans to give lenders much-needed confidence in a highly volatile crypto market.

The project offers traditional and private lenders access to higher interest rates while protecting them from fluctuations in the crypto market. It also provides secure loan opportunities by eliminating any counterparty risk between the lender and the borrower.

Lendefi works by guaranteeing lenders a variable interest secured by liquidity provided in the decentralized finance (DeFi) ecosystem in major protocols such as Uniswap and PancakeSwap. On the other hand, borrowers benefit from a wide variety of compatible digital assets to invest by borrowing funds from the Protocol.

The Lendefi Protocol is proud to announce the integration of new developments and initiatives aimed at adding value to the project.

To begin with, the project has completed the development of the Alpha version of its Protocol according to the schedule provided in the Lendefi roadmap (i.e. by the end of the first quarter of 2021). Alpha, a fork of Compound that integrates a custom loan component to facilitate under-collateralized loans, is now available on GitHub.

The project has hired a new business development team (DeepDive.Tech) to take the Lendefi Protocol from its current Alpha version to a much higher level.

Deepdive.Tech has a strong track record in creating complex, intuitive and intelligent blockchain solutions. They leverage the latest industrial grade technologies and practices to quickly incorporate new ideas into their solutions, with the help of their vast private legacy repository of API and blockchain solutions.

The Lendefi team will work closely with its new counterparts to offer an enterprise-grade solution based on Binance Smart Chain (BSC). The decision not to implement this Alpha version on the BSC blockchain arises from discussions between development teams, a basic construction.

A resolution was made to switch from ETH due to the high gas fees charged for transactions on the network. Increasing transaction fees on Ethereum undermines the ability of DeFi projects built on the blockchain to operate efficiently / economically and provide an unsecured lending platform to various market segments.

BSC offers the most developed and profitable DeFi infrastructure outside of the Ethereum network. The chain’s viable costs at various transaction scales give it an edge over ETH and allow Lendefi to deliver a ‘Financially Democratic Protocol’ that benefits the community in the long run.

In the future, the new business development team will help Lendefi create a more interactive development model in the form of presentations and community feedback. This approach will allow the project to tap into the diverse skill sets and industry knowledge within its communities.

DeepDive.Tech and the Lendefi management team are also working on a whitepaper (to be published soon) that describes how Lendefi’s vision is transplanted and integrated into the BSC ecosystem.

The Lendefi Protocol Governance Token (LDFI) is configured to pass to BSC, allowing the community to immediately take advantage of the Binance Chain DEX ecosystem. The BEP-20 governance token will be available first on PancakeSwap, where an LP has already been released.

The BSC Bridge, which will allow Tokenholders to convert their ERC-20 to BEP-20 (1 for 1), is almost complete and its launch is scheduled for April 5, 2021.

Lendefi token holders will be able to use the web application to exchange their ERC-20 for BEP-20, simply by paying the transaction fee. They will also need a bridge, which involves locking the LDFI token on one chain (ETH) and then unlocking it on another (BSC).

As an incentive for community members to exchange their tokens, Lendefi will run a two-tier migration rewards program to reward both legacy and new token holders.

The first tier will offer a prize pool of 20,000 LDFI BEP-20, which will be randomly awarded to new BEP-20 holders who purchase on PancakeSwap.

The second tier of the program seeks to thank existing token holders migrating LDFI from ERC-20 to BEP-20. These users will receive 10% capped at 100,000 LDFI in total rewards for the program. More details about the migration bonus program will be released soon. Stay tuned!

Lendefi’s management team has chosen to take advantage of the impending chain migration to change Lendefi’s name to something more aligned with the BSC ecosystem.

The team has chosen the Lendefi Lion (LL) to represent the protocol, as he embodies self-reliance, pride, determination, leadership, grace and power, attributes that best describe the project. The new Lendefi Lion telegram stickers are available here.

Finally, the team has launched a new website (Lendefi.Finance) in line with the rebranding effort. The website design is minimalist, easy to use, clean and organized. It also provides all the information stored with reputable third parties and is primarily designed to host the Protocol application.

The team has chosen Gitbook, a third-party centralized storage repository for the decentralized protocol, as the Protocol Wiki. The Gitbook will contain all the relevant project information, links, and procedures for the project; Access will be managed by DAO, which will act as a gatekeeper for storage going forward.

Other developments include the development of a new Staking program that will launch in the coming weeks. This feature will allow BEP-20 token holders to stake their governance tokens and enjoy a lucrative Annual Percentage Yield (APY).

Lendefi has revealed that it will also migrate its existing liquidity rewards program at Uniswap to Pancakeswap. The initial monthly rewards will be set at $ 10,000 in LDFI.

Efforts are also underway to list Lendefi on CoinMarketCap and Coingecko. These listings will now be updated with new brands and full / circulating supply API feeds to ensure full transparency about the supply of tokens in real time.

In addition, Lendefi has secured a listing on a reputable centralized global exchange and is in the final stages of the listing process. Since the protocol now supports ERC-20 and BEP-20 tokens, you will have more listing opportunities!

Starting in April, the project will involve various promotional channels and will start broadcasting everything that the Lendefi Protocol has to offer on a variety of Telegram channels and other platforms.

The crypto community can also expect more informative articles on project developments and announcements to be published on Medium, Twitter, and Telegram.

If you are interested in creating and sharing Lendefi content, please consider joining the Ambassadors program or contact the new marketing manager here.

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