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02/23/2024

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Lenfi V2: A New Chapter in Cardano’s DeFi Ecosystem

We are thrilled to announce the launch of Lenfi V2 on the Cardano mainnet, marking a pinnacle moment of our development.

Lenfi V2: A New Chapter in Cardano’s DeFi Ecosystem

We are thrilled to announce the launch of Lenfi V2 on the Cardano mainnet, marking a pinnacle moment of our development. After months of rigorous testing and the successful completion of two comprehensive audits, Lenfi V2 is set to redefine Cardano DeFi lending.

The app is reachable on app.lenfi.io.

Novel DeFi Pools That Will Democratize Lending on Cardano

Lenfi V2 introduces a pioneering isolated pool market design destined to disrupt the current Cardano DeFi ecosystem. Our protocol is built on the foundation of accessibility, flexibility, and community governance, offering several groundbreaking features:

Permissionless Pool Creation and Ownership

Embracing the spirit of decentralization, Lenfi V2 allows anyone to establish a lending pool and become a Pool Manager. This feature opens up a new realm of possibilities for protocols and DAOs to manage and earn from offering lending and borrowing services using their native tokens.

Moreover, they can delegate the unused ADA to any stake pool, further enhancing rewards for suppliers. The transferability of the Pool Manager NFT makes it a tradable commodity, which is another merit of ownership and management rights within the ecosystem.

Tokenized Debt Bonds

Tokenized debt bonds are not new to Lenfi, and they proved to be an efficient safety layer in V1. Users will receive bonds in the form of transferable and tradable NFTs that signify the borrower’s commitment to repay the loan. This feature not only secures the lending process but also introduces a new asset class within the Cardano ecosystem.

Native Multi-Asset Support

Lenfi V2 is designed to support a wide range of assets, enabling the lending and borrowing of ADA alongside other native tokens and stablecoins. This multi-asset approach ensures that our platform caters to a diverse range of financial needs and preferences within the Cardano community.

Open Liquidations

Our protocol adopts a community-centric approach to managing undercollateralized loans. Open liquidations allow any user to participate as a liquidator, providing a low-risk yield opportunity and ensuring the system’s stability and integrity.

Decentralized Governance

At the heart of Lenfi V2 is our commitment to decentralized decision-making. The Lenfi DAO plays a crucial role in overseeing the DAO treasury and adjusting critical protocol parameters, such as asset whitelisting and fee structures, empowering our community to shape the protocol’s future.

Security and Risk Management

We have shown a strong commitment to creating a secure and reliable DeFi platform throughout the years, and Lenfi V2 is no different. We understand the critical importance of trust and safety, hence our priority in implementing the highest standards of security and risk management for Lenfi V2. Meanwhile, we value the need for seamless performance and top-notch user experience. In this regard, we have taken extensive measures to ensure integrity and performance by taking a few important steps:

Auditing

To safeguard our users and their assets, the Lenfi V2 smart contracts have undergone thorough audits conducted by Anastasia Labs and TxPipe, two leading firms in blockchain security on Cardano. These audits have meticulously evaluated the security, efficiency, and scalability of our contracts, ensuring that Lenfi V2 adheres to the best practices and standards in the industry.

Performance Optimization

Beyond security, we have focused on optimizing the performance of our smart contracts. This not only enhances the security of the protocol but also significantly improves throughput and user experience. Thanks to the suggestions from the auditing companies and the community feedback, we managed to combine performance and sleek UI/X.

Open Source and Bug Bounty Program

In line with the “don’t trust — verify” principle, we have open-sourced the V2 smart contracts. We believe that doing so was a crucial step that allows anyone in the community to review and contribute to the protocol security before mainnet launch.

To further incentivize active participation in bug discovery, we announced a $20,000 bug bounty program. While there haven’t been any critical issues reported so far, fostering a collaborative approach is just an additional security layer for maintaining the protocol’s integrity.

Isolated Market Pools and NFT Bonds

A key feature of Lenfi V2 is its isolated market pool design. This innovative approach minimizes systemic risk by ensuring that potential smart contract breaches impact only individual pools rather than the entire protocol. This segmentation enhances the overall resilience of Lenfi V2, safeguarding users’ assets against widespread vulnerabilities.

Additionally, the introduction of tokenized debt bonds in the form of NFTs adds an extra layer of security for borrowers. These NFT bonds represent a tangible commitment to repay a loan, providing a secure and transparent mechanism for managing borrowings within the platform.

Mainnet Launch Details and User Guide

We are excited to announce that all assets supported in Lenfi V1 will seamlessly transition to Lenfi V2, ensuring a broad spectrum of lending and borrowing options for our users.

To start exploring the innovative features of Lenfi V2, users can visit app.lenfi.io. For those looking to deepen their understanding of the platform and its functionalities, our comprehensive documentation is available at Lenfi Documentation.

This transition marks not only an evolution of our protocol but also reinforces our commitment to providing a diverse and inclusive DeFi ecosystem on Cardano. Whether you are a seasoned DeFi enthusiast or new to the space, Lenfi V2 is designed to offer an intuitive and rewarding experience for everyone.

A Thank-You To The Community

Our journey to this point has been nothing short of extraordinary, and we did our best to make the wait worthwhile. Nevertheless, the launch wouldn’t have been made possible without the unwavering support and patience of our community.

To our dedicated members who have stood by us, your belief in our vision has been the driving force behind this achievement. We extend our deepest gratitude to each and every one of you for helping us reach this pinnacle moment in our development.

Contact and Follow-Up

For more information and support, please reach out to us at [email protected]. Follow us on Twitter and join our Discord and Telegram communities to stay engaged with the latest news, updates, and discussions. Your feedback, questions, and participation are what drive us forward, and we look forward to continuing this journey with you.

Together, we will shape the future of DeFi on Cardano. Welcome to Lenfi V2.

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ORIGINAL SOURCE

https://medium.com/@lenfi/lenfi-v2-a-new...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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