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About EasyFi Coin
EasyFi price today is $16.76 with a 24-hour trading volume of $6,913,184. EASY price is down -2.1% in the last 24 hours. It has a circulating supply of 1.6 Million EASY coins and a max supply of 10 Million. Binance is the current most active market trading it.
What is EasyFi?
EasyFi is a universal layer-2 lending platform that allows for faster and cheaper transactions when borrowing and lending digital assets.
The network is designed to be blockchain agnostic, allowing for instant settlement across different blockchains while users maintain custody of their own assets on the original network.
What are EASY tokens?
EasyFi’s native token, EASY, will have several key functions such as:
a) Governance - EASY tokens allow users to shape and vote on the future direction of the EasyFi protocol
b) Cross chain settlement - EASY tokens will be used as an asset to communicate and share liquidity with other sidechains and mainnets such as Binance Smart Chain and Polkadot
c) Staking and Dual Farming - Users can deposit EASY LP tokens and other crypto assets to earn rewards
How Does EasyFi Work?
EasyFi’s core concepts include lending and borrowing of different crypto assets. However, it is currently only available on the Matic Network.
Users can lend their assets by supplying it to an aggregated liquidity pool where it will be matched based on the demand from borrowers. Users can withdraw their liquidity at any time unless the pool’s utilization is at full capacity. Claims towards the assets in each specific pool as well as interest earned are represented using ERC-20 compatible eTokens, where each user receives a proportion based on their contribution to the liquidity pool.
To borrow assets, eToken holders use the eTokens as collaterals to receive loans from EasyFi’s money market protocols as well as other platforms that have been integrated. Users can specify which assets to borrow and set their preferred conditions.
How much a user can borrow is based on the collateral factor of an asset market and also the user’s own account balance.
Interest rate models on lending and borrowing are determined through governance, which will dictate the base interest rate and reserve ratio.
Currently, EasyFi offers a staking program and Dual Yield Farming, where they will collaborate with partner projects to allocate EASY tokens along the partner project’s native tokens as incentives for yield farmers and liquidity providers.
EasyFi also plans to offer under collateralized lending, microlending and cross-chain bridge contracts to facilitate real-time financing between different blockchains. To know more about EasyFi’s and their planned products, you may refer to their whitepaper.
How Do I Get EASY Tokens?
You can obtain APY tokens by purchasing them from cryptocurrency exchanges such as Binance or Uniswap.
Alternatively, EasyFi’s own liquidity mining program lets users farm EASY tokens by staking Uniswap liquidity provider tokens. Currently, users may choose to provide liquidity for the EASY/DAI or EASY/ETH liquidity pool on Uniswap.
Through their Dual Farming offering, users can also stake their existing EASY tokens to earn additional EASY. To know more about this and other liquidity mining programs, you may head over to our Yield Farming page.
