The EasyFi Lending Protocol is now Live on Polygon’s Money Market
EasyFi Network, a worldwide layer 2 digital asset lending network, has announced that its lending protocol is currently live on Polygon. On 15th, November 2021, the new lending protocol became operational, initially enabling six money markets with providing and borrowing on the Polygon Network.
Six money markets on EasyFi protocol on Polygon Network are now available for operations. The entire protocol rollout, a critical milestone in the EasyFi Q4 2021 timeline, is now accomplished.
EasyFi Network has put in a lot of effort in the lead-up to the launch to assure the security and safety of its users. One of the best cybersecurity organizations, Halborn Security, performed a complete security audit on the protocol to guarantee compliance with worldwide security requirements. The effort included analyzing and testing the project’s smart contracts in practically every potential situation. EasyFi continues to conduct internal audits in addition to external audits to identify areas of concern and undertake corrective and risk management activities.
Internal audits include penetration testing, vulnerability assessments, and DDOS simulation tests, to name a few.
The following assets will be listed as collateral markets in EasyFi’s lending protocol on Polygon: $MATIC, $USDC, $USDT, $DAI, $WETH, and $WBTC, with more to be added soon.
EasyFi Network is on schedule to meet its development goals for Q4 2021, as mentioned earlier, with the deployment of the entire protocol. Polygon’s future token markets are the first to go online, allowing for the lending and borrowing of volatile and stable assets on the Polygon Network’s protocol. As stated earlier this year, through strategic relationships with some of the staked derivative projects like as StaFi and RAMP, the project will seek to go live with staked derivative assets as collateral markets as soon as possible.
As EasyFi prepares to deploy more tokens and staked derivatives assets as collateral markets on the network, these relationships will produce fruit in the coming days. Staked derivative tokens will be posted as yield-bearing collateral assets on the platform once the staked derivatives assets market is open. Users who possess these listed derivatives will be able to acquire loans against them. The system will also see its markets go live on Binance Smart Chain and growth to other networks.
EasyFi is scalability, composability, and adoption-focused universal layer 2 lending protocol designed for DeFi. It was created as an open and inclusive financial network architecture that runs on public networks and allows for end-to-end lending and borrowing of digital assets and related financial products. EasyFi is based on the principles of permissionless networks and smart contract automation.