AMA Recap: CRYPTO MINERS X EASYFI NETWORK

EasyFi is a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and

adoption. It has been designed as an open network infrastructure to run on public networks to facilitate

an end to end lending & borrowing of digital assets and related financial products.

We hosted an AMA session with EasyFi Network on 27th November at 10:00 AM UTC.

Mr. Ramsy was the host from Crypto Miners and Mr. Shantanu was our guest from EasyFi Network. He shared delightful knowledge and unique features of EasyFi Network.

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Segment 1️⃣: Introduction

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Ramsy:
Hello everyone 👋 and welcome to the Crypto Miners AMA session Ton EasyFi Network

Shantanu Sharma:
Hello People....

Happy to be here.

Ramsy:
Thank you all for joining us today!❣

To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Shantanu, Welcome to our community 🤝

Shantanu Sharma:
Thanks a Lot...very happy to be here in this vibrant community...Hope you guys are having a great day so far!

Ramsy:
Glad to see you here ,
Thanks for bringing Us EasyFi Network❣

Shantanu Sharma:
🙌🏻🙌🏻 Pleasure.

Ramsy:
I'm pretty sure that our AMA participants are very much excited to learn more about EasyFi Network, so let's get started if you're ready

Shantanu Sharma:
Absolutely...Let's Go!!

Ramsy:
🏍💨

So here's our first question....

Q1) Can you give a brief explanation about 'EasyFi Network'. What popped up in your mind to create such a platform in this space?

Shantanu Sharma:
Just a short intro to begin with

My name is Shantanu Sharma, I’m head Growth & Marketing at EasyFi Network. Been in this industry for more than 5 yrs now and have an overall work experience primarily in sales & marketing of over 25 years.

Before I can answer your question on EasyFi I would like to relate a problem in the current lending scenario in the DeFi space.

All lending programs across Layer 1 and Layer 2 are based on collateralization. Which means for every borrowing that you need, you have to deposit some collateral the value of which is usually much higher than the borrowing value.

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

The collateralization ratio, as it is called, is hence very high in the DeFi industry.

Moreover, asset transfer / deposit costs are anyway so high that it renders a large group of people with capital needs to stay out of this.

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

Lending to the small investor is an issue and they 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 - uncollateralized loans; or less collaterals - under-collateralization.

It is with this vision and rationale that EasyFi Network started its operations as a Universal Layer 2 DeFi lending protocol last year in Oct 2020.

We are currently live on Polygon and will shortly go live on Binance Smart Chain and Eth. and later expand to other networks as well

We are focused on the borrowing side of lending markets where the gap lies. We tend to launch under-collateralized loans, Micro-lending products, Pay-day Loans & Credit default swaps (institutional offering) as mentioned in our roadmap.

In a nutshell, we are focusing 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.

That is the idea that popped in the minds of our founders Ankitt and Anshul and here we are 😊

Long but necessary to help all of you guys understand the idea behind EasyFi - Making Finance Easy for one and all :)

Ramsy:
Thankyou for sharing this valuable information about EasyFi Network👏

Now let's see our second one...

Q2) Share us about your Governance token, What are the some of utlities of $EZ in Your Ecosystem? And if possible share to us the Tokenomics for $EZ

Shantanu Sharma:
Great..

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

1. Governance
$EZ token will enable users to be able to play part in the protocol’s governance as and when EasyFi becomes a DAO. We will enable the community to control various governance decisions w.r.t. running the protocol.

2. Protocol Incentivization
EZ is currently being used to reward users from time-to-time through our various staking and farming programs. When we become a DAO this will also be used to provide users with voting rights in the upkeep of the protocol and continuous development.

3. Staking rewards
$EZ token will also enable various projects to launch their lending and borrowing markets on the EasyFi network hence will enable them to reward the users to stake $EZ tokens for earning rewards in form of tokens of the respective markets and interact with corresponding markets on the protocol.

4. Cross-market interaction
EasyFi is the first protocol in the DeFi space to enable dual token farming, hence enabling various markets being launched on EasyFi to be able to incentivize EasyFi users to interact with those respective markets.

5. Cross-Chain Settlement
$EZ tokens will be used as a cross-chain settlement instrument in the various bridges created to communicate and share the liquidity with various other sidechain and main chains being built over a period of time like Binance Smart Chain, Polkadot, etc.

For the Tokenomics, Please refer to this picture.

It details out All our Token distribution and token emission parameters.

You can also read the following article on our blog to know in details: https://medium.com/easify-network/introducing-easy-distribution-economics-abb04e3af92f

Please note. This is an article that was written last year and then our Token symbol was EASY!! :)

Ramsy:
Alright, Now let's see our last question from this segment...

Q3) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from EasyFi Network? If possible could you please share a roadmap with us.

Shantanu Sharma:
Development is an ongoing process.

We went mainnet on 2nd Oct 2020.

Being a Fork of Compound it was a fast deployment process, we just needed to align our focus areas into a new set of contracts and we were live with our protocol.

