What Is EasyFi Coin?
EASY is an ERC-20 utility token of DeFi-protocol EasyFi, powered by Matic Network.
EasyFi project was officially launched on August 15th, 2020. Its CEO and founder is Ankitt Gaur. A graduate of Indian Birla Institute of Technology and Science, he is co-author of «Blockchain, Unwrapped for Non Techies», and a Blockchain Guest Faculty at Indian Institute of Chartered Accountants.
Anshul Dhir is EasyFi co-founder/COO. He has served Ministry of Communications & IT, Govt. of India on various posts and founded such companies as Koinfox, Ethix Venture, Quadcore and Exuberant FinServ.
Overall EasyFi team includes 8 members with solid blockchain experience. The main office of their company is located in Gurgaon.
EasyFi staking module was launched on Matic on 22nd November 2020. The Dual Farming Program sessions started on Ethereum blockchain on the same day.
What Problems Does EasyFi Solve?
EasyFi was created to answer certain challenges met by the current DeFi solutions. The disadvantages of Layer 1 DeFi-protocols are low transaction speed, high fees and inconvenience. Layer 1 is available for well-to-do people only. Normally, it is necessary to invest $10,000 – 15,000 into yield farming, otherwise returns tend to be small due to huge fees and other factors preventing DeFi operations to scale.
That’s why EasyFi offers average investors various possibilities, like fast transactions and almost zero Gas fees.
Besides that, EasyFi aims to enhance the borrowing aspect of lending protocols, offering users a low collateralization ratio.
EasyFi Key Features
- Micro-Lending. In developing countries, many citizens survive only due to regular loans of small size; they are exploited by extortionate interest rates of national banks. Micro-loans enable poor to get modest loans for multifarious purposes.
- Under-collateralized loans. Under-collateralized loans lead to the mass adoption of decentralized lending. In cooperation with TrustScore, a decentralized credit system developed by Koinfox company, EasyFi will empower users to access capital allocated efficiently.
- Credit delegation. EasyFi empowers credit delegation for fiducial loans where both sides either know each other or accept risks by estimating upon the TrustScore of the credited party. The delegation will enter into operation for credits above a certain level, enabling financing of trusted entities’ needs through the protocol.
- Credit default swaps. Credit default swaps are meant to enable loaners to transform loans into marketable tools and sell them to institutional clients ready to cover the risk. This facilitates a kind of credit-related insurance of many types of loans issued on EasyFi.
- User onboarding and user experience. User onboarding and user experience are problematic for some DeFi protocols. EasyFi will let seamless onboarding of users onto its platform with integral gasless meta-transactions enabled by several partner projects.
- Yield Farming. EasyFi empowers users to farm EASY by interacting with the platform. Farmed tokens will be daily distributed based on users’ contribution. Yield farming in Easyfi is of two types: native farming analogical to Compound where people are incentivized for their interaction with protocol, and dual farming where they get native blockchains’ tokens and stake EasyFi.
What Are The Possibilities Of EASY Token?
- Governance. As EasyFi is going to become a DAO and empower users to make various governance decisions, EASY token will let community members run the protocol. They will be able to earn rewards and vote on maintenance and development issues.
- Staking rewards. EASY token will enable various projects to launch their borrowing and lending markets on the network. It means that users will be able to stake EASY and get tokens of the respective markets. EasyFi is the first protocol to enable dual token farming: various markets being launched on EASYFI will incentivize EasyFi users to interact with them.
- Cross-chain settlement. EASY tokens will be used as a cross-chain settlement tool in the «bridges» meant to share liquidity with various other main chains and side chains.
How To Stay Connected With EasyFi Updates?
The best option is to join EasyFi official Telegram group, where the founders and team members are always available to answer any urgent questions. Users can also follow @easyfiAnn Telegram for significant announcements.
Pros And Cons
The unique features which differ EasyFi from its rivals are:
- Low fees and fast transactions;
- Developed borrowing modules;
- Low collateralization ratios;
- Credit Default Swaps which serve as insurances against the credits issued on the lending protocols.
Now let’s talk about the cons:
EasyFi is a part of DeFi industry that is just getting shaped, and certain aspects of EasyFi protocol are still in the development phase.
How To Buy EASY?
Today EasyFi price is 0.0115 USD. The best way to exchange your coins to EASY is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in EASY, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to EASY.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your EASY coins.