Lendefi — Community Announcement31 March 2021

I’d like to take this opportunity to thank you for being part of our community, we value every member, their contributions and their input. In this document, I will outline the progress of the Lendefi Protocol project, and significant new developments and initiatives to add value.

Alpha

The Alpha version of the Lendefi Protocol has been completed as per the timelines provided in the Lendefi roadmap, i.e. by the end of Q1, 2021. The Alpha is now available on GitHub. The Alpha is a fork of Compound with a custom borrowing component that facilitates undercollateralized lending.

After reviewing and holding several discussions with our new development team i.e. DeepDive.Tech, a decision has been arrived at not to deploy this Alpha version on the Ethereum blockchain.

Due to the high gas fees being charged for transactions in the Ethereum Blockchain, the Protocol is unable to function efficiently, economically, nor to provide an under collateralized lending Platform to various segments of the market

On the other hand, the Binance Smart Chain (BSC) provides the most developed and cost-effective DeFi infrastructure outside of the Ethereum network. To deliver a ‘financially democratic Protocol’, the costs associated with the Protocol usage must be viable across varied transaction scales, which is where BSC provides an edge, and an even playing field for all.

In furtherance to our vision , we have made the decision to move the Protocol to the Binance Smart Chain, which we believe will benefit the Protocol and the community in the long run.

New development team

A new enterprise development team DeepDive.Tech has been engaged to take the Lendefi Protocol from its current Alpha version to a much superior level, by building it on the BSC. The team has a strong track record in developing new protocols for the DeFi sector, whilst Deepdive.Tech builds smart, intuitive, complex blockchain solutions. They are on top of the very latest technologies and industrial-grade practices, rapidly incorporating new ideas into their solutions, which are made easy by their vast private legacy repository of blockchain and API solutions.

Lendefi together with DeepDive.Tech will deliver an Enterprise Grade solution that will be ground-breaking for the market.

About DeepDive.Tech and LinkedIn company page

Moving forward, as DeepDive.Tech steps in, we will begin a more interactive development model in the form of presentations and community voting thereby taking advantage of the diverse skill sets and industry knowledge within our communities.

DeepDive.Tech and the Lendefi management team are collaborating on the creation of a Whitepaper (which is scheduled to be released soon), ensuring the Lendefi vision is transplanted into the BSC ecosystem. The Protocol will then be built from the ground up, and fully fit for purpose on the Binance Smart Chain.

BSC Migration & PancakeSwap listing

Since, the Lendefi Protocol is now to be delivered on BSC, it was appropriate to move the Governance token LDFI straight over to the blockchain so that the community can take immediate advantage of the BSC DEX ecosystem.

The LDFI BEP-20 token will first be available on PancakeSwap, where an LP has already been launched.

The final touches are being made to the BSC Bridge that will allow the Token Holders to convert their ERC-20 to BEP-20 (1 for 1). We expect to launch the BSC Bridge on the 5th of April, and will be offering a Migration bonus to thank those Token Holders who swap their tokens.

What does Bridging mean? Bridging means locking the LDFI token on one chain (ETH) and then unlocking on another (BSC). Through the web dApp the Token Holders swap their ERC-20 for BEP-20, with only having the transaction fee.

New branding

With this move to BSC, the management team has taken the opportunity to rebrand Lendefi into something more aligned with the BSC ecosystem.

Introducing the Lendefi Lion! or LL for short.

Why a Lion? A Lion is a Born Leader, Protective, Strong-Willed and Determined, Independent & Self-sufficient, Not Easily Defeated or Discouraged, has Grace and Power.

Let’s not forget that the Lion is the King of the Jungle.

The new Lendefi Lion telegram stickers are available here.

New Website

In line with our new Branding, we have gone ahead and launched a new website Lendefi.Finance.

We have decided to keep the website minimalistic, easy to use, clean and organised, having all the information stored with reputable 3rd parties. Sometimes, more is less and it won’t be long before the website’s main purpose would be to host the Protocol application.

GitBook

We have chosen Gitbook as the Protocol’s Wiki. Gitbook is a collaboration tool and is intended for open sourced projects like Lendefi. The Gitbook will contain all relevant projection information, links and How To’s. It is a 3rd party centralised place of storage for a decentralised project. In the future, the DAO will act as the gatekeeper to the Gitbook, and will manage access.

Migration rewards

We will be running a two tier Migration rewards program, where both legacy and new Token Holders will be rewarded.

Starting with a prize pool of 20,000 LDFI BEP-20, which will be randomly given to new BEP-20 holders that purchase from PancakeSwap.

