EasyFi Reinstatement Plan
Following the security incident and subsequent announcements as regard to ongoing investigation, token hardfork, distribution & compensation plan the very next step is reinstatement of the EasyFi protocol. Infact, we already started working for reinstatement last week after hard fork & distribution.
Learning essential lessons from the findings of the hack & subsequent analysis we have carefully thought out a plan to reinstate the protocol from ground up, stronger & faster.
Below is the brief about the steps we are taking to ensure the community feels comfortable using easyfi’s products and the protocol.
- Security Audit & practices: Security audits are in general also very important in a decentralized world. However, now these have become even more important than ever for us to get the FULL AUDIT of the protocol for enhanced security. So as to enable this, we have taken following steps:
a) Partnering with top audit companies to audit not just the protocol smart contract code but do a complete audit of all the security practices for enhanced security.
b) Partnering with companies specializing in carrying Bug bounty programs for people to participate in protocol evaluation and commit for the code.
2. Insurance: We have decided to add an additional layer of risk mitigation as part of protocol to infuse extra security & confidence for usage of the protocol. Consequently, we will partner with various insurance cover providing protocols to protect our user’s collateral positions and engagement into EASYFi’s contracts. Expect different kinds of insurance covers and innovative products from EasyFi in the near future in this direction.
a) Protocol Insurance: Insurance against smart contract failure. We are constantly looking for and engaged with such companies who offer this service on layer 2s.
b) Positional Insurance: This time we want to do whatever best is possible for the community and users of EasyFi, hence not just protection from contract’s vulnerability but even positional liquidations. Users on EasyFi will be able to take insurance cover for any uneventful market scenarios for protecting their collateral from being liquidated.
3. Protocol Launch: As stated earlier, we have already partnered and started working on audit. Once it’s completed and insurance partners are put in place we will launch the main protocol for public use on Polygon and BSC again. Meanwhile we will keep opening up the protocol sections which we believe now comply to requisite security practices & necessary auditing.
4. Community incentivization and liquidity sourcing: Once the protocol is launched we will release various farming and liquidity sourcing programs for EZ token holders and protocol users on both all the networks including polygon, binance smart chain & ethereum.
5. Launching advanced Collateral options: With all the above done, we will pick where we left. We will launch the new and most innovative collateral options like staked derivatives and tokenized stocks on the protocol, for people to have more options for liquidity. We have already revealed few partners with whom we will continue working to deliver as promised in previous announcements.
Last but not the least, there are going to be other updates and opportunities for the protocol users and EZ holders:
- Completely new UI/UX for the application.
- New Access Programs — an opportunity for EZ & EZ IOU holders to get allocations in upcoming promising projects.
- New Roadmap & Product.
Pertinent to mention here, our team is constantly working to verify data & resolve issues related to users who have raised tickets on EasyFi support portal. We are thankful to our community for support & their patience in this regard. This herculean task should be completed in a few week’s time.
As stated earlier, please STOP trading OLD EASY tokens anywhere (exchanges & DEXs) as it’s deprecated and holds no value. Users involved in any activity related to deprecated OLD EASY token are liable themselves for any losses that may or may not occur.
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To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.
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