The Binance Smart Chain now has the EasyFi Lending Protocol fully integrated and deployed.
EasyFi Network DeFi lending platform has been successfully launched onto the Binance Smart Chain, complete with six exclusive money markets for stable coins and volatile properties. BNB, ETH, BTCB, BUSD, USDC, and DAI are among the six money markets. The BSC launch comes less than a month after they announced their plans to extend to the Binance Smart Chain (Read here: EasyFi Expands to Binance Smart Chain).
Easyfi had previously integrated their native token with the Binance bridge, allowing EASY to be seamlessly transferred from Ethereum to the Binance Smart Chain.
EasyFi on Binance Smart Chain
The Binance Smart Chain Network integration of the V1 platform includes the full range of Easyfi products and services, including: Lending, staking, farming, liquidation, and the Access scheme, the latter of which has been implemented so far.
Users can now lend and borrow against SIX exclusive asset markets, which include:
Stablecoins: $BUSD, $DAI & $USDC, and
- Volatile Assets: $BNB, Ethereum & Bitcoin.
Check the snapshots below.
Stable Coin Markets on EasyFi @ BSC
Volatile Asset Markets on EasyFi @ BSC
More asset classes will be added in due course of time. Stay tuned for our updates!
EASY on BSCScan
Please Note: The Official Contract Address of EASY on BSC is 0x7C17c8bED8d14bAccE824D020f994F4880D6Ab3B.
Refer the following link to track $EASY on BSCScan.
https://bscscan.com/token/0x7C17c8bED8d14bAccE824D020f994F4880D6Ab3B
$EASY on BSCScan
Binance Bridge is used to move assets from Ethereum to the Binance Smart Chain.
Why build on Binance Smart Chain
For the past six months, Easyfi has been a Binance exchange ecosystem partner. Although this protocol expansion and integration is a natural progression for EasyFi in terms of deeper parallel chain integrations, here’s why they decided to extend to BSC as well:
Users get more value: Their protocol’s smart contract design and compatibility with the Ethereum Virtual Machine (EVM) allows it to run on several blockchains simultaneously with almost no effort, giving our users more value.
High Performance Protocol: The PoSA consensus mechanism significantly reduces the time it takes to create a block, resulting in increased transaction throughput.
Minimal Gas Fees :The Ethereum network’s high transaction fees have been a major bottleneck in recent months, preventing DeFi adoption. The cost of using DeFi protocols would be significantly reduced thanks to the low BSC gas fees.
Increasing TVLs : Lower transaction fees would enable small investors to openly engage in the supply-and-demand cycle on our lending protocol, resulting in an increase in total transaction volume. At EasyFi, we’ve always had this goal in mind: to solve the borrower’s dilemma.
Borrower access to new money markets: Borrower access to new money markets: The overall benefits of throughput and fees would allow us to create newer money markets more quickly and provide low-cost access to users in developing countries where access to funds has been abysmal.
Offer new incentivization opportunities : We will be able to enhance our #DoMoreWithDeFi initiative by creating new yield generation, staking and farming opportunities with newer partners and programs on the BSC ecosystem.
Growing BSC Ecosystem : EasyFi will be able to partner with upcoming DeFi protocols and projects as the Binance Smart Chain ecosystem continues to develop, allowing them to extend the lending product range. This will also aid in the development of strong lending markets for the current and future lending items, such as micro-lending.
About Binance Smart Chain
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. However, unlike the Binance Chain, BSC boasts of smart contract functionalities and is fully compatible with the Ethereum Virtual Machine (EVM). The primary design goal of BSC was to leave the high throughput of the Binance Chain intact while introducing smart contracts into its ecosystem. It’s an independent blockchain that could run even if Binance Chain went offline.
BSCScan | Easy Token Tracker on BSCScan
About EasyFi
Easyfi is a universal layer 2 lending protocol built for defi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products. Easyfi is being built upon the ethos of permission-less networks & automation of smart contracts.
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To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.
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