To thank existing Token Holders, we are running a migration rewards program that will reward Token Holders to migrate LDFI from ERC-20 to BEP-20. The reward will be 10% capped at 100,000 LDFI in total rewards for the program.

Stay tuned for separate announcements containing all the details on how to participate.

Staking program

We have a new Staking program that is currently under development and will be released for BEP-20 Token Holders in the coming weeks.

Token Holders will be able to Stake their LDFI BEP-20 and enjoy a generous APY.

Liquidity rewards program

We will be migrating our existing program on Uniswap to Pancakeswap. The initial monthly rewards will be set at 10,000$ worth of LDFI.

New community management and marketing team

Lendefi management has engaged a new community management and marketing team. This team is focused on supporting innovative new projects, like Lendefi, within the DeFi sector. We will aim to provide the highest level of community interaction and I will continue to make myself available to the community

Marketing activities

If you have made it this far, then you know there is plenty to promote for the Lendefi Protocol.

Continuing the new theme, feel free to reach out to the new manager here.
Coming into April the project will engage various promotional channels and begin to broadcast all that Lendefi Protocol has to offer.

Expect to see us around a range of Telegram communities and channels, with a range of AMA coming out as the month’s progress.

You may have already seen Lendefi mentioned in numerous publications and you will continue to do so.

We plan to produce much more content going forward, so expect some informative articles posted on our Medium page. If you are interested in creating and sharing Lendefi content, please consider joining the Ambassador’s program.

Ambassador’s program

The Ambassador’s program has yet to kick off, we have now brought in an experienced manager to execute a successful program. Thank you to the 85 people who have expressed an interest in participation, the new manager will reach out to you, if indeed I haven’t already spoken to you myself.

The Ambassador’s program will obviously be coined the Lendefi Lion’s and not much is more powerful than a pride of Lion’s. So all who wish to join the pride, please reach out via this FORM, if you haven’t already.

CEX Listing (secured a listing)

The project has secured a listing at a reputable centralised global exchange. We are in the final stages of the listing process. More details will be announced in the coming weeks. As you are aware we now have both ERC-20 and BEP-20, so what does that mean for future listings? It means more listing opportunities!.

Coingecko and Coin Market Cap

The Coin Market Cap listing application has been submitted and an update request sent to Coingecko. These listings will now be updated with new branding and circulating/total supply API feeds, in order to ensure full transparency about the token supply on a real-time basis.

Conclusions

The Alpha version of the Lendefi Protocol has been completed and is now available on GitHub. The Alpha is a fork of Compound with a custom borrowing component.

Due to the high gas fees and transaction charges on the Ethereum blockchain, the Protocol is unable to function efficiently or economically, to deliver the financial democratic solution that was intended, we have made the decision to move the Protocol to the Binance.

Our new development team DeepDive.Tech, will lead the charge in the deployment of the BSC based Protocol, they will deliver an Enterprise Grade solution that will be second to none.

The Lendefi Governance token LDFI is now available on the BSC network.
LDFI BEP-20 token will be first listed on PancakeSwap, where liquidity is already available.

On the 5th of April the BSC Bridge will be opened for Token Holders to convert their ERC-20 tokens to BEP-20 format (1 for 1).

As a thank you to Token Holders, we will be offering a Migration bonus of 10% capped at 100,000 LDFI total rewards for the program.

With the move to BSC comes new branding and the introduction of the Lendefi Lion!

In line with our new Branding, we have gone ahead and launched a new website Lendefi.Finance.

We now have a Gitbook which will serve as the central point of information.

We will migrate our existing program Uniswap to Pancakeswap. The initial monthly rewards will be set at $10,000 USD worth of LDFI.

In continuation to our new initiatives we will move towards an open and seamless communication Channel within the lendifi community, to ensure the highest quality of community interaction, through new community & marketing management.

With the most recent developments, we have lots to promote, so do expect to see Lendefi mentioned in the communities and channels you follow. With content being a key part of our marketing, along with our new marketing management comes content and design. Keep your eye out for Medium articles to share in the future, along with promotional videos.

Our Ambassador’s Lendefi Lion’s is starting to fire up, so all who wish to join the pride, please reach out via this FORM, if you haven’t already.

As we work on the current listing we have almost secured, we will continue to explore listing ideas across both Chains. Expect further listings in the future, we will aim to continue to provide access to liquidity to our community.

Thank you for all your continued support.

Kind regards,

Scott Schulz

CEO

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.

For further information please join our global Telegram group, visit our website, join our Twitter feed or inspect our Gitbook documentation.