Generating Fixed & Predictable Income Opportunities
Configurable Smart Contracts enabling ANY project to create Passive Income Streams with “Fixed” rewards for their Communities
While smart contracts are a great way to automate the execution of projects when certain conditions are met, it’s no easy task to configure these programs. Nonetheless, it’s still imperative for a smart contract to be secure, functional, comprehensive, and tamper-proof.
When the American poet, Carl Sandburg, had said, “Time is the coin of your life”, he may not have envisioned that the case is equally applicable to bitcoins and other cryptocurrencies. However, when any delay happens in the execution of crypto projects, millions of dollars could be put at stake. Therefore, it’s critical that not only should smart contracts be robust, but they should also be written down quickly to avoid delays in project launches. This is exactly where configurable smart contracts come into play. Through this article, let’s take you through more details on Configurable Advanced Smart Contracts.
Configurable Lines of Code
Consisting of lines of codes that determine the terms of the agreement, smart contracts are autonomously executed when predetermined conditions are successfully met. These contracts are built on the blockchain network to align with the philosophy of being decentralized and immutable.
However, writing a smart contract is no mean feat, it requires one to possess the technical knowledge to write the code for the contract. Simultaneously, to make it easier for project owners to introduce new solutions, they shouldn’t be compelled to write contracts from scratch for every new project. That’s where configurable smart contracts come into the picture, as they provide a customizable set of code to quickly configure the contract according to the need of the project. These configurable advanced smart contracts provide the ability to tweak parameters such as duration of the program, lock-in period, release date for locked assets, and Annual Percentage Yield (for products consisting of features related to interest rates).
Configurable advanced smart contracts have certain qualities that make them significantly beneficial to DeFi projects. Some of these qualities are:
- There is no barrier to accessing these contracts as they have been designed to be permissionless and can be used by anyone to create their own products.
- Unlike coding smart contracts from scratch, configurable advanced smart contracts allow accessibility to the code that has already been written by industry experts. This saves time, money, and effort while simultaneously reducing the risk of creating a flawed contract.
- Capable of enabling projects to launch quickly.
- By removing the pre-condition of possessing technical knowledge, these smart contracts enable non-tech entrepreneurs to introduce innovative staking solutions to the world.
Building Fixed Income Products
By making projects easier to build, advanced smart contracts can also contribute to developing fixed-income products. Contrary to the inherent nature of cryptocurrencies whose prices fluctuate continuously, fixed-income products enable investors to gain a stable earning even when they don’t sell their holdings (or HODLing, as one may call it in the crypto world). While staking is also a tool that helps cryptocurrency investors to earn an income, the consistent variations in the earnings are not acceptable to everyone — especially those who like to plan for the foreseeable future.
Hence, configurable smart contracts could enable users to earn a stable income when details such as duration, interest rate, target pool size, release date, etc. have been configured. There are a few projects that are already providing such solutions, with projects like EasyFi Blend being one of the leading ones due to how easily accessible it is to the general masses.
Unlocking Innovation
Having understood the benefits of Configurable Advanced Smart Contracts, it’s easy to assess why they will be a driving factor behind crypto-innovation. With higher accessibility, the adoption of crypto will reach a higher mass, which will enable new entrepreneurs to readily dip their feet in the crypto world. Configurable Advanced Smart Contracts could provide a new pathway for upcoming start-ups to walk on.
About EasyFi
EasyFi Network is a universal layer-2 multi-chain money market protocol for digital assets with focus on liquidity sourcing & capital efficiency for structured lending in a non-custodial manner. The Protocol is currently live on Polygon, Binance Smart Chain and Ethereum.
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