EasyFi Looks To Bounce Back; Issues Reinstatement & Interim Compensation Plans
DeFi protocol EasyFi, a multichain layer 2 lending platform, is trying to bounce again in a significant manner. In public statements launched in current weeks, the corporate is exhibiting dedication to the protocol, regardless of struggling a hacking incident final month.
EasyFi began working for reinstatement to begin the month, following arduous fork and distribution. The layer 2 DeFi lending protocol additionally launched an in depth interim compensation plan.
The hack final month resulted within the compromise of two.98M EASY tokens at a price of $25 a token, in addition to cash residing in liquidity swimming pools – transferred to an unknown Ethereum pockets.
Interim Compensation Plan
EasyFi’s addressed quite a few totally different facets as a part of the protocol’s compensation plan; this begins with compensation of 100% of lenders/depositors web balances. The protocol additionally will launch an in depth compensation plan for person’s funds deposited in protocol contracts on the Polygon community. The plan will embody a 25% preliminary compensation and 75% EZ IOU (I Owe You). The IOUs shall be 1:1 backed with a wide range of advantages from each EasyFi and companion tasks. In a Medium post, the protocol has emphasised that making customers entire over time was a prime precedence, with a deal with compensating depositors “unconditionally and in a swift method”.
Shifting ahead, EasyFi can even open a spherical of funds for strategic buyers (and has famous that they’ve already raised a large quantity), in addition to onboard new strategic buyers and backers. Elevating these funds will permit EasyFi to supply a model new line of merchandise and produce new, progressive merchandise to market.
In a Medium post, EasyFi launched an announcement outlining the reinstatement perspective shifting ahead. This began with partnering with prime audit corporations to conduct a full audit of the protocol for enhanced safety, in addition to an in depth audit of safety practices. Moreover, EasyFi is partnering with corporations specializing in bug bounty packages permitting folks to take part in protocol analysis.
Threat mitigation and a forward-thinking method isn’t stopping there for the protocol; EasyFi can be working to implement protocol insurance coverage towards good contract failure, in addition to positional insurance coverage to guard person’s collateral from being liquidated.
Particulars on the protocol safety and insurance coverage associated info shall be made public quickly.
Following these strikes for EasyFi, important protocol launch will happen on Polygon and BSC as soon as once more. EZ token holders may have choices for a wide range of farming and liquidity sourcing packages following the launch. From there, EasyFi will look to proceed the place the protocol had left off, with a deal with bringing progressive collateral choices to market. The protocol can even leverage the chance to usher in a brand new software UI/UX, new entry packages with EZ tokens, and a brand new roadmap and product.
Regardless of challenges this yr, EasyFi is paving a brand new manner with detailed measures to beat and proceed providing distinctive, progressive DeFi merchandise.