Cryptocurrency News

EasyFi seems to bounce back; Issue Restoration and Interim Compensation Schemes

Defy Protocol Easy, A multichan Layer 2 Lending Platform, Is bouncing back in a major way. In public statements released in recent weeks, the company is showing commitment to the protocol despite suffering from the hacking incident last month.

EasyFi started work for hard fork and restoration for the beginning of the month after delivery. The Layer 2 DIFI loan agreement also issued a detailed interim compensation plan.

The hack last month resulted in an agreement of 2.98M EASY tokens at a price of $ 25 per token, plus money in the liquidity pool – transferred to an undisclosed Ethereum wallet.

Interim compensation scheme

EasyFi has addressed many different aspects as part of the protocol compensation scheme; It starts with compensation of 100% of net balances of lenders / depositors. The protocol will also issue a detailed compensation plan for the user’s funds deposited into the protocol contracts on the Polygon network. The plan will include 25% initial compensation and 75% EZ IOU (I Owe You). IOUs will be supported with 1: 1 with a range of benefits from both Easyify and partner projects. In Middle post, The protocol has emphasized that making users full-time was a top priority, with a focus on compensating depositors “unconditionally and in a fast way”.

Going forward, EasyFi will also open a round of funding for strategic investors (and noted that they have already raised a large sum of money), as well as for new strategic investors and supporters. Raising these funds will allow EasyFi to introduce a new line of products and bring new, innovative products to market.

Restoration plan

In Middle post, EasyFi issued a statement furthering the perspective of the restoration. It began with a full audit of the protocol for enhanced security, as well as partnering with top audit companies to conduct a detailed audit of security practices. Additionally, EasyFi is partnering with firms specializing in bug bounty programs, allowing people to participate in protocol evaluation.

The risk mitigation and forward-thinking approach to the protocol is not stopping here; EasyFi is also working to implement protocol insurance against smart contract failure, as well as positional insurance to protect the user’s collateral from liquidation.

Details on protocol safety and insurance related information will be made public soon.

Following these steps from EasyFi, the main protocol launch will occur once again on polygons and BSCs. Easy token holders will have options for a wide variety of farming and liquidity sourcing programs after launch. From there, EasyFi will continue where the protocol was missed, with a focus on bringing new collateral options to the market. The protocol will also take advantage of the opportunity to bring in a new application UI / UX, new access programs with EZ tokens, and a new roadmap and product.

Despite the challenges this year, EasyFi is paving a new path with elaborate measures to overcome and continue to offer unique, innovative DeFi products.

Source link

Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.