EasyFi Reinstatement Plan
The reinstatement of the EasyFi protocol is the next move following the security incident and subsequent statements about the ongoing investigation, token hard fork, delivery, and compensation package. In reality, following the hard fork and delivery, EasyFi has begun working on reinstatement.
EasyFi has carefully thought out a plan to rebuild the protocol from the ground up, better and quicker, based on the results of the hack and subsequent review.
The following is a summary of the steps ensured with Easyfi’s products and protocol.
- Security Audit & practices: Security audits are in general also very important in a decentralized world. However, now these have become even more important than ever for EasyFi to get the FULL AUDIT of the protocol for enhanced security. To enable this, the following steps have been taken:
a) Partnering with top audit companies to audit, not just the protocol smart contract code but do a complete audit of all the security practices for enhanced security.
b)Partnering with organizations that specialize in bug bounty services to encourage people to take part in protocol review and code commit.
2. Insurance: To add an extra layer of protection and trust to the protocol’s use, they agreed to include an additional layer of risk reduction as part of the protocol. As a result, they will work with a variety of insurance providers to secure the users’ collateral roles and engagement in EASYFi’s contracts. Shortly, EasyFi is expected to offer a variety of insurance coverages and creative products in this region.
a) Protocol Insurance: Protection against the failure of smart contracts. EasyFi is still on the lookout for and interacting with companies that provide this service on layer 2s.
b) Positional Insurance: This time, EasyFi want to do whatever that can be done for the EasyFi group and customers, including not only contract vulnerability protection but also positional liquidation protection. Users on EasyFi would be able to purchase insurance to protect their collateral from being liquidated in the event of a market downturn.
3. Protocol Launch: As previously mentioned, EasyFi has already partnered and begun auditing. They will relaunch the key protocol for public use on Polygon and BSC once it’s finished and insurance partners are in place. Meanwhile
4. Community incentivization and liquidity sourcing: Once the protocol is live, various farming and liquidity sourcing initiatives for EZ token holders and protocol users across all networks will be launched, including polygon, Binance Smart Chain, and Ethereum.
5. Launching advanced Collateral options: Now that all is completed of the above, EasyFi will pick up where they left off. On the protocol, they will introduce new and creative leverage options such as staked derivatives and tokenized stocks, giving people more liquidity options.