EasyFi V2 is a universal Layer 2 lending protocol within the decentralized finance (DeFi) ecosystem. It is built for scalability, composability, and adoption, supporting activities across multiple blockchains including Ethereum, Binance Coin, and Polygon. The protocol is designed to facilitate efficient and secure lending and borrowing activities by leveraging advanced blockchain technologies and smart contracts.
EasyFi V2 operates on Layer 2 scaling solutions, which are employed to enhance transaction speeds and reduce gas fees. The protocol makes use of Ethereum, Binance Coin, and Polygon blockchains to ensure robust scalability and security. It employs smart contracts to manage lending and borrowing activities, executing predefined actions when specific conditions are met. This approach not only ensures transparency but also automates transactions on the platform.
The potential use cases for EasyFi V2 include:
EasyFi V2 is primarily applied in the financial services sector, particularly focusing on improving accessibility and affordability of DeFi lending solutions.
Founded by Ankitt Gaur and Anshul Dhir, EasyFi was launched in August 2020 on the Polygon Network. The protocol quickly gained traction with $40 million in Total Value Locked (TVL) within 36 hours of its launch. It later expanded to Ethereum and Binance Smart Chain to enhance its multi-chain capabilities. Despite a significant security breach in April 2021, which led to a loss of funds, EasyFi V2 has worked towards improving its security measures and continued its growth with strategic partnerships and technological enhancements.