Hello guys, Ubong Ephraim here and welcome to another episode of Matic DApp spotlight with Ubong Ephraim. On this series I highlight DAPPS implemented on the Matic Network. DAPPS which choose Matic Network to enable them scale and also provide faster transactions for their users.
And today we’ll be talking about EasyFi, a universal layer 2 lending protocol for digital assets. But before we get into EasyFi, let’s talk a bit about Matic Network.
Matic network is a blockchain solution that provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network. Matic has made an effort to resolve the issues of scalability and usability without making a compromise on decentralization.
It is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
Matic network was created to solve the problem of scalability associated with most blockchains and also accelerate transaction speeds.
When developers seek to deploy their solutions using blockchain technology, speed and scalability are two utmost features they look out for. Matic network solves these problems very well while adding additional features such as a smooth user experience and security.
DAPPS stand for “Decentralized Applications”. They are web applications developed with blockchain architecture. Their usecases range from business and finance to utility, gaming and technology solutions.
DAPP developers need to implement upon a blockchain architecture with an efficient speed to enable it’s users have a fluid and smooth experience. Hence DAPP developers look to blockchain solutions with proven high throughput and high TPS( Transaction speed per second).
Matic Network is a great blockchain solution to DAPP developers as it solves this problem of scalability and speed. Infact, over 30 DAPPS are currently deployed on the Matic Network.
In today’s part of the series, we’d be looking at EasyFi, a universal layer 2 lending protocol for digital assets built on the Matic Network.
EasyFi is a protocol built with a vision to solve some of the inherent challenges faced by gen 1 DeFi solutions with respect to the transaction speed and cost which are a bottleneck for DeFi operations at scale.
The DeFi space has seen exponential growth in recent times with the total value locked(TVL) in its smart contracts exceeding billions of dollars and it continues to rise.
This reaffirms the fact that DeFi is offsetting traditional finance. Hence, there is a need for a robust and scalable infrastructure for decentralized finance. The high transaction fees and low speeds are hindrances to scalability and if the DeFi sphere would want to thrive and continue to gain mass adoption, these bottlenecks would need to be fixed.
EasyFi is an open and inclusive financial system built upon the most promising layer 2 solution, Matic network. They have chosen Matic Network due to its compatibility with the ethereum codebase, it’s access to the developer community of Ethereum and the power of Plasma technology on which Matic is built. By using the Matic Network layer 2 solution, EasyFi is able to serve a large number of users and handle millions of transactions by ensuring faster and cheaper transactions.
EasyFi aims to focus on credit aspects of the protocol, enabling various modules for borrowers to access credit easily and responsibly. Furthermore, EasyFi will also enable modules of DeFi based Insurance to protect the capital suppliers from NPAs(Non performing assets) that might occur in the future as a result of the progression of lending markets.
EasyFi is built to push the adoption of DeFi by enabling various untouched or under-functioning features of the financial industry using blockchain technology. Some of its core features include :
- Secured (Collateralized) Loans
- Under collateralized Loans
- Micro Lending
- Credit Delegation
- Credit Default Swaps
Key Benefits of EasyFi
1. Low Cost Transactions
EasyFi is built using layer 2 blockchain solutions enabling cheaper, faster and more efficient transactions.
2. Real World integrations
EasyFi is built to solve real world credit requirements with required supply of capital. Hence enabling more stronger adoption.
3. Deeper Liquidity Pool.
EasyFi is built using layer 2 blockchain on Matic Network, which harness the capability of Plasma Blockchain concepts. Hence it gives all the benefits of layer 2 solutions in terms of speed and cost; while still using the deep liquidity pools of Ethereum Mainchain.
EasyFi believes in a community-centric approach hence the protocol plans to hand over complete control, subsequently , to its user’s community through innovative governance modules. With the core philosophy of value distribution to the network participants, EasyFi thrives to incentivize its users, for initial adoption, through dual farming programs in association with the Matic network.
Matic Network layer 2 solution with all it’s awesome features continues to place it as a sought after tool for developing business solutions on the blockchain.
Want to build with Matic too?
For Developers building Dapps and looking for a scaling solution, do get in touch with Matic Network. They can help you not only achieve scale but also provide the best UI/UX to your users.