AMA RECAP : CRYPTO CHALLENGERS x EASYFI
Venue : CRYPTO CHALLENGERS
Date : 13 DEC 2021
Time : 02:00 PM UTC.

Guest :Shantanu Sharma
They shared detailed information and his opinions about the project EASYFI.

🔴 SEGMENT 1 INTRODUCTION

1. Could you please provide a quick self-introduction for the community?

Shantanu Sharma:
Hello Friends - My name is Shantanu Sharma

I am VP, Growth & Marketing at EasyFi Network.

Been in this industry for more than 5 yrs now and have an overall work experience primarily Sales & marketing experience of over 25 years.

Enjoyed my previous corporate avatar thoroughly..

Having a ball of a time now.

2.Can you briefly introduce the project EasyFi Network what are some of utlities of $EZ ? How do you think you stand out among the competitors if there are any?

Shantanu Sharma:
Multiple questions in this one…will try to answer in brief.

EasyFi Network is a universal layer 2 DeFi lending protocol currently LIVE on Polygon Ethereum & BSC networks.

As the first Layer 2 lending protocol built on Polygon (Matic) Network, EasyFi has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products.

We are focused on the borrowing side of lending markets where the actual gap lies. We tend to launch
- under-collateralized loans
- Micro-lending products
- Pay-day Loans &
- Credit default swaps - as an institutional offering

In a nutshell, we focus on consumer centric products expanding DeFi lending space to better use cases and addressing major pain points of :

- high gas cost
- slower transactions
- no borrower centric products
- Fewer collateral options in existing money markets.

Now on to the 2nd part of this question

Our token is $EZ.

As a token $EZ has several uses and here are a few of them:

1. For protocol’s governance as and when EasyFi becomes a DAO.

2. For Protocol Incentivization as rewards to users from time-to-time through our various staking & farming programs.

3. As Staking rewards in collaboration with various projects to launch their lending & borrowing markets on the EasyFi network.

4. For Cross-market interaction by enabling various markets on EasyFi to be able to incentivize EasyFi users to interact with those respective markets.

5. For Cross-Chain Settlement instrument in various inter-chain bridges while sharing liquidity over mainchains and sidechains such as BSC, Polygon and others as and when we expand to them.

3rd Part to the question - Standing out to the competition

Well I think the primary aspect that makes us stand out is our focus in removing the entry barrier for obtaining a loan.

The current entry barriers are the high collateralization ratios in the various lending protocols.

For e.g. In order to borrow $100 worth of digital assets, you will have to deposit anywhere above $150 or MORE worth of collateral in digital asset.

This is a big problem for those with short term capital or loan requirements.

Small investor tend to miss out on taking loans against their digital assets due to the

👉🏼 prevailing high collateralization ratios and
👉🏼 high transaction costs in the DeFi lending protocols.

We believe that everyone with a digital asset should be able to participate and take a small loan through our platform

Either without having to deposit any collateral - i.e. uncollateralized loans....

or deposit less collaterals - under-collateralization!!

These are the few things I believe makes us stand out.

3. Can you share the achievements the team has made so far ? what are the major achievement target EasyFi Network is yet to achieve . If possible also share your roadmap.

Shantanu Sharma:
Yeah Sure. This will be slightly longish too...as we have acheivements starting last year since Oct 2020 😀

As a project, we work on Qtr by Qtr milestones. Small goals help focus better...is what we think.

As a project here are a few milestones we have achieved so far:

👉🏼 We are the 1st DeFi lending protocol on a layer 2 network (Polygon Network)

👉🏼 We achieved a TVL of $40 Million within 48 hours of mainnet launch

👉🏼 Apart from Polygon, and expanded to Ethereum & Binance Smart Chain and will do so for other layer 2 networks when the time is right.

👉🏼 We are the 1st DeFi lending protocol on layer 2 to implement price feed oracles, credit rating generation systems, on-chain Digital Identity Management Systems etc

👉🏼 We are also the 1st among all DeFi products globally to have a separate liquidation module for borrower's default.

👉🏼 We are the 1st L2 DeFi lending protocol to list many new digital assets as collaterals - those which have not been done on other similar protocols.

