Lendefi $LDFI Token Upgrade is now Complete.

Lendefi announces that the LDFI token upgrade is now complete.

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.

All LDFI ERC-20/BEP-20 token holders will receive the upgraded BEP-20 LDFI token via airdrop.

Upgraded Tokenomics

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, Lendefi 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 their community of holders. Further staking will be introduced next month, allowing token holders to “stack” their staking to exponentially increase their token yields.

What’s coming next?

The Lendefi Protocol Canary Mainnet will be deployed on the 31st of August.

Upcoming features

• 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)

About Lendefi

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.

🔽 INFO:

https://medium.com/lendefi/upgrade-to-the-lendefi-token-c349a715d6e2