EasyFi Introduces Electric Testnet on Polygon

EasyFi has launched a new product for traders looking to enter the space of margin trading. Electric Testnet is now live on Polygon Mumbai, linked to QuickSwap Testnet. The launch allows traders to get short-term loans and trade margin positions using a decentralized exchange’s publicly sourced liquidity.

All the activities will happen on the EasyFi app, ultimately allowing traders to leverage hundreds of tokens on the product to execute leveraged trades.

Top decentralized exchanges are involved in granting liquidity to users. The list includes PancakeSwap, UniSwap, QuickSwap, and SushiSwap, to mention a few. Margin trading will be conducted securely and efficiently, courtesy of the mechanism of the EasyFi application.

Users getting access to some of the top decentralized exchanges is one of the key features of the launch. EasyFi, however, is not stopping there. The venture plans on exploring more options and launching a larger number of integrations in the times to come.

Lenders will be walking down a known road as EasyFi will make the calculation of the risk-reward ratio available. A separate pool of different assets will be created for users to understand risk and reward parameters. Investments will now have a better return with minimal risk involved. A pair available on any decentralized exchange will display a real-time AMM price.

The market price will be detected by using price feed oracles. These will be integrated into the lending protocol in addition to those provided by a decentralized exchange. Electric provides a user interface that is easy to understand and operate. It is an intuitive product that has been planned in a manner that is simple and user-friendly.

The vision for the future is pretty clear. Electric looks to take trading pairs on the independent and isolated lending pools. The process will kick start from a smaller set of tokens for the margin market. This will include assets that are stable and volatile.

EasyFi will create lending pools for Electric. The final decision will remain in the hands of the community at the time of the launch of the EasyFi DAO.

Community members will also be involved in the decision-making process related to other aspects like governance. Other decisions that will be taken in consultation with the community include adding margin trading pairs, crypto lending collaterals, risk parameters, and default interest rates.

As time passes, EasyFi will go on to connect with more top decentralized exchanges on Polygon, BNB Chain, and Ethereum. Expansion on other decentralized exchanges will be done in a phased manner during a later period.

Ample time will be given to the community to try and test the protocol on different testnets before the project is live on the mainnet.

EasyFi is a global layer-2 multi-chain money market framework for digital assets focusing on liquidity sourcing and capital efficiency for structured lending.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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