Some examples being:
⚡️ Staked derivative assets - like the various rTokens in collaboration with StaFi and rUSD with RAMP DEFI
⚡️ Non-ERC20 assets like oBTC and oLTC in collaboration with BoringDAO

👉🏼 Apart from the Lending module, we also have fully functional staking and farming modules as well.

👉🏼 We are one of the first micro-cap DeFi projects to be listed on BINANCE.

👉🏼 We are Listed on Uniswap, QuickSwap, Ascendex, Gate, CoinDCX, WazirX — some of the best-known exchanges.

👉🏼 Community Wise -

We are spread across 6 localized communities in Vietnam, India, Turkey, Korea, Japan & Bangladesh, in addition to a global community on Telegram. - Total community strength of approx. 40,000 members.

Very Recently

👉🏼 We started the process of Push Notifications for our protocol

👉🏼 We went live with Coinbase Wallet integration on our protocol.

👉🏼 We also launched a Developer's fund on our protocol

Now on to the 2nd part of the question

Our current roadmap for Q4 2021 is detailed here: https://bit.ly/EZFullRoadmapQ421

⚡️EasyFi Q4 2021 Full Roadmap ⚡️

With new products & services, new collaterals & money markets, better UX, increased utility for $EZ & more, EasyFi is ready for the next orbit!

❇️ Full Roadmap milestones for Q4 2021

🔹EasyFi Full Protocol Launch - Multichain launch of full lending protocol on Polygon, BSC & more - DONE

🔹EasyFi Insure - Multichain Insurance for Money Markets towards User fund protection - Tied up with Tidal Finance to achieve and integrate this

🔹Easyfi Push Notifications - Multichain & Protocol-wide real-time Smart Alerts & Notifications - Tied up with EPNS Protocol to achieve this. Integration is ongoing now

🔹Easyfi MTrade - On-chain Margin Trading for traders, arbitrageurs for efficient capital deployment

🔹Easyfi Agamotto - Universal Multichain Asset Relays

🔹EasyFi Blend - Robust Governance, Smart Asset Routing & Reconciliation as a precursor to us becoming a DAO

🔹Easyfi Staked Derivative Markets - Dedicated Money Markets for Staked Derivative Assets as Collaterals - with StaFi and RAMP as mentioned above - more to come soon.

🔹Easyfi Developer's Fund - Dedicated fund for developers to build upon open lending infrastructure for DeFi - DONE - Check this announcement out: https://t.me/easyfiAnn/555

4.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution

Shantanu Sharma:
The total supply is 10Million tokens.

The following picture will give a better view of the entire tokenomics.

Shantanu Sharma:
Do consider the fact that we went mainnet live last yr in Oct 2020 and with TGE during the same time.

Refer EZScan for Current effective supply - https://www.easyfi.network/ezscan.html

Sal (NEVER PM U):
Important feature of EasyFi is its "Gasless Mode", where user can transact and trade assets without the need for gas fees. How is this possible? Will EasyFi pay the fee actually ? Otherwise explain the mechanism

Shantanu Sharma:
See guys - Gasless modes are triggered and conducted by a system of meta-transaction relayers.

To achieve this, we have partnered with Biconomy

The integration of meta-transactions ensures that all transactions on the EasyFi Network remain gasless.

This is how it usually gets done:

Step 1: User’s metamask is triggered for signature when performing a transaction on the EasyFi Network.

Step 2: The signed data is relayed to Biconomy’s relayers.

Step 3: Biconomy’s relayers pay the gas fees and forward the transaction with user’s signed data to the EasyFi contracts.

Step 4: EasyFi contracts decodes user information from signed data and updates the chain state.

To avoid bottlenecks, multiple Biconomy relayers work in parallel to relay different transactions.

To ensure that no malicious transaction takes place, only the relayers registered with Biconomy are permitted to participate in this process.

I hope this explains

🔵 SEGMENT2 TWITTER QUESTIONS.

1.Is the EasyFi platform offers loans without collateral? How can we use the feature uncollataralized lending? Is there any conditions and requirements to meet for the users in order to eligible this?

Shantanu Sharma:
EasyFi currently Does not offer loans with collateral.

But this is our eventual goal.

to be able to provide such loans to everyone who needs it.

Under and Un-collateralized loans are like unsecured loans that will require high credibility on behalf of the loan seeker to be able to or be eligible to take that loan

Instead of relying on a borrower's assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness.

