EasyFi Network Announces Expansion & Integration with Binance Smart Chain
ACCESSWIRE
5 min read
The Layer 2 DeFi Lending Protocol now available on 3 blockchains - Polygon, Ethereum and Binance Smart Chain
TORTOLA, VIRGIN ISLANDS / ACCESSWIRE / March 14, 2021 /Easyfi Network, the universal Layer 2 DeFi lending protocol for digital assets has announced its expansion and integration on Binance Smart Chain (BSC). The BSC integration has been put into place and the protocol will be launched soon with all DeFi based product offerings currently available on EasyFi's Protocol V1 powered by Polygon Network (also on Ethereum).
Announcing this, Ankitt Gaur, Founder & CEO, Easyfi Network said, "This integration with BSC is in line with our Q1 2021 roadmap that mentioned our aim to integrate with different blockchain networks. This full protocol integration with BSC will be EasyFi's first outside Polygon (erstwhile Matic) and Ethereum Networks. We will continue to expand to other chains in the times to come.
These past few months in the DeFi space have brought to fore the urgent need for cross-chain technologies that reduce the fee-burden on the common crypto investor. It is imperative that to drive DeFi adoption, our money markets need to be built in such a way as to be interoperable between chains."
The Easyfi integration with Binance Smart Chain brings the following advantages to the growth of the Lending Protocol:
Smart Contract functionality & compatibility with the Ethereum Virtual Machine (EVM)
Interoperability and flexibility for inter-chain asset transfers
Cost-effective & high-speed transactions for efficient cross-chain money markets
Rich and growing digital asset ecosystem on Binance; which opens opportunities for future partnerships and tie-ups.
World-class platform
This also means that $EASY will be deployed and available as an ERC20 as well as a BEP20 token on all three chains viz. 0xPolygon, Ethereum and Binance.
Access to Binance communities for larger interaction
Adding to this, Anshul Dhir, Co-Founder & COO, EasyFi Network said, "EasyFi's plan of new collateral integrations, product upgrades, new services in the lending space and many others in the pipeline, will get a fillip with our integration on BSC. This is primarily due to the ever-maturing and actively encouraging ecosystem for DeFi on BSC."
Here is how EasyFi will leverage the BSC ecosystem and raise the bar to DeFi lending a notch higher:
EasyFi will work towards integrating new assets that are present on BSC to its protocol as collateral
It will further enhance the infrastructure needed to build robust lending markets for its current structural lending and future products e.g., micro-lending
Integrate new money markets for tokenized stocks, precious metals and commodities
Expand the product ecosystem with integrations to newer wallets
Create new yield generation opportunities for EasyFi users to further EasyFi's #DoMoreWithDeFi vision
Further enhance its core modules viz. Dual Farming, Staking with newer partners and programs
EasyFi's Integration Plans with Binance Smart Chain
Bridge Integration - The BSC Bridge is by far the fastest way to bring cross-chain assets to Binance Smart chain. It is a service that provides access to inter-blockchain liquidity between BSC and other chains, including Polygon and Ethereum-based Decentralized Apps. The BSC bridge integration with EasyFi will primarily:
Bridge liquidity across chains through the EasyFi protocol which is also available on Polygon and Ethereum networks.
Enable users to transfer $EASY and other tokens in and out of the Binance Ecosystem effortlessly and seamlessly.
The users of EasyFi's products and services such as staking, farming, lending will be able to move collaterals to and from the chains we are deployed on, to the BSC based EasyFi protocol.
Expand the horizons for EASY token holders, with the inclusion of the growing ecosystem of ERC20 and Non-ERC20 pegged assets on Binance Smart Chain.
EASY Token Deployment on BSC: EasyFi's expansion to BSC makes it imperative that the native token EASY be deployed on the BSC on the BEP20 token standard. This primarily means that apart from being an ERC20 token, EASY will also be deployed as a BEP20 protocol token.
Some of the benefits for deploying EASY on BEP20 token standard are:
It will be compatible with Ethereum ERC-20 token standard (as well as Binance BEP20) thus enabling seamless cross-chain exchanges of EASY tokens between.
It will allow other tokens and applications - such as wallets, DEXs and dApps - within the BSC network, to function with our DeFi protocol.
It expands the reach of EASY tokens to multiple DeFi ecosystems and also maximises collateral options for the money markets on our protocol.
Mint EASY tokens on BSC: Once the EASY tokens are deployed on the BEP20 token standard, the distribution and emission of EASY as a yield and reward asset can be taken up through the various lending, staking, and liquidity farming services on the EasyFi lending protocol on BSC. The supply of EASY tokens remains fixed at 10 Million. For the purpose of rewards, EasyFi will allocate some EASY on the BSC for the same.
About Binance Smart Chain
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. However, unlike the Binance Chain, BSC boasts of smart contract functionalities and is fully compatible with the Ethereum Virtual Machine (EVM). The primary design goal of BSC was to leave the high throughput of the Binance Chain intact while introducing smart contracts into its ecosystem. It's an independent blockchain that could run even if Binance Chain went offline.
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 permission less networks & automation of smart contracts.
