EasyFi Network
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EasyFi Network

EasyFi Launches Dual Farming Program DF-2

Stake EASY and Farm MATIC

November has been a busy month; with exciting milestones on the Q4 Roadmap, we had our task cut out and that was challenged by health issues of some members due to COVID. Despite that, the team, in their slog overs, has been burning the midnight oil to ensure that we meet our own commitments to the EasyFi roadmap. We are on-track, a day or two here and there would only be justified with the final result and growth of opportunities for the community.

Having said that, we are all set to launch our Dual Farming Program — DF2. This was the first of our milestones this month and we are ready to go live on the same today. Please go through the details below to know more about this new program and how to participate.

Understanding the Dual Farming Program (DF2)

Our unique Dual Farming Program is a new variant of yield farming or liquidity mining whereby EasyFi Network will partner with different projects, and allocate a portion of the partner project’s native token (say XYZ) towards incentivizing yield farmers. (Read here: EasyFi Yield Farming Program — Incentivization). It is a staking method that will allow users to earn a partner token by staking $EASY tokens.

In the DF2 program, $EASY tokens need to be deposited for farming $MATIC. This means that $MATIC will be used as part of this program. Matic Network as our partner has now allocated a portion of their native $MATIC towards incentivizing communities of both the projects.

In future, new partners shall be added and $EASY stakers shall have more options to choose from as reward token while they stake $EASY.

Where is it going live?

The DF2 program sessions start on the Ethereum mainchain as on 2100H IST / 1530H UTC, on 22nd November 2020. We have planned to launch a similar staking module on Matic mainchain too so that new projects from the MATIC ecosystem can also take advantage of Dual farming program, hence providing greater exposure and access to EasyFi community.

Details of Rewards

  • An estimated more than 5 million $MATIC shall be distributed to $EASY stakers during this session.
  • Current farming cycle has been set at 2 months.
  • Reward APY will be updated on a real time basis on the dashboard screen.

Discontinuation of LP staking rewards

We launched a reward program on ETH Mainchain last month where users could farm $EASY tokens on the Ethereum mainchain using our unique $EASY liquidity pools on Uniswap (Read here: EasyFi staking LIVE on Ethereum Network).

With the launch of the DF2 program, we have discontinued these staking rewards. The users can claim their accrued $EASY on the Staking module of our app, which will be transferred immediately to their corresponding ERC20 wallets along with their LP tokens. You can then use these accrued $EASYs and stake them on DF2 to earn $MATIC.

How to Participate?

This is a step by step guide on the entire process of staking your $EASY for farming $MATIC in this session. Please note, all figures shown in the screenshots are for demo purpose only.

  1. Ensure that you are connected to the Ethereum Network on your Metamask wallet.

2. Visit the Dual Farming Tab on the following link: https://app.easyfi.network/#/

3. As shown below, this will be the Dual Farming dashboard on your account.

4. The panel on the left shows the Ethereum mainchain & $EASY available in the wallet. The box in the middle depicts the reward token card with details.

EasyFi Network App — Dual Farming Tab (for demo purpose only)
: Deposit $EASY (all figures are for demo purpose only)

5. If you see the note, this tab will show the EasyFi deposit recommendation, which is currently for farming $MATIC tokens. We will surely have more options as we progress with our various partnerships.

6. Click on the Deposit button on the $MATIC farming which will open the next screen which enables the deposit of your $EASY tokens for staking. You need to first Approve the contract for the $EASY spend limit as shown below.

Approve Contract for $EASY spend Limit
Depositing $EASY tokens (all figures are for demo purpose only)

7. Enter the amount of $EASY that you want to stake and click on Deposit Now.

8. The system will prompt you for all necessary permissions for connecting to your Metamask, such as signing of the transactions and locking of your $EASY for staking on the Dual Farming Module of the App.

Metamask prompts for transactions

9. Once you are through with your transactions, you will be able to see that your staking start-time has been activated along with the period which this staking will be valid for.

Manage your Stake

10. This also activates your Manage button which allows you to Deposit, Withdraw or Claim your accrued / farmed $MATIC tokens as shown below.

11. You can either Claim or Withdraw your Matic tokens accrued from $EASY staking.

12. When you “Claim” $MATIC without withdrawing your EASY tokens remains staked and you continue to farm $MATIC.

Claim Rewards

13. When you Withdraw, while you do claim your accrued $MATIC, your staked $EASY is claimed as well and your staking is removed from the Dual Farming Program.

Withdraw your $EASY and rewards at same time if wish to

14. Once withdrawn, you will see your $EASY tokens in the left panel as displayed above.

This is how you can participate in the $EASY-$MATIC Dual Farming program.

Partner details

About Matic Network

Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. (Read more here: What is Matic Network?). The solution strives to solve the problem of scalability and usability while ensuring that decentralization is not compromised. It also wants to leverage the existing developer ecosystems & community.

About $MATIC: $MATIC token is the native token / currency issued on the Matic Network which also serves as a utility token on the network. This token has been designed to serve various roles:

  • As a unit of payment on the Network
  • As a means of settlement between users on the Matic ecosystem
  • As a staking token for participation in the Matic’s consensus procedure.
  • used for validators to participate in the network’s Proof of Stake in order to secure the chain.
  • Transactions fees on the network

To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.

Stay tuned for more news & updates on our Telegram channel and join the official group. You can also follow us on Twitter.

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