EasyFi Lending Protocol Goes Live with Money Markets on Polygon

The universal layer 2 digital assets lending protocol, EasyFi Network has made an announcement that it is now live with its lending protocol on Polygon. The new lending protocol went live on Nov 15, 2021, and will be initially supporting six money markets with supplying and borrowing on Polygon Network.

COO and Co-founder of EasyFi Network Anshul Dhir spoke while announcing the latest development that:

“ Six money markets on our protocol on Polygon Network are now open for operations. We have now completed a major milestone in our Q4 2021 roadmap that of the Full protocol launch. We have launched the markets first on Polygon Network and will be soon followed with the launch of markets on Binance Smart Chain and other networks.”

EasyFi network in a bid to ensure the safety and security of its userbase have carried out a lot of rigorous groundwork leading up to the launch. The protocol has been subjected to a full security audit by one of the leading cybersecurity firms — Halborn Security. The exercise Included analysis and testing of the project’s smart contracts through almost all possible scenarios to ensure compliance with global security standards. In addition to the external audits, EasyFi continues to carry out its own internal audits to identify areas of concern and implement corrective and risk management actions.

The exhaustive list of internal audits includes penetration testing, vulnerability assessments, and DDOS simulation tests.

EasyFi’s lending protocol on Polygon will currently list the following assets as collateral markets

  • $MATIC
  • $USDC
  • $USDT,
  • $DAI and
  • $WBTC

The foregoing is subject to improvement as more would be added in the near future.

Giving more details of the Lending, Anshul said:

“The first 6 money markets to be open for the users on our protocol on Polygon are $MATIC, $USDC, $USDT, $DAI, $WETH (Wrapped Ether), and $WBTC (Wrapped Bitcoin). The Company is testing many other tokens as well, which it will add from time to time to enhance the lending markets.”

EasyFi Network is on track with its development roadmap for Q4 2021 as announced earlier with the full protocol launch. The upcoming token markets on Polygon are live first, enabling lending and borrowing of volatile and stable assets on its protocol on Polygon Network. The project will also be pushing into going live soon with the staked derivatives assets as collateral markets as indicated early this year through strategic partnerships with some of the staked derivative projects like StaFi and RAMP.

These partnerships will yield fruits in posterity as EasyFi gears to launch more tokens and staked derivatives assets as collateral markets on the protocol. Once the staked derivatives assets market is launched, staked derivative tokens will be listed as yield-bearing collateral assets on the platform, and users owning these listed derivatives can secure loans against them. We will also be seeing the protocol going live with its markets on Binance Smart Chain and expansion to other networks as well.

--

--

--

Crypto Evangelist | Smartphone photographer | Geologist |Project manager| Digital Marketer|

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Technological Meme

1 Million LCX Tokens at Stake | Announcing LCX Exchange Bounty 2021

Read this week’s issue of Crypto Weekly:

dYdX Launches BTC Perpetual Contract Market

Episode 1: Inside Bitcoin — Faceless Money for the Connected World

THE EVOLUTION OF CRYPTOCURRENCY AND HOW KEPLERSWAP FITS IN :

The day has come: welcome the AIDChain Beta

Cryptocurrencies, Bitcoin, Ethereum & A World Of Possibilities

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Barineka

Barineka

Crypto Evangelist | Smartphone photographer | Geologist |Project manager| Digital Marketer|

More from Medium

Attention: Fusotao Protocol and its Tokens

EXODIA Finance Integrates Chainlink Price Feeds to Help Secure Bonding Mechanisms

[Notice] DUCATO Announcement : DUCATO Token Swap Start, Participation Guide

The Future of Decentralized Finance (DeFi)