EasyFi to Integrate Multiple Wallets on Layer 2 Money Markets
Native Wallet Integrations to boost user onboarding on multiple chains and ecosystems
The DeFi space is all about composability and permissionless access to financial products for everyone. A highly composable system provides components that can be plugged in with various combinations to provide for user specific requirements and improve the overall Web 3.0 experience for the users.
This need for composability applies to lending protocols in a very specific manner. For a lending protocol to be able to unlock its true potential, it is imperative that there is a constant onboarding of users on the platform, which in-turn drives liquidity, in-and-out of the protocol, in the form of supply of collateral and loans taken by users.
Building Wallet Composability
With the recent influx of capital in the crypto space, increased opportunities in the DeFi space, and the elusive mainstream adoption, it is time a user’s assets are not kept siloed and are reachable instantly to make the most of the opportunities in the DeFi space.
This can be made possible via a system that enables users to choose their desired wallet to perform an operation of their choice, such as lending, staking, farming etc, with ease.
This need for Wallet Composability can be solved by deeper integrations of decentralized wallet systems with the protocol.
The availability of multiple wallets on a platform enables a user to move assets from any network and from all corners of the digital asset space.
EasyFi Native Wallet Integrations
Keeping this in mind, it has been EasyFi’s endeavour to enhance the user experience by constantly adding new products, features and services so that the user gets to #DoMoreWithDeFi.
This also reflects in the recent integration of EasyFi’s staking module on Orange wallet, which makes it extremely easy for anyone to access EasyFi products from the comfort of a mobile app.
As a part of our current go-live of the lending protocol and the Q4 2021 Roadmap, we are now working on two primary fronts:
a. Shaping Multichain User Onboarding
An investor / user of digital assets is always looking for opportunities that enable increase of their wealth or provides passive income.
With increased penetration of decentralized lending of digital assets, we believe that integrations of multichain wallets on the EasyFi lending protocol will create an influx of a user base from across the entire DeFi space and from multiple chains and ecosystems.
Currently EasyFi provides direct access to the Metamask wallet.
EasyFi is focussing on this primary need of the user to do all the tech integrations necessary to integrate multiple wallets natively to the EasyFi protocol.
b. Improve access to liquidity on Multiple chains
We have also been actively exploring and testing deeper integrations with various wallet systems on Polygon, Binance Smart Chain and Ethereum to improve user’s access to their assets on these ecosystems to begin with, followed by others. These integrations will not only bring new users to EasyFi, but also unlock greater access to liquidity from multiple chains.
As a way forward, we will be adding new wallet systems from time-to-time to enable smooth onboarding of users and seamless access to wallet applications on multiple blockchains.
There are several different parameters that we will consider to make the right additions to the EasyFi ecosystem. Some of the parameters we will look out for are — user base strength, supported browsers, Supported tokens, blockchain networks they are on, usability, security, other functionalities, Web 3.0
The DeFi space is flooded with many wallet ecosystems each of which have their own merits. EasyFi will be working with the best of the breed that meet our requirements.
Advantages of a Native Wallet Integration
- Onboard new users to EasyFi from disparate chains and ecosystems
- Multiple options for users to access funds for lending, staking, & farming on EasyFi
- Increased access to liquidity from multiple networks for various yield generating opportunities
- Swift access to funds to take best advantage of new opportunities on the EasyFi protocol
- Simplified asset access on EasyFi with one-click access to funds
- Enhanced Web 3.0 experience for Easyfi user
- Access to different geographies
EasyFi is a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate an end to end lending & borrowing of digital assets and related financial products. EasyFi is being built upon the ethos of permissionless networks & automation of smart contracts.
To learn more about $EZ and EasyFi, please go through our whitepaper and other articles on this publication.