So if you are seeking an unsecured loan on the EasyFi protocol, you will have to prove your creditworthiness via our Proof of reputation or POR smart contracts.

This is the TrustScore that will be used to measure whether you have taken any loans earlier..

And if yes...the POR will measure whether you have been paying your loans back on time or not...

Similar to any loans that you take with the bank....and CIBIL tracking your payments and giving you a score....

This is the one of the main requirements.

EasyFi Network has built that infrastructure and already integrated some mechanisms - like the TrustScore Credit rating system - that will soon allow small term users with digital assets to take micro loans, payday loans, working capital loans and short term loans.

More on this soon....keep yourselves aligned with our announcements and our group for all updates.

2.How EZ is planning to take initiative as being DAO+Defi Protocol to ensure community to give them right to vote and how community can drive decisions in future? can you share quick brief to current holders so all can be aware of the power of hodling and how we can be part of DAO

Shantanu Sharma:
EasyFi is not yet a DAO and hence the governance system is not operative as of now.

But very soon we will be

Like all governance systems, there will be proposals that will be presented on the DAO (when it becomes operative) and the users of the DAO will be able to decide using the onchain voting structure built-in to decide where the proposals passes or not.

If you read the EasyFi whitepaper (https://www.easyfi.network/easyfi-whitepaper.pdf) we had declared right upfront that we will carve a path towards becoming a DAO where the community gets involved in onchain governance and voting that will enable the protocol to arrive at a consensus for some key decisions.

We are already working on and in many ways ready to deploy some new smart contracts in our design that will enable governance delegation mechanisms to empower the network users and participants with more engagement and value derivation.

The protocol is designed to enable staking at multiple levels and facilitate governance through moderated voting mechanisms.

We intend to design to keep protocol interactive, participative, and one that offers convenience to developers & end-users.

As a key step towards this - and for this I would like to direct this community’s attention to our Q4 21 Roadmap (https://medium.com/easify-network/easyfi-roadmap-q4-2021-363ebab9117e) - we have outlined a milestone called “Blend”.

EasyFi Blend will basically be a series of smart contracts to offer robust governance, smart asset routing & reconciliation - blending security, speed and functionality of major lending protocols.

This actually underlines the next step towards achieving full decentralization through a DAO.

3.Collaboration is a very important aspect for the success of a project. So do you plan to work on multiple projects in the near future? If so, can you tell us your future plans in this regard?

Shantanu Sharma:
Definitely. Partnerships are the mainstay of any project for growth and success.

As a project we have been fortunate to have had many friends, advisors and guides over the past year of operations.

Some of these partnerships are technology related

e.g.
- Polygon,
- Chainlink,
- Blockpass

Some are strategic tie-ups to add new assets to our lending protocol -

e.g.
- StaFi,
- RAMP DeFi,
- Mirror Protocol,
- Clover Finance and many others

Some use EZ as a utility

e.g. Playcent
- using it as a medium of exchange.

Some partners are for the purpose of providing joint incentivization opportunities to the community

e.g.
- QuickSwap,
- Pancakeswap,
- Router
- Dfyn
- Cryption and many more.

Also, When we expand ourselves to various different networks, we need to also need guidance from their tech teams as well...

- Polygon
- Binance Smart Chain
And all the rest we are now exploring...

Its 360 degree approach to Partnerships & Collaboration at EasyFi !!

4.Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is @EasyfiNetwork smart contract? Have you tested it through any of the parties?

Shantanu Sharma:
Yes We have been audited for sure.

EasyFi Network is completely focussed on building a robust security infrastructure on our protocol to protect the overall protocol and our users funds from any external or internal threat.

We have hence onboarded one the leading cybersecurity - HALBORN SECURITY - a Blockchain & smart contract security firm as our full time security consultants.

They will be involved in :

👉🏼 conducting full smart contracts audits,
👉🏼 monitoring & bettering our security practices based on global best practices
👉🏼 DevOps procedures for the complete protocol infrastructure on Polygon, Ethereum, Binance Smart Chain and to all other chains that we will expand to.

