Lendefi is an innovative DeFi protocol that is emerging as a strong new entrant within the sector. The protocol delivers leveraged trading via secured undercollateralized loans and funds are protected through asset escrow within the protocol. Lendefi cuts the middleman out of the lending equation and eliminates counterparty risk between the borrower and lender through trustless transactions. 

Lendefi’s Testnet Is Open For User Acceptance Testing

Lendefi’s team has been working hard over the last few weeks to expedite the release of their testnet. In preparation for the testnet launch, Lendefi provided their community with the opportunity to register for participation in the testing process.

Lendefi has now enrolled the first wave of testers and is pleased to announce that their public testnet is open. Enrolled testers are currently utilizing the testnet and stress testing the protocol for vulnerabilities within the codebase. Lendefi has implemented a feedback loop into the testing process which provides testers with an opportunity to provide input to the team. The intense testing process is a significant stepping stone toward the mainnet launch of  Lendefi’s protocol on the Binance Smart Chain (BSC). 

Testers were chosen from within the Lendefi community, where significant interest was expressed to join the testnet process. Due to the volume of responses from Lendefi’s community, not all volunteers could be given the opportunity to participate in the code review. A small group of testers from the registrants were chosen as the first wave.

Lendefi intends to share feedback from the testnet users with their community. Screenshots, videos and User Acceptance Testing feedback may be shared. This will allow the wider community to provide input which can be used to refine the Lendefi protocol. 

A Detailed Look at Lendefi’s Testnet

Lendefi launched their testnet after initial development by Blockchain Labs Asia and the integration of third party audit recommendations. This was followed by an internal review and bug fixes within the code. The launch of the testnet ensures that Lendefi’s community can contribute to delivering a robust and attractive protocol.

Testers will conduct stress testing to observe how the code reacts during various scenarios. Test versions of real tokens will be utilized during the testing process to simulate trading transactions. These test tokens do not hold value but provide the same functionality as authentic tokens. The testing process plays a vital role in uncovering weaknesses within the protocol which could lead to inefficiencies or exploits when the protocol launches onto the BSC mainnet. 

The launching of Lendefi’s public testnet has allowed the team to gauge how testers respond to the protocol and initiate the User Acceptance Testing. Feedback generated through this process will enable the team to ensure the protocol is user-friendly and universally accessible.

After the completion of the stress testing, Lendefi will initiate a Bug Bounty to engage developers and community members in further codebase audits. Participants in the Bug Bounty will be rewarded for their input for identifying vulnerabilities which went undetected during the public testnet.

The Road Towards Lendefi’s Mainnet Launch On BSC

Lendefi’s highly anticipated mainnet launch will bring unprecedented leveraged trading options to the DeFi sector. Because the protocol delivers options for both long and short trades, it enables investors to access trading opportunities during both bear and bull market cycles.

Lendefi has made a commitment to protocol security which is underscored by their approach to development, audit, internal testing, testnet testing and the upcoming Bug Bounty. To further bolster the protocol’s security and guarantee a smooth transition onto the BSC mainnet, Lendefi recently announced the adoption of Chainsulting as their new technology partner.

Chainsulting will oversee Lendefi’s imminent mainnet deployment and take charge of future infrastructure maintenance and development. The German-based blockchain development firm boasts over four years of experience and is a leading expert in digital assets, blockchain security audits and consulting. Chainsulting has assisted over 150 clients including 1inch, Unicrypt and DIA.

The Lendefi team believes that engaging Chainsulting for support and maintenance is crucial to ensuring the protocol follows best practice security protocols as it moves towards the BSC mainnet. Chainsulting’s expertise and security experience will help to shepherd Lendefi towards the final stage along its development roadmap.