EasyFi, a layer 2 DeFi lending protocol for digital assets, has finally launched its much-awaited Dual Farming program: DF2. The announcement came earlier this day on EasyFi’s official Twitter platform. The program went live with its sessions on the Ethereum mainchain at 9 pm IST on November 22.
EasyFi also plans to launch such a staking module on the MATIC mainchain as well so that new projects on the Matic ecosystem can also make use of the Dual farming program, thereby leading to greater exposure and access to the EasyFi community.
$EASY Dual Farming Update— @easyfi.network (@EasyfiNetwork) November 23, 2020
This is to inform users that the on-chain $EASY staking via EasyFi app to farm $MATIC is now LIVE!
.@EasyfiNetwork protocol’s DF2 program contracts had been enabled last night.
All details in here: https://t.co/sD16lmniWz
What is the EasyFi Dual Farming Program?
The EasyFi Dual farming program is quite easy to understand if you are already familiar with EasyFi’s Yield farming program. DF2 is a new variant of that, albeit a unique one. Via this, the EasyFi Network will incentivize its yield farmers by partnering with different projects and allocating a portion of the partner project’s native token as an incentive. Therefore, since Matic Network is an EasyFi partner and has allocated some $MATIC towards incentivization, $EASY tokens (which are EasyFi’s native tokens) are deposited by farmers to be able to farm $MATIC tokens.
It is worth mentioning that an estimate of over 5 million $MATIC tokens are expected to be distributed to $EASY stakers this session. With a current farming cycle of 2 months, the matic-powered protocol has geared up for these massive rewards.
The launch of DF2 also comes with the discontinuation of the unique Uniswap liquidity pool staking rewards that were being offered in an earlier reward program that was launched last month. The $EASY tokens accrued via that program can be redeemed in the Staking module of the app.
The launch of DF2 is EasyFi’s first milestone this month and an important one too. The official Medium announcement has a detailed guide on how to participate in the program. Users will require a metamask extension and will have to go to the Dual Farming tab and follow EasyFi’s instructions to be able to deposit, transact and claim rewards via this program.