You must read more here: https://medium.com/easify-network/easyfi-network-partners-with-cybersecurity-firm-halborn-for-complete-audit-total-security-513e4e4e83c6

We have also made all our smart contract audits public and they can be found here:

👉🏼 Lending smart contracts
- https://bit.ly/EasyFiFinalLendingAudit

👉🏼 Farming & Staking smart contracts:
- https://bit.ly/EZHalbornAudit
- https://bit.ly/FarmingAudit

👉🏼 Audit Reports
https://bit.ly/EasyFiSecurityAudit
https://bit.ly/EasyFi-Lending-Audits

Apart from this, we have tied up with TIdal Insurance to insure user funds and also the protocol.

Read more about it here

👉🏼 https://medium.com/easify-network/tidal-finance-joins-hands-with-easyfi-to-offer-multiple-insurance-on-layer-2-defi-ecosystem-2be3d9077d2e

So having said that..we believe that the funds of the users are safe. 😊

⚪ SEGMENT 3 TELEGRAM LIVE

:
Q1: Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

Shantanu Sharma:
1. I think the primary competitive advantage we bring is our focus on building a protocol that is borrower centric.

To ensure this, we are working towards the achieving undercollateralization and uncollateralization so that we can offer micro loans, allow users to take loans against their salaries, take short term working capital loans.

The infra and technology has already been put in place and integrated with the protocol.

We are just setting the path to be able to do that at the right time.
————————-
2. The 2nd best feature is our openness to bring new & unique digital assets under the purview of lending - ones that have never been thought of before.

For example, we have tied up with StaFi and RAMP to list their Staked Derivative tokens as collaterals on our lending protocol.

We are also working with BoringDao to bring Non-Eth tokens to our collateral markets.

We have always been on the hunt to do so.

This also includes bring traditional finance Structured Financial Products onto Layer 2 blockchains - e.g.Credit Delegation & Credit Default Swaps.
————————-
3. Lastly our focus on building around Layer 2 networks. Reduce Cost and time towards taking a loan on our protocol.

Q2-bismillah:
Will these 3 things focus on your future years ??
1) User experience on our platform?
2) Partnership?
3) Product development ..?

Shantanu Sharma:
Each of these are equally important and are inter-related to each other.

Our primary focus has to be to ensure we have a planned roadmap that is adhered to and that is where our product development comes through.

For achieving many such product integrations we will need to do partnerships

Last but not the least....the nature of the business is very community and user centric and hence the UX needs to continuously improve and expand its horizons on the platform.

We need to fully work towards these as a collective vision.

And with our eventual future in DeFi lending, we are much committed to this mission.

Q3-Zekk Sama:
Will you have any other DeFI feature like staking, yield farm or NFT in the future .Can you share with us the future development plan of your project from a global perspective?

Shantanu Sharma:
We do have Staking and Farming on our protocol.

You can check them out here:

Farming: https://app.easyfi.network/#/farming
Staking: https://app.easyfi.network/#/staking

As far as NFTs go, they are surely getting really popular nowadays and the overall outlook also looks great with so many NFT focussed projects coming up almost everyday.

We are a DeFi Lending protocol and we are definitely exploring ways in which we can leverage this upcoming market into our business model.

For our future Development plans - please do read this up and join our group to stay tuned to the developments on EasyFI - https://bit.ly/EZFullRoadmapQ42.

Q4-sreerag k s:
Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??

Shantanu Sharma:
We are very focussed towards non-english communities.

One reason why 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 discussions.

Q5-Jedrick:
According to the project's roadmap- what are your most important next priorities?

Shantanu Sharma:
I would not like to choose a product in the roadmap as each of them are important, but I could probably mention what we would like to complete as a milestone first as per our current plans..

👉🏼We are working on getting Push Notifications off the ground.
👉🏼We will also integrate new wallets to the protocol. We recently integrated Coinbase Wallet...we will continue to add other web3.0 focussed wallets
👉🏼 We will work towards the first phase of converting to a DAO structure with EasyFi blend.
👉🏼 Others will also follow

As I said....all are priorities in their own might.

I think the best way to get an 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.

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 Announcement Channel: https://t.me/easyfiAnn
Blog: https://medium.com/@easyfinetwork
Ankitt Gaur: https://twitter.com/AnkittGaur
Anshul Dhir: https://twitter.com/anshuldhir_
Shantanu Sharma: https://twitter.com/Shaanush

Come join us on our journey!!

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