Over the past 1 year, there have been many achievements and I would like to invite this community to join EasyFi Network to get more information.

We do have a long term vision - that is to be able to offer under-collateralized and uncollateralized loans to the DeFi space.

Read more about how and why we plan to achieve these and understand why we are focussing on this idea: https://bit.ly/BorrowersDilemma

However, we usually break down our goals to quarterly achievable goals.

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

In brief, our upcoming Roadmap covers the following. Two of which we have already completed or are underway to final integration Full Protocol Launch and Push Notifications
– Launch Full lending capabilities.

– EasyFi Insure, an insurance-for-money market, allows users to ensure their positions against market volatility and reduce risks from market exposure.

– Implement EasyFi push notifications for real-time smart alerts and notifications on all activities on EasyFi multichain protocol.

– EasyFi MTrade offers advanced smart contracts based on-chain margin trading facilities to traders and arbitrageurs.

– EasyFi Agamotto’s launch allows universal multi-chain asset relays for seamless and gasless transmission of assets across multiple chains.

– EasyFi Blend will launch and provide advanced smart contracts with robust governance, smart asset routing and reconciliation.

– EasyFi Stake Derivative Markets which creates dedicated markets for Staked Derivative Assets on the main protocol.

– Raising the EasyFi Developer’s Fund, which will be a dedicated fund for developers to build upon open lending infrastructure for DeFi.

I hope this helps explain our plans.

Ramsy:
Indeed 👍

Thanks for that well detailed introduction about EasyFi Network🤝
That's the wrap up our the first part of the AMA session✅

Shantanu Sharma:
Kool

Ramsy:
Let’s now proceed to the Twitter Questions section,

Shantanu Sharma:
Lets jump on to the next!!

Ramsy:
I hope you're ready for that!

Shantanu Sharma:
Oh you bet I am 😀

Ramsy:
🌚🌚

So let’s go 🚀

Segment 2️⃣: Twitter Questions

1) 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:
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 - thus blending security, speed and functionality of major lending protocols.

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

2) How will Easyfi network be able to act as a catalyst for the adoption of DeFi ? How can Easyfi network speed things up ?

Shantanu Sharma:
Interesting Question. Part of which I have already answered in our introductory question - the one about how the idea of EasyFi popped....

See, we believe that adoption in the lending ecosystem will primarily come when we open the grounds for the small investor to be able to take unsecured loans or semi-secured loans through under and uncollateralized lending.

Right now the basic problem is the high cost to do transactions on the Eth network and the high collateralization ratios on the lending protocol.

It is because of these two primary reasons that the small investor who really wants to get involved cannot do so.

Small investors miss out on these opportunities for supplying assets to earn a yield and also taking short term loans to fulfill their certain goals.

This is called the “Borrower’s Dilemma” - you can Read more here: https://medium.com/easify-network/the-borrowers-dilemma-under-collateralized-loans-27f79b859e8c

EasyFi Network has built that infrastructure and already integrated some mechanisms - like the TrustScore Multi-chain 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.

We believe solving this borrower’s dilemma will improve adoption to a great extent as this opens the scope for huge forms of liquidity to come into this space.

Q3)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:
Nice. This is a question right up there. Which shows that someone has taken the pain to read up on our plans and our tech updates.

Just to let everyone know - Gasless modes are triggered and conducted by a system of meta-transaction relayers.

We have partnered with Biconomy and 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.

Please Note:

👉🏼 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.

4)Smart contracts are known to be susceptible to errors, bugs or hacks. So how is this Project security system composed? In addition, has any audit report been made by sources external to your project?

Shantanu Sharma:
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 - Halborn Security - one the leading cybersecurity, Blockchain & smart contract security firm as our full time consultants

They have a scope to conduct
- full smart contracts audits whenever they are created and to be deployed,
- our security practices,
- DevOps procedures for the complete protocol infrastructure on Polygon, Ethereum, Binance Smart Chain and to all other chains that we will expand to.

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

Ramsy:
Q5)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 inorder to eligible this?

Here's our last question from this segment:)

Shantanu Sharma:
We have not yet started the undercollateralized / uncollateralized loans on our protocol yet.

However we have already set up the basic requirements and are in various stages of integrations and deployment to start offering this at the earliest.

To enable an undercollateralized / uncollateralized loans market on a decentralized protocol, we need to take care of a few things.

One - user identification -

We have partnered with Blockpass - to provide seamless on-chain Digital Identity data for money markets

Two - user credit rating -

We have integrated TrustScore - a credit rating system based on Proof of Reputation (POR) contracts.

Just to let all know - A POR ledger indicates credibility of the individuals based on his past borrowing and repay transactions.

Activities such as
- supplying assets
- borrowing assets
- repaying,
- defaulting (liquidation by LPs)

....are all done through the very whitelisted ERC20 address which produces a standardized Credit Score (Similar to Experian, CIBIL) - in this case TrustScore.

These steps will enable us to achieve lower collateralization ratios or under collateralization and collateralization for lending in DeFi.

