EasyFi Lists MATIC as Collateral Market
Now Supply and Borrow MATIC on EasyFi Lending Protocol on Polygon
We are very happy to announce the listing of MATIC (Polygon’s native token) as a collateral on our EasyFi lending protocol built on Polygon Network. This will be done with effect from today the 26/March at 2100H IST / 1530H UTC.
Users will now be able to deposit their MATIC Tokens and earn an interest on their deposited tokens.
Here are a few important insights on this listing:
- Collateral: $MATIC / Polygon (https://coinmarketcap.com/currencies/polygon/)
- App link: https://app.easyfi.network/#/lending/dashboard
- Collateralization Ratio: 50%
MATIC Supply and Borrow Conditions
- Supply MATIC — Borrow other assets: If you are supplying MATIC, you can borrow other available assets e.g. USDC, DAI or USDT, ETH and WBTC from our borrow markets.
- Supply Other Assets — Borrow MATIC: If you are supplying any of the stablecoins (USDC, DAI, USDT) and/or other tokens (ETH and WBTC) from our V1 supply markets, you can borrow MATIC from our borrowing market.
What is Collateralization Ratio?
Collateralization is the use of a valuable asset to secure a loan. Collateralization Ratio (CR) is the ratio which defines how much of a valuable asset a user needs to deposit as collateral to secure a loan. In the crypto asset markets, the CR is calculated based on the asset in question and the relative price and volatility of the asset. On an average the collateralization ratios in the EasyFi Volatile Asset Markets range from 150% to 200% depending on the asset. This means in order to take a loan of $100, the user has to deposit between $150 to $200 worth of another asset.
$MATIC is the Native Token of the Polygon Network. MATIC tokens are released on a monthly basis. MATIC currently has a circulating supply of 5,011,255,458 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens.
Polygon (formerly Matic Network) is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains. Polygon combines the Plasma Framework and the proof-of-stake blockchain architecture. It is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc. with the advantages of Ethereum’s security, vibrant ecosystem and openness.
To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.