EasyFi Network
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EasyFi Network

Oracle Integration and Testing

EasyFi is the First DeFi DApp on Matic Network to integrate Chainlink

We are happy to announce that EasyFi has integrated Chainlink Price Feeds live on mainnet to supply secure and reliable price data to our stablecoin-based lending markets for USDT, USDC, and DAI, as well as upcoming volatile asset markets, starting with MATIC and ETH. This enables our platform to properly price various forms of collateral, which is foundational to issuing loans at fair market values and maintaining a secure and transparent liquidation mechanism.

This integration is one of the first live mainnet applications outside the Ethereum ecosystem to integrate Chainlink Price Feed oracles on a Layer-2 network (Matic Network). The integration ensures that EasyFi’s first DeFi products on Matic are utilizing industry-leading oracle infrastructure for strong data security, reliability, and accuracy. By supporting both stablecoins and volatile assets, EasyFi is giving users more asset options when supplying liquidity, staking collateral, or taking out loans.

We chose to integrate Chainlink because its Price Feed oracle networks feature high-quality data sourced from multiple data aggregators, providing the necessary market coverage to mitigate recent flash loan exploits. Additionally, each oracle network consists of a decentralized collection of independent nodes providing price data, which are aggregated to form a tamper-resistant and highly available data point. By decentralizing both the data sourcing and data delivery aspects of the oracle network using premium data and secure nodes, we can supply trusted data while protecting users against any single point of failure in the oracle mechanism.

Roadmap Adherence

As detailed in our Q4 Roadmap, we outlined our foray into the volatile assets market in November 2020 (Read here: EasyFi Q4 Roadmap — The Road Ahead). Similar to our stablecoin markets, launching volatile asset markets requires managing liquidation thresholds, which necessitate collateralization checks on borrowers via reliable data feeds delivered to our lending protocol in a fair, transparent, and secure manner. That is why we decided to further our integration with the Chainlink decentralized price oracles. (Detailed in our blog post: EasyFi To Integrate Chainlink Price Feeds).

Recently, Matic Network announced its launch of five Chainlink Price Feeds live and native to the Matic mainnet, which will be used to power its DeFi ecosystem (Read here: Matic becomes the first outside Ethereum to launch native Chainlink feeds). The following price feeds include: MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD.

This launch aligned well with our platform roadmap, as these Price Feeds will be directly published on Matic mainnet and thus power key functions on the EasyFi protocol. We have been working very closely with Matic Network and Chainlink to integrate these Layer 2 Price Feed oracles into both our stablecoin (already live) and new volatile asset smart contracts (upcoming), starting with MATIC and ETH. We believe this will reduce systemic risks and help build a sound Layer 2 DeFi system.

Needless to say, the Price Feeds are very critical for our roadmap. We are confident that these feeds will help us in:

  • Creating new lending markets with trustworthy liquidation & risk management mechanisms
  • Implementing robust risk management systems in a more accurate manner
  • Monitoring and analyzing price data in real-time

We believe that our dual farming contracts written for the Matic Network will also need robust price feeds, and this tripartite of Chainlink, Matic, and EasyFi will serve as a new benchmark in layer-2 DeFi protocols that other projects can look up to.

Ankitt Gaur, CEO EasyFi said, “We’re thrilled to go live with Chainlink Price Feeds on Matic, as well as soon expand the integration into volatile assets. The launch of EasyFi proves that developers can now build DeFi products on scalable Layer 2 platforms while still connected to secure and reliable price oracles. We are confident that this framework will support a new wave of faster, cheaper, yet secure data driven financial products built using blockchain technology.

About Chainlink

Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.

Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds.

To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.

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About EasyFi

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.

Website | Twitter | Telegram | White Paper | App

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To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.

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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