Categories: Market Watch

EasyFi launches “Electric” Testnet on Polygon – Product for Margin Trading on DEXs

Introduces Permissionless Margin Trading capabilities to DeFi using its Lending Protocol

Dubai, UAE, Easyfi Network, the universal Layer 2 DeFi lending protocol for digital assets has announced the launch of the Testnet of its new product – Electric – a platform for conducting margin trading on DEXs.

EasyFi Electric will enable traders to take out short-term loans to trade margin positions on designated trading pairs, using publicly sourced liquidity from different AMMs / decentralized exchanges.

Announcing this, Anshul Dhir, Co-Founder & COO of EasyFi Network said, “There is an increasing need for products in the DeFi space that infuse efficient use of capital on DEXs and we believe permissionless margin trading brings exactly that. With the launch of Electric, we are expanding the purview of our lending protocol and entering a market where DeFi users can supply assets on Electric and use the vast liquidity available on DEXs & deploy them for margins.“

Permissionless markets for leveraged trading have been few and far between and that too with minimal market penetration and depth. What the DeFi market truly needs is enough scale to meet the decentralized margin trade demand that it displays.

Anshul added, “With EasyFi Electric, users can now leverage hundreds of tokens on EasyFi’s multichain margin trading product and execute leveraged trades with integrated liquidity from top DEXs like Uniswap, Sushiswap, PancakeSwap, QuickSwap and more on multiple blockchain networks.”

Key Features of Electric

  • Trades with Liquidity on DEXs

Will connect traders to trade with the most liquid decentralized markets / AMMs. EasyFi is exploring a collaboration with every AMM of repute.

  • Risk-Reward

Separate pools of different asset pairs will be created. This will allow lenders to invest understanding different risk and interest parameters. Lenders can invest based on the calculated risk-reward ratio

  • Real-time AMM Price

Collateral ratio with real-time AMM price for any pair available from a DEX.

  • On-Demand Oracle

Electric uses price feed oracles integrated into the lending protocol and the ones provided by the DEX to detect the real-time market price making trading and liquidation valid.

  • UI/UX

EasyFi has been a pioneer in building simple, intuitive and user-friendly products. The interface and experience for Electric has been planned in a similar manner.

The EasyFi Electric Vision

  1. Trading Pairs

The trading pairs on Electric will be based on the isolated and independent lending pools that are available on Electric. Testing will start with a small set of tokens for the margin markets which will include both volatile and stable assets.

  • Lending Pools

As of now, EasyFi will create all lending pools for Electric. It is expected that these decisions will be taken over by the community with the launch of EasyFi DAO.

  • Margin Markets

The margin markets to begin will start with a few pairs as mentioned above. Users who wish to trade on the margin trading markets will essentially have to first deposit a collateral directly on the Electric module before trading on DEXs.

  • Margin Interest

Margin interest incurred by leveraged traders is paid out to lenders. Lenders can earn higher yields by depositing assets into the lending pools, earning interest from borrowed assets.

  • DEX Chains

EasyFi will essentially be connecting to top AMM / DEXs on Polygon, Ethereum & BNB Chain to begin with and slowly expand to others

  • Community Involvement

The community will eventually own the decision-making process on proposals sent to Electric when the governance process on EasyFi DAO kicks-in. Decisions on lending collaterals, margin trading pairs, default interest rates, risk parameters, will eventually be the community’s prerogative in the long term.

  • Testnet Launch

EasyFi will essentially start with a Testnet enabling users to try and test the product to the hilt while the issues, if any, can ironed out. In the Testnet version, leveraged trading will be open on a test asset called xUSDC. EasyFi will keep adding new trading pairs and expand on new blockchains for testing.

Coming up Next

  • The Electric contracts have been deployed to the Polygon Mumbai Testnet with a connection to QuickSwap Testnet as a DEX integration
  • Ample time for the community to try and test this protocol before Mainnet launch.
  • Partnering with DEXs and projects to integrate with the Electric Protocol.

Get Started

About EasyFi

EasyFi Network is a universal layer-2 multi-chain money market protocol for digital assets with focus on liquidity sourcing & capital efficiency for structured lending in a non-custodial manner. The Protocol is currently live on Polygon, Binance Smart Chain and Ethereum.

Website | Twitter | Telegram | Whitepaper | Blog | App

Morris

Morris is a Technology enthusiast and a writer by night. He has been a part of eTrendy Stock for quite some time and he contributes knowledgeable news articles from the Technology niche. He attended a technical school in Florida.

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