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EasyFi Network

EasyFi Launches Electric Testnet on Polygon

New Product for On-chain Permissionless Margin Trading on DEXs

EasyFi is thrilled to launch — Electric — our new product conducting Margin Trading on Decentralized Exchanges (DEXs).

The Testnet is NOW LIVE on Polygon Mumbai. We invite all traders and DeFi users to try out this product and give their feedback.

Electric will enable traders to take out short-term loans on Electric to trade margin positions from publicly sourced liquidity from different AMMs / decentralized exchanges.

This will happen on the EasyFi App where users can conduct margin trades on designated trading pairs in an efficient and secure manner.

User’s can eventually leverage hundreds of tokens on EasyFi’s multichain margin trading product and execute leveraged trades with integrated liquidity from top DEXs like Uniswap, Sushiswap, PancakeSwap, QuickSwap and more on multiple blockchain networks.

Key Features of Electric

  • Trades with Liquidity on DEXs — Will connect traders to trade with the most liquid decentralized markets / AMMs. We are exploring a collaboration with every AMM of repute.
  • Risk-reward — Separate pools of different asset pairs will be created. This will allow lenders to invest understanding different risk and interest parameters. Lenders can invest based on the calculated risk-reward ratio
  • Real-time AMM Price — Collateral ratio with real-time AMM price for any pair available from a DEX.
  • On-Demand Oracle — Electric uses price feed oracles integrated into the lending protocol and the ones provided by the DEX to detect the market price.
  • UI/UX — EasyFi has been a pioneer in building simple, intuitive and user-friendly products. The interface and experience for Electric has been planned in a similar manner.

Electric Vision

  • Trading Pairs — The trading pairs on Electric will be based on the isolated and independent lending pools that are available on Electric. We will start with a small set of tokens for the margin markets which will include both volatile and stable assets.
  • Lending Pools — As of now, EasyFi will create all lending pools for Electric. We expect these decisions to be taken over by the community when we launch the EasyFi DAO.
  • Margin Markets — The margin markets to begin with will start with a few pairs. Users who wish to trade on the margin trading markets will essentially have to first deposit a collateral directly on the Electric module.
  • Margin Interest — Margin interest incurred by leveraged traders is paid out to lenders. Lenders can earn higher yields by depositing assets into the lending pools, earning interest from borrowed assets and also receive other rewards, via some exclusive programs.
  • DEX Chains — We will essentially be connecting to top AMMs / DEXs on Polygon, Ethereum & BNB Chain to begin with and slowly expand to others in due course.
  • Community involvement — The community will eventually own the decision-making process when the governance process on EasyFi DAO kicks-in. Decisions such as addition of new lending collaterals, margin trading pairs, default interest rates, risk parameters, will be the community’s prerogative in the long term.

Testnet Launch

The Electric contracts currently have been deployed to the Polygon Mumbai Testnet with a connection to QuickSwap Testnet as a DEX integration.

Our Testnet launch which will enable the users to try and test the module to the hilt and so we can iron out any issues. In the Testnet version, we are opening testing of leveraged trading on assets such as MATIC, USDT, DAI & USDC — we will keep adding new trading pairs in due course for testing as well.

Coming up Next

Testnet on different blockchain Networks — We will soon enable this on other blockchains such as Binance Smart Chain & more.

Mainnet Launch — Once thoroughly tested, we will go live on the mainnet — however, ample time will be given to the community to try and test this protocol on different testnets.

About EasyFi

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.

Website | Twitter | Telegram | Whitepaper | Blog | App

To learn more about $EZ 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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EasyFi Network

EasyFi Network

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EasyFi is a Layer 2 DeFi Lending Protocol for Digital Assets. Focused on plugging various gaps in DeFi adoption, powered by the efficient Layer 2 Blockchains