Please describe your proposed solution.
As the Cardano ecosystem grows, one critical piece of the puzzle remains elusive – a diverse range of secure lending protocols that can power seamless trading and token utilization. In this context, Lenfi will present an innovative, open-source solution that will solve the dilemma of accessibility and financial inclusion.
As a more recent smart contract language for Cardano, developers are yet to witness Aiken’s efficiency and interoperability on mainnet. In this regard, undergoing a security audit will provide a safer environment for exhibiting the smart contract language’s optimal potential.
Furthermore, Lenfi will continue to empower Cardano developers with open-sourced tools that promote cooperation and ecosystem growth. While the audit will instill trust and reliability among users, the bug bounty will provide an incentive for collaboration in improving and securing the protocol smart contracts.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
- Security and trust - Undergoing a security audit of our Aiken smart contracts will help find and address any existing vulnerabilities. That way, we’ll reduce the risk of hacks and exploits without compromising the safety and integrity of the protocol and the DeFi ecosystem.
- Reliability and stability - Auditing the protocol’s smart contracts before mainnet launch will help us identify and fix potential issues without causing disruptions and financial losses. Ultimately, we will minimize unexpected failures and unintended consequences while providing consistent and reliable experiences.
- Developer confidence and adoption - Secure and open-source smart contracts aim to instill confidence in developers who want to build on Cardano to use and improve the provided concepts, designs, and tooling without having to undergo rigorous security assessment. Meanwhile, the bug bounty will incentivize developers and security experts to participate in actively finding vulnerabilities and solving any issues, further strengthening the ecosystem’s security reputation.
- Accelerating innovation - Auditing and open-sourcing our Aiken smart contracts will push the boundaries of innovation in Cardano DeFi. By ensuring stable and secure pooled lending smart contracts, we will foster developers to explore and build on top of them, finding new use cases for DeFi and levering the novel features and the merits of the Aiken smart contract language.
- Community engagement and collaboration - Offering a bug bounty will encourage the wider community to participate more actively in the security and improvement of the Lenfi protocol. Moreover, it will create a collaborative environment between developers and users, fostering a sense of community ownership, all while promoting knowledge sharing.
How do you intend to measure the success of your project?
Quantitative measures:
- TVL - The Total Value Locked measured in deposits and collateral.
- Active pools - The number of active pools live on mainnet.
- User activity - A breakdown of the number of daily active users making deposits and taking loans.
- Statistical comparison - Throughput and efficiency improvements comparison chart of Aiken smart contracts with Plutus-Tx
Qualitative measures:
- Open source usage - How do other developers find our open-sourced smart contracts useful?
- User feedback - Collecting feedback from the community using multiple methods with the end goal of improving user experience in a more efficient and comprehensive manner.
Please describe your plans to share the outputs and results of your project?
- Testnet phase: Providing users with detailed documentation and a safe playground where everyone can try and learn how to use the platform. We will release a thorough Audit Report after the audit completion. After acknowledging and fixing the critical bugs, we will open-source the code and announce a bug bounty program.
- Mainnet launch phase: We will commemorate the event with a comprehensive report on the improvements made during the testnet period and the benefits that Aiken brings to the table.
- Post-mainnet phase: Continuation of the educational campaign regarding Aiken combined with an informational campaign related to quantitative and qualitative data.