DeFi protocol EasyFi, a multichain layer 2 lending platform, is looking to bounce back in a major way. In public statements released in recent weeks, the company is showing commitment to the protocol, despite suffering a hacking incident last month.&
EasyFi started working for reinstatement to start the month, following hard fork and distribution. The layer 2 DeFi lending protocol also released a detailed interim compensation plan.&
The hack last month resulted in the compromise of 2.98M EASY tokens at a value of $25 a token, as well as money living in liquidity pools &- transferred to an unknown Ethereum wallet.&
Interim Compensation Plan
EasyFi’s addressed a number of different aspects as part of the protocol’s compensation plan; this starts with compensation of 100% of lenders/depositors net balances. The protocol also will release a detailed compensation plan for user’s funds deposited in protocol contracts on the Polygon network. The plan will include a 25% initial compensation and 75% EZ IOU (I Owe You). The IOUs will be 1:1 backed with a variety of benefits from both EasyFi and partner projects. In a Medium post, the protocol has emphasized that making users whole over time was a top priority, with a focus on compensating depositors “unconditionally and in a swift manner”.&
Moving forward, EasyFi will also open a round of funds for strategic investors (and has noted that they have already raised a sizable amount), as well as onboard new strategic investors and backers. Raising these funds will allow EasyFi to offer a brand new line of products and bring new, innovative products to market.&
Reinstatement Plan
In a Medium post, EasyFi released a statement outlining the reinstatement perspective moving forward. This started with partnering with top audit companies to conduct a full audit of the protocol for enhanced security, as well as a detailed audit of security practices. Additionally, EasyFi is partnering with firms specializing in bug bounty programs allowing people to participate in protocol evaluation.
Risk mitigation and a forward-thinking approach isn’t stopping there for the protocol; EasyFi is also working to implement protocol insurance against smart contract failure, as well as positional insurance to protect user’s collateral from being liquidated.&
Details on the protocol security and insurance related information will be made public soon.&
Following these moves for EasyFi, main protocol launch will take place on Polygon and BSC once again. EZ token holders will have options for a variety of farming and liquidity sourcing programs following the launch. From there, EasyFi will look to continue where the protocol had left off, with a focus on bringing innovative collateral options to market. The protocol will also leverage the opportunity to bring in a new application UI/UX, new access programs with EZ tokens, and a new roadmap and product.&
Despite challenges this year, EasyFi is paving a new way with detailed measures to overcome and continue offering unique, innovative DeFi products.&
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