EasyFi on Binance Smart Chain — An update
In our earlier announcement, we had mentioned our planned expansion to the Binance Smart Chain. Our belief is that this integration will:
- Greatly improve EasyFi’s interoperability and cross-chain capabilities and enable faster, efficient and cost-effective inter-chain transactions between our protocols on various blockchains.
- Open new opportunities as a digital asset ecosystem to build innovative and intuitive lending products and services for the Binance ecosystem.
- Promote wider composability and interactions between different dApps on the Binance Smart Chain ecosystem.
We are happy to inform our users that our expansion to Binance Smart Chain is underway and absolutely on-track and we should be able to cover much ground. Here is what we are working to accomplish:
- BSC Bridge Integration — Token transfers on Binance Smart Chain happen through a token canal or Bridge built on BSC. This is by far the fastest way to bring cross-chain assets to Binance Smart chain. It is a service that provides access to inter-blockchain liquidity between BSC and other chains, including Ethereum-based Decentralized Apps. This will allow users to exchange assets, and transfer them in and out of varied blockchains to the Binance chain ecosystem.
The BSC bridge integration with EasyFi will primarily
- Bridge liquidity across chains through our protocol which is also available on Polygon and Ethereum networks.
- This integration will also allow seamless conduit connecting the Ethereum and Binance smart chain ecosystems together.
- Enable our users to transfer their $EASY and other tokens in and out of the Binance Ecosystem effortlessly and seamlessly.
- The users of EasyFi’s products and services such as staking, farming, lending will be able to move collaterals to and from the chains we are deployed on, to our BSC based protocol.
- Expand the horizons for EASY token holders, with the inclusion of the growing ecosystem of ERC20 and Non-ERC20 pegged assets on Binance Smart Chain.
2. EASY Token Deployment on BSC — Needless to say, while EasyFi is expanding the entire protocol to BSC, it was imperative that we also deploy our token contracts using the Binance Smart Chain token standard — BEP20. This primarily means that apart from being an ERC20 token, EASY will also be deployed as a BEP20 protocol token. BEP20 not only uses the same functions as its Ethereum counterpart but also extends and improves on Ethereum’s ERC-20 token standard.
Some of the benefits for deploying EASY on BEP20 token standard are:
- It will be compatible with Ethereum ERC-20 token standard (as well as Binance BEP20) thus enabling seamless cross-chain exchanges of EASY tokens between chains.
- It will allow other tokens and applications — such as wallets, DEXs and dApps — within the BSC network, to function with our DeFi protocol.
- It expands the reach of EASY tokens to multiple DeFi ecosystems on BSC and also maximises collateral options for the money markets on our protocol.
3. Earn EASY tokens on BSC — Once the EASY tokens are deployed on the BEP20 token standard, the distribution and emission of EASY as a yield and reward asset can be taken up through the various lending, staking, and liquidity farming services on the EasyFi lending protocol on BSC. This process will become seamless once the total integration is completed.
Please note: The supply of EASY tokens remains fixed at 10 Million
Stay tuned for more updates on these soon!
To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.