EasyFi Network
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EasyFi Network

Final Compensation & Distribution

Important Update

TLDR;

  • The distribution of assets as per the final compensation plan will start from today 02nd June 2021 UTC 12:30 PM and will be completed in the next 48 hours.
  • Final compensation plan now includes 100% compensation for the users whose value of Net balance on the protocol (Total of deposited assets (stable coins and volatile assets) less borrowed assets) is less than $1000 at spot prices.
  • For the users whose value of net balance of assets on the protocol is greater than $1000 will be paid 25% upfront and 75% in EZ IOU as per vesting schedule described in the interim compensation plan.
  • EZ IOUs are also being distributed at a discount of 25% on the spot price for stable coins as well as volatile assets viz. Matic, Ethereum, WBTC
  • This Final compensation plan required some extra and important steps to be taken, which have been detailed below.
  • Each user will get access to their individual reconciliation statement on the reinstated EasyFi application.
  • New dedicated dashboard to allow users to swap IOUs with EZ to go live soon.

Plan — At Length

In apropos to our previous announcement related to the Interim Compensation Plan, we are glad to inform all users that the disbursement of assets as per the updated and final compensation plan will start on 2nd June 2021 at 1230h UTC.

The disbursement as per the plan is scheduled to complete in the next 48 hours.

The distribution has been planned as follows based on the total net asset value of the users’ deposits.

  • For Users whose total net asset value is less than or equal to $1000–100% upfront compensation for the entire net balance will be made.
  • The Users whose total net asset value is greater than $1000–25% upfront compensation will be made in respective assets & the remainder 75% in EZ IOUs.
  • Please note: EZ IOUs will be distributed at 25% discount on spot price of EZ. Refer to the previous announcement for more details.

Reference Prices of Assets taken for final Distribution

Asset Wise Compensation Calculation

Example for understanding

Let us suppose, a user has the following net assets balances in the EasyFi lending markets on Polygon as per snapshot before the security incident.

Now, the compensation to the user A is being paid as follows:

Comprehensive preparations prior to distribution

The following are some of the steps, which needless to say were time consuming.

  • Account reconciliation: It was important that we conduct a deep and full reconciliation per user account on EasyFi with reference to the decided date and time of the snapshot. This was a humongous task.
  • Data Finalization: The next step was to finalize the net assets to be compensated — in original assets and EZ IOUs — this includes a great amount of data extraction & crunching which consumed a lot of time. We did this two times over to remove any possibilities of error.
  • Contracts for EZ IOU: While we were doing the above, our tech team was also writing, building and testing swap contracts for our new token contracts for EZ IOU.
  • Integrating EZ IOU: Once the above is done we would be integrating and testing these contracts with the EasyFi dapp (front end ) to enable the users to start claiming EZ against IOU when the tokens start unlocking per Polygon block.

Now that all the above steps have been completed, we are now ready to start the following distributions:

  • Distribution of 25% of all original assets deposited on our application on Polygon.
  • Distribution of EZ IOUs

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