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EasyFi Launches on Binance Smart Chain to Support Defi Interoperability

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by Kseniia Klichova · 3 min read
EasyFi Launches on Binance Smart Chain to Support Defi Interoperability
Photo: EasyFi

Protocol to be fully integrated and launch all its DeFi services on BSC.

EasyFi’s decentralized lending platform is already available on Ethereum, the most popular smart contract platform, and Polygon, but it has now expanded through a new partnership. EasyFi will be bringing its unique defi lending platform to Binance Smart Chain, one of the fastest-growing blockchains in the industry. This will mark the third network that EasyFi is available on as it continues on its mission for complete blockchain interoperability.

The move to BSC should prove a mutually beneficial relationship, rewarding stakeholders from all sides as both continue to make their platforms more robust. EasyFi will gain access to a large group of defi users, bringing more assets to interact with and deposit on the platform. BSC and its users will now have decentralized lending options beyond collateralized loans, expanding on its defi capabilities.

The Power of Lending Comes to BSC

EASY, the utility token of the EasyFi ecosystem, will be introduced as a BEP20 token with the integration into BSC. BEP20 tokens are similar to ERC20 tokens – EASY is also available as on Ethereum – but BEP20 is an extension of this token framework for Binance Smart Chain.

Using this new token standard, EASY owners on BSC will gain access to all of EasyFi’s decentralized lending products, including micro-lending, under-collateralized loans, credit default swaps, and credit delegation, with a faster and more cost-efficient platform. This will introduce a new defi asset class into the BSC ecosystem in the form of a tokenized loan contract. It also allows users to partake in a decentralized credit evaluation in order to qualify for loans requiring less collateralization than other defi platforms.

The move to Binance Smart Chain means that EasyFi can partner with other projects available on BSC, introducing their assets into lending pools and bringing new users to the respective platforms.

A Step Closer to Full Interoperability

EasyFi plans to expand its platform to accommodate all of the most popular smart contract networks to capitalize on the full abilities that the blockchain economy can enable. Their latest integration with BSC, in line with their Q1 2021 roadmap goals, signals the shape of things to come as EasyFi pursues other L1 and L2 rollouts. EasyFi will be able to act as a bridge for many assets across BSC, Ethereum, and Polygon, increasing the use case and underlying value of their individual blockchain assets.

For decentralized finance to reach its full potential, it needs to be accessible cross-chain and have cheap enough transaction fees for everyday users to interact with it regularly. This is not possible under the current defi infrastructure, which is why EasyFi is continuing to expand to more scalable blockchains.

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