The EasyFi is a universal layer 2 lending protocol that is utilized by crypto assets. This is a financial ecosystem that is currently built on Matic network. The reason Matic network was chosen is because of how compatible it is to the ethereum codebase. It was also used because of its large access to the Ethereum community, as well as the Plasma technology that the Matic network possesses.
Scalability is a major aspect of EasyFi, and this is why it is easy for the transactions to be a lot cheaper and faster. This has been built into the protocol to allow the numerous users to carry out millions of transactions quickly and easily.
The aim of the EasyFi train is to be at peace with the credit aspect of the protocol, thereby allowing the borrowers to have access to easy end quick credit in a responsible manner.
The EasyFi network is designed to create DeFi modules that will ensure the capital suppliers are shielded from NPAs which may happen later on. NPAs are usually common in progressive lending markets.
Major Modules and Functionalities
EasyFi is dedicated to ensuring that blockchain and the decentralized finance technology are embraced by the populace. It will do this by utilizing the blockchain technology to boost those aspects of the financial world that are poorly functioning or being overlooked.
Below are some features that are part of EasyFi and will make it easily adoptable by the populace.
• Secured (Collateralized) Loans:
The lending industry loves Secured or Collateralized Loans. People fancy them because of the perks that come with them. To ensure that EasyFi is adopted, it has decided to incorporate Secured or Collateralized Loans into its ecosystem. This will be a major aspect of its Interest Rate market protocol.
• Under collateralized Loans:
One of the major aspects of EasyFi will be its under collateralized Loans. This is an innovation that will make the adoption easy and quick. EasyFi will work with TrustScore to ensure that the ecosystem has access to billions in funds that will be managed and shared in an efficient manner. Koinfox built a decentralized rating mechanism called TrustScore to help DeFi projects to know the ranking of their users.
• Micro-Lending:
In the World, especially the underdeveloped world, people exist that have access to only tiny amount of capital, which costs high interest rates to the recipients. Local financiers make a killing by offering little capital for high interest rates.
The Micro Loans from EasyFi will allow local businesses to have access to capital to run their business or private individuals to have access to funds to take care of private needs without having to worry about high interest rates.
• Credit Delegation:
EasyFi intends to offer credit delegation as an important aspect of its operations for those parties that know one another or decide to accept the risk level that has been earmarked by TrustScore on the borrower. This will be feasible on more trust-based loans.
Conclusion
EasyFi has decided to revolutionize what is happening in the lending industry by making it a lot easier for the common man to have access to it without paying dearly for it.