EasyFi Community Connect
A Brief Update on talking points of the live interaction with team EasyFi — The path for the next few months
The senior leadership at EasyFi Network conducted a live project update on August 26, 2022 to apprise the community on the path ahead for EasyFi Network.
The Community Connect was conducted live where both — the Founder & CEO, Ankitt Gaur, and Co-Founder & COO, Anshul Dhir addressed various community concerns, answered their queries and laid out the plans and strategy put in place for the next few months.
Here are some salient points of the interaction.
- The team addressed one of the primary concerns of the community regarding the delisting of EZ tokens from Binance and some other exchanges.
- As expressed these were a shock to us as much as it was for the community — we are now going to work even more hard to get our project in the reckoning again
- The team touched upon the current offerings on the EasyFi protocol — Money Markets, Blend & Staking that are currently live and offering value to the ecosystem
- New products already declared in the Roadmap but due for launches in the next few weeks are going to be in Electric & MetaFi which will be launched in phases — first Testnet and eventually Mainnet in short durations in the coming quarter
- Also lined up are EasyFi expansion to new EVMs and Multichain Bridges Integration to enable liquidity sourcing from across chains
- By next quarter end, we should be able to realize are goal of handing over protocol governance and voting to the community with the commencement of EasyFi DAO in a phased manner
- We have been researching new token models like veTokens and xTokens to enable proper incentivization mechanisms that will enable continuous liquidity bootstrapping for all our current and future products.
- We have accelerated our efforts in the past few weeks, hired two people in the team to increase the rigor and speed with which we deliver our products to the market
- EasyFi is working towards adoption and also focussing on balancing the liquidity sourcing for the protocol and new products and the inflation that follows such an action
- All products are being double checked to ensure we are battle-tested and we have much stronger products that are thoroughly tested, validated & audited before making it public
As expressed in our social messages as well, the delisting from these exchanges was a shock and surprise to the Team as well. As per the team at Binance, this was a part of the regular review process with no involvement of the project. Our organic Listing almost 2 years back as well as delisting was known via the notification and without any communication whatsoever with the projects.
Exchanges like WazirX and CoinDCX do not have their own custodial services and use Binance wallet services instead. Hence, they had no choice but to delist EZ due to this and hence it was by default they had to delist us.
We are in continuous communication with Binance and many other exchanges for listing. We believe that once volumes and adoption will kick-in we have a strong case and hope of relisting.
With reference to the EasyFi consolidated vision and the 2022 roadmap, the following are the current offerings that are live on the protocol:
EasyFi Money Markets — These are the lending markets currently live with 9 different volatile and stablecoin collaterals on Polygon Network viz. MATIC, LINK, WETH, WBTC, UNI, LINK, USDC, USDT & DAI.
EasyFi Blend — EasyFi’s answer to the passive income needs of the global DeFi community. Native staking programs for different project tokens that offer Fixed and predictable rewards on every staking.
EasyFi Staking — This module offers staking rewards with flexible interests on the token staked by users.
The following are the launches planned in the next few weeks. These coincide with the 2022 roadmap.
Electric Testnet & Mainnet
Electric is the EasyFi initiative for introducing On-Chain Margin trading by borrowing collateral from EasyFi lending on DEXs like PancakeSwap, SushiSwap, Uniswap, QuickSwap etc. We will go for a phased launch where we open up the Testnet for the community to run the module, try it out, iron-out any issues and only after we are fully satisfied, we will go mainnet with Electric. We will start with a couple of AMMs and keep adding more based on liquidity and performance.
MetaFi Testnet & Mainnet
MetaFi has been in the works at EasyFi for quite some time now. This product will enable the users to use mortgaged borrowings to buy Metaverse assets. The MetaFi testnet will be launched soon after Electric goes live and gathers momentum from the public. Mainnet will follow as soon as the product is good-to-go. This will come out as a complete credit solution for Metaverse assets.
The expansion of the EasyFi protocol has been in the works since our launch. With Polygon, Ethereum and Binance Smart Chain already live, we have been exploring other EVM networks so that more and more users can benefit from these above products and more on a multi-chain protocol.
Multichain Bridges Integration
We are still upbeat about our universal multi-chain lending aggregator product that enables cross-chain, multi-chain aggregation of liquidity. We are working with companies like Router and some more to bring a seamless functionality on EasyFi protocol. We will launch this with our upcoming version of Electric for sourcing liquidity via multiple AMMs and giving the users a better experience with our margin trading protocol.
Coming up Ahead
EasyFi has always been committed to the vision of DeFi by which the community gets the control of the protocol decision making process. This has been imbibed in our ethos and also declared in our 2022 roadmap earlier this year. The DAO route will enable our community to be more participative and engaged with the growth of the protocol and decide the path they want the DAO to take.
- Conversion to DAO: With more and more people now holding EZ tokens, and with the upcoming products that we are launching in the next quarter, we think this is the right time to take this path. EasyFi DAO will be a fruitful community venture, who will participate in the decision making process and extract long-term value from the growth that their decisions enable.
- Transfer of decision making to community: Transfer of decision making control will be done in a much calibrated, gradual and phased manner. This will allow the entire community to settle in slowly, steadily but surely into the day-to-day functioning of the DAO.
- EasyFi Tokenomics V2: The modules currently operational on EasyFi and those that will be in the future, expect a lot of inflation when it comes to liquidity bootstrapping. In order to boost liquidity, the incentivization needs increase. This is sometimes not possible without many incentivisation mechanisms that do not contribute to inflation. We have been researching veTokens and xToken models and other models proposed by Delphi Digital. We are still working on some of these ideas primarily to improve our community incentivization mechanisms to bootstrap liquidity. This will apply to all modules of EasyFi — Blend, Staking, Lending, MetaFi, Electric and others in the future.
- Governance & Voting: Community governance and voting on different proposals to the DAO will follow as that has been the ultimate goal of EasyFi since the very beginning.
Team EasyFi has been continuously looking out for community inputs, feedback, concerns and have received multiple queries earlier and before this community connect was announced. The founding duo answered some of these questions thrown at them via our social media handles.
Most of these questions were around some of the following points many of which we have already answered above -
Adoption : Adoptions work better when we have continuous community incentivations that also boost liquidity. We are hence working on new token models that will enable just that and work well with all our products and across chains.
Future of EasyFi — We have lined up new product launches catering to different lines of crypto business — Electric — on-chain margin trading on AMMs and MetaFi — Finance for the Metaverse; expansions to multiple EVM networks; new tokenomics and conversion of EasyFi into a DAO in the near future of the protocol.
Plans to grow EZ — We believe the best use of EZ token is going to be in governance and voting in the DAO. Our move to gradual handover of decision making control will bring out value and token engagement.
Protocol Future — We had to rejig some of our roadmap plans due to the market conditions and some unplanned events, but the motto remains the same — Do More With DeFi. We intend to take the protocol to greater heights and ensure that the community gains more from being in this space. EasyFi will continuously strive to make better products and stand with the community.
🔅 For the presentation: EasyFi — Community Connect — Aug 22.pdf
EasyFi Network is a universal layer-2 multi-chain money market protocol for digital assets with focus on liquidity sourcing & capital efficiency for structured lending in a non-custodial manner. The Protocol is currently live on Polygon, Binance Smart Chain and Ethereum.
To learn more about $EZ and EasyFi, please go through our whitepaper and other articles on this publication.