Ramsy:
Thanks Your Valuable Answers❣,
And that's the end of our twitter question segment

Shantanu Sharma:
Awesome..

Ramsy:
Now Moving on to our last segment - Live Q&A,

Shall we go?

Shantanu Sharma:
Oh Yes!!

Ramsy:
Here we go,

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1)The launch of EasyFi Agamotto enables multi-chain universal asset relays for gasless and gasless asset transmission across multiple chains. Can you explain how with the EasyFi Agamotto launch, we will be able to with these multi-chain universal asset relays for gasless and gasless asset transmission across multiple chains in the future?

Shantanu Sharma:
When you look at gasless relays...I already explained in one of the questions above - we have partnered with Biconomy to enable that for us.

This currently happens on a few networks, in particularly Polygon.

Now imagine the EasyFi Protocol expands to beyond the Polygon network - say to BSC and Polka and many others, how would the gasless relays be attained.

With Agamotto - we will be building what is know as a multichain relay, allowing the user to do their transactions on multiple chains without having to pay gas - this is an infrastructure we are building within the protocol that will connect our protocols on various chains in the form of a bridge.

Each link / bridge will be connected to relayers like we do now with Biconomy. These bridges is what will become Agamotto

2) Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?

Shantanu Sharma:
Definitely. Partnerships are the mainstay of any project.
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 other

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, Pancakswap, Router, Dfyn, Cryption and many more.

Its 360 degree!!

3) Our team first started in the Philippines which is not an English speaking country. With that, we want to target all countries whether they speak English or not as gaming and investing has no definitive language. Our investors are global. So we don’t see why we won’t extend to non-English speaking regions.

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.

4) How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?

Shantanu Sharma:
Thanks for asking this question. Much appreciate. I would love to apprise you all of our team.

We are now more than 20 people on our roles.

EasyFi has a very experience leadership and a balanced team in every department.

CEO & Founder - Ankitt Gaur is serial techprenuer has more than 17 years experience under his belt - has founded multiple blockchain and enterprise tech companies, consulted global companies across 30 countries in the enterprise applications space and has also written a book on blockchain tech from a non-techie perspective. He is also an advisor and guide for multiple projects in this space.

COO & CoFounder - Anshul Dhir - again a serial entrepreneur has an experience that spans over 16 years, dedicated to building companies across Financial markets, Real estate, alternative Investments, Internet & Media. A Gold Medalist in entrepreneurship & finance from India’s prestigious B-school XLRI Jamshedpur, Anshul is also certified in Bitcoin and Cryptocurrency technologies from Princeton University. He was also selected as Entrepreneur “35 under 35” this year.

CTO and CoFounder - Tasleem Arif has more than 15 years experience in multi-faceted roles in the technology and development space that spans across multiple technologies and industries including building decentralized blockchain based products and services.

Our Development team has an average experience of 5 to 10 years in software and 3 years in the blockchain space.

The Marketing team led by me - I have over 25 yrs in the BD space and 5+ yrs in Blockchain & Crypto.

Overall, we think our team is our strength and we have been able to deliver the very best in the past year of operations.

5) Which one of these aspects is important for you?
1-Increasing Token Price & Value 2-Empowering Platform Development 3-Building Community Trust 4-Expanding Partnership Globally In what order?

Shantanu Sharma:
Each of these are important to us in varying degrees of importance.

In many ways 2, 3, 4 drives token valuation and price action. As a project, for us 2, 3 and 4 play a very vital role as we have to focus on building what we have declared in our roadmap. If we do that constantly and consistently, the value will be achieved.

In order to build a great product, you have to ensure you have great and ever expanding scope for partnerships with other great projects.

Last but not the least, it is ultimately the community that drives the engine. We have to build and deliver to earn their trust.

So everything that we do above is interlinked and an ongoing process.

*This Segment ends here*

Ramsy:
Thankyou so much For your valuable answers and information about EasyFi Network,
It Was Pleasure Hosting An Ama With You 🤝❤️

Is there anything else you would like to share or you want us to know ?

Shantanu Sharma:
There are many new things coming up on EasyFi..stay tuned on our various information channels

Thanks Ramsy for being the host

Anything else from my side?

Ramsy:
We Wish all the very best for Project 'EasyFI Network' And The Entire team behind the project

Shantanu Sharma:
Thank you All. Much appreciate.

Thanks For Having me!!

Ramsy:
I think that's be enough 👍❤️

Time To Conclude Our AMA Section

Shantanu Sharma:
🙌🏻🙌🏻 Bye Bye Crypto Miners Community!!

Ramsy:
Once Again Thank you so much for spending time with our community 🥂❤️

Shantanu Sharma:
Absolute Pleasure

Community, if you would like to learn more about EasyFi Network, here are some useful links for you:

Telagram: https://t.me/easyfiNetwork

Twitter : https://twitter.com/EasyfiNetwork

Website: http://www.easyfi.network/

Medium: EasyFi Network

Channel: https://t.me/easyfiAnn