Even though the DeFi movement has gotten a lot of hype surrounding it in recent times, it’s still in the development stage with quite a few drawbacks, namely- the clogging up of the Ethereum network upon which most DeFi activities take place, slow transaction speeds, and the high transaction costs. With the objective to solve some of the inherent issues consumers have faced with generation one DeFi solutions, a little while ago EasyFi (EASY)- a universal Layer 2 lending protocol- was created by two Indians: Ankitt Gaur, and Anshul Dhir. EasyFi is one of the first DeFi protocols to operate on Matic network. Users can farm EASY tokens by lending and borrowing stable coins.
EASY on the Binance Innovation Zone
Closely following on the wheels of its Bitmax listing earlier this month, now the one of world’s largest digital asset exchange platform Binance has announced that it will list EasyFi (EASY) in the Innovation Zone, trading for an EASY/ETH trading pair is live. The EASY tokens listed are ERC20 tokens.
Binance’s ‘Innovation Zone’ is a trading protocol that permits certain users to buy or sell newer, innovative cryptocurrency tokens directly from their Binance account, all the while safeguarding traders from the risks (namely, higher than normal volatility) that come with them. Users have to agree to special terms and conditions to trade on the Innovation zone. It warns users that the losses can be upwards of 50% and your loss is only your responsibility.
Built upon the Matic network, EasyFi was launched with a total supply of 10,000,000 EASY- the platform’s native token, and an issuance price of 0.3 USDT. There will be 6,94,045 EASY tokens in circulation initially, which is 6.94% of the total supply. This includes 1,41,245 EASY from a liquidity provision fund, 2,00,000 from early supporters, strategic investors unlock, 2,70,000 from the ecosystem fund that consists of community distribution and various incentive programs, and finally 82,800 EASY from yield farming distribution mined by yield farmers.
How will this Benefit India?
First Matic, then EasyFi – right alongside all the other budding blockchain-based projects originating in India – are bound to bring about a revolution in the entire DeFi world that India, a country where digital asset protocols are still far from being mainstream, would definitely benefit from.
The Matic network provides secure, instant transactions that has helped EasyFi lower gas fees and offer speedy transactions- so it has already managed to tackle two of DeFi’s most pressing problems. Now, EASY’s inclusion on Binance certainly makes EasyFi’s future seem bright and promising. We’re happy to have spoken to the EASY team very recently. Check them out here.
You can use the following telegram bot to know the price of EASY, which at press time is hovering around 0.0048 ETH per EASY or $2.
Learn how to Farm EASY Tokens by lending stable coins with the below Video: