Take a look at the AMA transcript to see for yourself:
@defimaniac: It is an absolute pleasure having you today! We’re so excited to partner with you guys and learn more about EasyFi!
@rashie_233: Excited to talk more about this partnership
@defimaniac: Amazing, we’re good to go now so let’s proceed with the questions, here goes Q1
Can you please briefly introduce Easyfi Network & its team to our community?
@rashie_233: Hello Once again Members of the Community.
EasyFi Network is a universal layer 2 DeFi lending protocol currently on Polygon, Ethereum, Binance Smart Chain & recently expanded to Avalanche.
We launched mainnet in Oct 2020 — and were the 1st DeFi lending protocol on any Layer 2 network — on Matic — Now Polygon.
Our focus has always been to provide a multi dimensional lending platform to DeFi users with many different lending products.
So be it Collateralized lending on Volatile Digital assets, we are also working on uncollateralized and undercollateralized loans.
A recent product that we have launched is Electric — that enables anyone to take a short term undercollateralized loan on EasyFi to conduct leverage / margin trades on DEXs.
You can find it here: https://app.easyfi.network/#/electric
We also have ancillary products for incentivization programs — the most important one being BLEND — brings FIXED APR Staking programs.
You can easily stake project tokens and get a yield that has a fixed APR.
You can find it here: https://app.easyfi.network/#/blend
In Short — We are building Multi chain layer 2 money markets that will provide
- structured lending products
- facilitate end-to-end lending & borrowing of digital assets.
- New advanced DeFi products
As a team:
I am representing a team of brilliant professionals from this industry Ankitt Gaur — Founder CEO & Anshul Dhir — CoFounder COO — Masters of their craft in Technology and Finance..each with brilliant work experience.
@defimaniac: Sounds great, its shocking how many things can be done with a lending platform is incredible, i love all the items in your short-term roadmap, and it’s good to know that EasyFi is in many of the top L2 chains in the ecosystem!
Nice to meet you and your team! Now I want to know more about your protocol, Can you please explain us a bit more about Electric and how does the community get to benefit from it?
@rashie_233: As mentioned above — Electric enables traders to take out short-term loans on it to trade margin positions from publicly sourced liquidity from different AMMs / decentralized exchanges.
So let’s say you have $100 of assets and you deposit them on EasyFi Electric — say on Polygon.
Based on your deposited collateral, you can take a leverage of say 3x to open a trade on a DEX of your choice — on Polygon — say QuickSwap.
This leverage of 3x = Value of your deposited collateral (v) + Loan from liquidity providers (2x of your collateral value)
So in effect for $100 of deposit and 3x leverage = you take a loan of $200 from the Electric platform.
Now you can use this total leverage to open margin positions on QuickSwap. And close it at an opportune time.
In short -
- Deposit a collateral on Electric
- Select your leverage 2x, 3x or more
- Select a DEX for trade
- Select a pair for trade on the selected DEX
- Open a margin position on the pair selected
- Check your position from time-to-time
- Close position at an opportune time
All in a decentralized manner!
We are currently on Testnet on 3 chains — Polygon, BSC & Avalanche — coming up with more.
We invite you all to Join the Testnet on Polygon, BSC and Avalanche: https://app.easyfi.network/#/electric
You can always read more about it
@defimaniac: Loan 2x your deposit, that’s mindblowing man, thanks for sharing i’m excited to try it myself on the testnet!
Next Q! What would EasyFi Network’s partnership with JetSwap achieve?
@rashie_233: Here are a few impacts we expect:
1. Increased liquidity for ELECTRIC users: JetSwap is a decentralized exchange that offers automated market making and liquidity provision services. By partnering with JetSwap, Electric could benefit from increased liquidity for its margin trading pairs. This could improve the user experience for traders by reducing slippage and improving order execution.
2. More trading pairs: JetSwap offers a wide range of trading pairs, including many DeFi tokens that are not available on other exchanges. By partnering with JetSwap, Electric could potentially offer more trading pairs to its users, which could attract more traders to the platform.
3. Reduced costs: JetSwap offers a low fee structure compared to many centralized and decentralized exchanges. By leveraging JetSwap’s liquidity provision services, Electric could potentially reduce its trading fees and pass those savings on to its users.
4. Enhanced security: JetSwap is built on the Binance Smart Chain, which offers a high degree of security and scalability. By integrating with JetSwap, Electric could potentially benefit from the security features of the Binance Smart Chain, which could help protect users’ funds and prevent hacks and other security incidents.
@defimaniac: I am now very excited to see this collaboration get underway! Lets proceed with next question 🚀
Margin trading is still new for many DeFi users. What strategies do you recommend for successful margin trading on decentralized exchanges?
@rashie_233: Here are some strategies for successful margin trading on decentralized exchanges:
1. Understand the risks: Margin trading is a high-risk activity, and it’s important to understand the potential risks and rewards before getting started.
2. Choose a reliable decentralized exchange: Look for a decentralized exchange that has a good reputation, high trading volume, and robust security features.
3. Set clear stop-loss and take-profit levels: Before entering a margin trade, decide on your stop-loss and take-profit levels. This will help you limit your losses and maximize your profits.
4. Use a small leverage ratio: Start with a low leverage ratio, such as 2:1, and gradually increase it as you gain more experience.
5. Monitor your trades closely: Keep a close eye on your trades and adjust your stop-loss and take-profit levels as needed.
6. Use technical analysis: Use technical analysis to identify trends and potential price movements in the market. This can help you make informed trading decisions.
7. Diversify your trades: Don’t put all your capital into a single margin trade. Instead, spread your capital across multiple trades to reduce your risk.
8. Be patient: Margin trading requires patience and discipline. Don’t rush into trades or let emotions guide your decisions. Stick to your trading plan and be prepared to cut your losses if a trade isn’t going as planned.
9. Learn from your mistakes: No trader is perfect, and it’s important to learn from your mistakes. Keep a trading journal to track your performance and identify areas for improvement.
@defimaniac: I think im ready to do some margin now 😍 I liked rule 5, Keep your eyes close. Key rule IMO, thanks for sharing your safe strategy with our beloved community ❤️
Let’s get back on the track with next Q. What is the EasyFi team currently focused on, and what does the roadmap look like for the next two quarters?
@rashie_233: We are currently focussed on Electric in a big way — We will soon go mainnet on Electric with Margin trading options on DEXs like QuickSwap, PancakeSwap, SushiSwap, Uniswap, TraderJoe and many others.
We will also be focussing on multiple Blend staking programs on Polygon, BSC, Avalanche & Ethereum to get the best yield for the communities.
@defimaniac: Next 2 quarters are bright indeed! Ready for the next question?
@rashie_233: Yeah, Hoping the markets will be in favour 😃
@defimaniac: LFG! Next one should be asked before as many users been asking for it. Tell us a little bit about the EZ token. What can people gain from it and where can they acquire some?
@rashie_233: As a token $EZ has several uses and here are a few of them:
$EZ token will enable users to be able to play part in the protocol’s governance as and when EasyFi becomes a DAO. We will enable the community to control various governance decisions w.r.t. running the protocol.
EZ is currently being used to reward users from time-to-time through our various staking and farming programs.
When we become a DAO this will also be used to provide users with voting rights in the upkeep of the protocol and continuous development.
$EZ token will also enable various projects to launch their lending and borrowing markets on the EasyFi network hence will enable them to reward the users to stake $EZ tokens for earning rewards in form of tokens of the respective markets and interact with corresponding markets on the protocol.
EasyFi is the first protocol in the DeFi space to enable dual token farming, hence enabling various markets being launched on EasyFi to be able to incentivize EasyFi users to interact with those respective markets.
$EZ tokens will be used as a cross-chain settlement instrument in the various bridges created to communicate and share the liquidity with various other sidechain and main chains being built over a period of time like Binance Smart Chain, Avalanche, etc.
As far as buying EZ is concerned — you can try some of the following places. You can also check out the whole list here: https://coinmarketcap.com/currencies/easyfi/markets/
Check out the Markets here for acquiring EZ: https://coinmarketcap.com/currencies/easyfi/markets/
@defimaniac: Interesting, I think that was all or almost all for now, but before this AMA ends please tell us. Where is a legitimate source of truth for more information about EasyFi? Can you share links?
@rashie_233: I think the best way to get updates is to be on the EasyFi journey along with us.
I invite everyone here to stay abreast with our developments at the following links.
❇️ Company Links
- Website: https://easyfi.network/index.html
- App: https://app.easyfi.network/#
- Official Twitter: https://twitter.com/EasyfiNetwork
- Official Telegram Group: https://t.me/easyfiNetwork
- Official Telegram Ann Channel: https://t.me/easyfiAnn
- CoinMarketCap Community: https://coinmarketcap.com/community/profile/easyfinetwork
❇️ Leadership Team
- Ankitt Gaur: https://twitter.com/AnkittGaur
- Anshul Dhir: https://twitter.com/anshuldhir_
- Shantanu Sharma: https://twitter.com/Shaanush
❇️ EasyFi Regional Groups
We have expanded our communities regionally to the following areas as well and will continue to do more:
- Official Telegram (India): https://t.me/easyfiindia
- Official Telegram (Vietnam): https://t.me/easyfivn
- Official Telegram (Korea): https://t.me/easyfikr
- Official Telegram (Japan): https://t.me/easyfijpn
- Official Telegram (Bangladesh): https://t.me/easyfibd
- Official Telegram (Turkey): https://t.me/easyfitr
All these use their own vernacular languages for communicating EasyFi related news and discussions.
@defimaniac: Guys you know what to do 👆
Great to see you have sub communities as well! Okay guys that’s all for now, Thanks so much @rashie_233 for this amazing AMA!
@rashie_233: Thanks for having me JetSwap community. It was glad chatting with you guys.