EasyFi Protocol, the layer two decentralized lending-focused platform is expanding to new blockchains. Aligning with the development team’s Q1 goal of expanding EasyFi into more networks, EasyFi will be launching on Binance Smart Chain (BSC), bringing a whole new suite of products to BSC and a lot of value-adding factors to EasyFi.
With the continuing growth in decentralized finance and the need for scalability, lower transaction fees, and blockchain interoperability, BSC is a natural fit for EasyFi’s aspirations and target market.
BSC Expansion Brings News Opportunities
EasyFi is already available on Polygon (previously Matic) and Ethereum but is expanding so that EASY, the utility token of the platform can also be represented as a BEP-20 token on BSC. Launching on BSC will bring a whole swathe of new opportunities to the EasyFi lending ecosystem. With the introduction of BSC’s sizable community, Easyfi’s lending pools are sure to grow as more users stake assets.
EasyFi users who were previously transacting on Ethereum can now move their operations over to BSC to drastically reduce their transaction fees and speed up confirmations, allowing for an overall smoother experience. Already interoperable with ERC20 tokens and Polygon-based tokens as potential assets for lending collateralization, EasyFi will be able to introduce BEP-20 tokens into the mix once the platform officially launches.
The introduction of additional cross-chain assets is one of the best ways for a platform to grow its underlying liquidity. As EasyFi continues to evolve, it will introduce new blockchain-agnostic money markets, especially as it partners with other players within the BSC ecosystem.
With the platform migration, EasyFi brings its rich set of lending products to all BSC users. Binance Smart Chain has a wide variety of defi applications already represented on its network, but with EasyFi’s focus on accessible lending, micro-loans, and under-collateralized loans, users will have new financial tools at their disposal.
Using the Koinfox decentralized rating mechanism, EasyFi users can receive a pseudo-credit score that allows them to secure loans without having to over-collateralize a portion of their assets. This greatly expands BSC’s capabilities as an ecosystem, more closely mirroring the traditional lending sector but with profits going back to everyday users instead of corporations. EasyFi also introduces decentralized credit default swaps to BSC, allowing users to tokenize loans into tradable financial instruments for willing buyers interested in covering the contract risk. This brings forth a credit insurance platform for loan issuers and investors on BSC to utilize.
Why BSC?
There are many viable layer-one blockchain platforms to partner with, but for EasyFi, BSC was an obvious choice for its next integration. Binance brings a slew of features to the EasyFi ecosystem, many of which will create new yield generating opportunities for users of both platforms.
EasyFi will also be integrated into new and highly used blockchain wallets. Considering Binance is the largest cryptocurrency exchange on the market by a long shot, generating tens of billions of dollars in daily trading volume, introducing the EASY cryptocurrency to a much broader ecosystem is sure to be beneficial to all parties.