Introducing EASY; Distribution & Economics
EasyFi as a universal Layer 2 lending protocol is built as a blockchain agnostic money market protocol, starting with the MATIC network, which has helped us to address the most pressing concerns of skyrocketing gas fees and completion time of transactions.
EasyFi envisions an open and inclusive financial infrastructure built upon the ethos of permissionless networks & automation of smart contracts. To create an open, reliable, sustainable financial system, we believe, requires a higher level of thoughtfulness and dedication. Team Easyfi has committed to the deliverables and the ultimate goal of handing over the control of protocol to the community, with a conscious approach albeit.
We see ‘decentralization’ as a spectrum rather than an overnight switchable program. We believe it is the utmost duty of the team and community together to attain a certain point of cognizance and set the flywheel in motion, making the system absolutely workable so as to mitigate any risk of failure. Setting the flywheel in motion is a very practical approach explained by a thoughtful leader Mr. Ali Yaha of a16z. We would like our community members to read more about the same here.
About deliverables, as committed in the roadmap, EasyFi will first launch peer to peer lending platforms on the MATIC network, with collateralized loans and subsequently under collateralized loans, micro-lending, credit delegation, and credit default swaps. A detailed roadmap shall be released soon.
EASY, The EasyFi Governance token
To meet the end goal as described above, as the first step in the direction, we are proud to introduce $EASY as the governance token. $EASY is an ERC20 standard token and aims at achieving the utmost level of participation from the community. Expect a detailed post explaining the EasyFi governance mechanism and full documentation in the near future.
10,000,000 EASY shall be ever mined, therefore, is the total supply.
3,950,000 EASY total supply is reserved for community distribution and various incentive programs over a period of 20 months. For the first few months, once the protocol is launched, a total of 1,250,000 EASY are allocated for distribution in a linear fashion as part of yield farming. The remaining 2,700,000 EASY are kept separately in an ecosystem fund meant to be utilized for other future incentivization programs.
2,000,000 EASY are allocated to founders & the team, subject to 18 Months vesting. This includes an allocation for future team members too. 10% of allocated EASY will be unlocked on month 6 and then distributed daily for the vested period as mentioned.
2,000,000 EASY are allocated for a foundation for product development & business expansion, subject to 21 months vesting. 10% of allocated EASY will be unlocked on month 9 and then distributed daily for the vested period.
265,000 EASY are allocated for liquidity provision fund.
1,785,000 EASY have been distributed to early backers, strategic investors & advisors of the project, vested for a period of 15 months.
Raising Funds; Our Thoughts
As you might notice, we did not have a big fundraising round. A few months back, we closed a very humble round of US $300,000 from Tradfi & DeFi angels at a $3 Million USD valuation (Fully diluted). After internal discussions and learning from the ecosystem, we decided not to dilute foundation tokens as yet for more funds. Existing funds gives us enough boost to expand the team and build out the protocol. Our goal is to grow together with the community, instead of extracting our entire potential from day 0. As such, our float for the first few months is very limited to actual product users and a portion for angel investors. Learning from the previous projects, we allocated only 12.5% to liquidity farming for borrowers and lenders — for now. The actual community portion is about 40%, and if needed — the governance can decide to increase it further. The goal is to be able to attract capital without diluting the governance holders.
Also, we kept a medium vesting period for early backers, angel/strategic investors since we intend to transfer the control of protocol to the community, and a wider distribution over a period of time only makes it fairer for better governance.
We are thankful for all VCs/ Angels/ Strategic investors and community members who demonstrated their interest in EasyFi at this stage. We are obliged and humble. Looking forward to your equally overwhelming response and participation in the governance of the protocol.
This is a guarded launch, and we are working on bootstrapping the ecosystem on Matic — strap along, we will be announcing our choice of oracles, the liquidation modules, and more in the coming weeks.
For the first few months, once the protocol is launched, a total of 1,250,000 EASY are allocated for distribution in a linear fashion. We have planned yield farming, liquidity mining & dual yield farming programs to attract initial liquidity & adoption to the protocol.
1,250,000 EASY will be locked into a reservoir contract for distribution. The distribution is allocated to each market. Initially, there are five markets that are going to live soon viz. ETH, USDT, USDC, DAI, MATIC. More details about the program can be learned here.
$EASY emission schedule
In accordance with the token distribution model, a detailed emission schedule has been updated here:
Tokens are now released accordingly, with all the arrears being distributed. Pertinent to mention that these released tokens shall be automatically added to the circulating supply.