EZ IOU — EZ Redemption Guide

EasyFi Network
EasyFi Network
Published in
4 min readJun 7, 2021

--

How to redeem EZ IOUs on EasyFi Application

EasyFi Network has recently announced multiple compensation updates on our Polygon based protocol which can be accessed on the EasyFi Official Telegram group.

Compensation Updates

All the lenders who deposited in the protocol markets have been compensated in respective assets and EZ IOUs as per the previously announced compensation plan.

We have made the following announcements in relation to the distribution of the assets as follows on our telegram announcement channel. Please refer to these links for further information.

In accordance with the compensation plan, the eligible users would have received a set of EZ-IOUs that can be redeemed against EZs that have been locked for 6 months in a contract on Polygon. These EZ tokens will be released in a specified manner per block on Polygon and will be displayed on a specially designed redemption dashboard on our application.

Step-by-Step Guide

The following step-by-step guide will help you to redeem your EZ (IOU) to EZ in an easy and straightforward manner.

Please note: The screenshots are for demo purposes only.

  1. Visit the following link to access the EZ IOU CLAIM dashboard https://app.easyfi.network/#/claim-eziou/dashboard/matic. The following screenshot depicts the dashboard. The user needs to connect to the wallet associated with the EZ IOUs. Click Connect Wallet.

2. The Connect Wallet will prompt the next screen asking you to connect to the relevant wallet system. Here it will be Metamask. Click on Metamask.

3. If you have a Metamask browser extension, click on it to unlock the wallet.

4. Login to your Metamask Wallet.

5. The EasyFi protocol will prompt you to change the network from Ethereum to Matic. Click on Switch Network.

6. On successful switching of the network, the user will get the following card — “Claim EZ from EZ (IOU)” on the redemption dashboard. This card depicts the total number of unlocked EZ as per the block height on Polygon and the total number of EZ (IOU) in your wallet. Select the number of EZ that you want to claim. Let’s assume you want to claim the maximum — click Max.

7. Once you have entered the EZ amount, click on Redeem Now.

8. The System and Metamask will prompt you to approve the transaction. Click Approve.

9. The above step will prompt the final step to confirm the transaction on the Matic Network. Click on Confirm and complete the transaction.

These steps will enable the user to redeem and convert their EZ IOUs to EZ and this will reflect in the respective wallet on requisite block confirmations.

Please note: The redemption will be done on a First-Come, First-Serve basis. Users can redeem their EZ IOUs over a period of 6 months as per the block unlocking schedule.

To know more about the EZ IOUs and its benefits to holders, please refer to the following article: Interim Compensation plan

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.

--

--

EasyFi Network
EasyFi Network

EasyFi Network is a Layer 2 DeFi Lending protocol for Digital Assets. Taking a strong community-oriented governance approach with $EZ