Six Money Markets operational on Polygon Network in the Full Protocol Launch
GURGAON, INDIA / ACCESSWIRE / November 16, 2021 / Easyfi Network, the universal Layer 2 DeFi lending protocol for digital assets has announced that it has now launched its Lending Protocol with new Money Markets for Supplies and Borrowings on EasyFi. The EasyFi Lending protocol went live late evening of 15th Nov 2021.
Announcing this, Anshul Dhir, COO & Co Founder, EasyFi Network said, "Six money markets on our protocol on Polygon Network are now open for operations. We are currently live on Polygon Network and will soon be launching on Binance Smart Chain and other networks as well."
To ensure complete security, EasyFi undertook the following steps as part of its pre-launch preparation.
1. Halborn Security Audits
As indicated in its earlier announcements, EasyFi had onboarded Halborn Security to conduct all its smart contract and overall security Audits. Recently EasyFi had announced the completion of full audits of our lending smart contracts by Halborn Security. This conclusion of audits has brought it closer to the launch of its Lending Protocol.
Halborn has conducted thorough and deep audit, analysis and testing of our smart contracts, throwing upon its multiple scenarios to ensure compliance to global security standards. They submitted a report to the EasyFi team which then took up the recommendations for corrective and risk mitigation actions.
2. Internal Audits
Apart from the full audit from its security partner, the EasyFi team also conducted some more internal tests on its Protocol to further strengthen its confidence in the protocol. The Team conducted some internal Penetration Testing, Vulnerability Assessments and DDOS Simulation tests to ensure it has everything it needs in place to secure the funds of its users. The Company is now confident of launching its protocol on the date provided above.
Giving more details of the Lending, Anshul said, "The first 6 collateral markets to be open for the users on our protocol on Polygon are $USDC, $USDT, $DAI, $MATIC, $WETH (Wrapped Ether) and $WBTC (Wrapped Bitcoin). The Company is testing many other tokens as well, which it will add from time to time to enhance the lending markets."
As per the laid out roadmap on Q4 2021 and previous announcements on related partnerships and launch of new money markets, EasyFi had clearly stated that the overall vision & ambition of taking the EasyFi lending markets to new levels with completely new and never-tried-before lending markets on any Layer 2 lending protocol.
The current open markets as stated above will be $MATIC, $USDC, $USDT, $DAI, $WETH, $WBTC with more being tested for future listing. Earlier this year, EasyFi had partnered with projects that are focusing on Staked Derivatives such as StaFi and RAMP. These tie-ups were strategic as EasyFi intends to launch Staked Derivative Assets as Money markets on the Layer 2 lending protocol.
The team is in advanced stages of integration and we will see new collateral assets activated and users can use their derivative tokens as yield-bearing collateral assets on EasyFi.
Easyfi is a universal layer 2 lending protocol built for defi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate an end-to-end lending & borrowing of digital assets and related financial products. Easyfi is being built upon the ethos of permission less networks & automation of smart contracts.
Trace Network Labs
SOURCE: Easyfi Network
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