The EasyFi Yield Farming Program (YFP) has begun so all farmers roll up for rewards totalling $1.5 million in Easy tokens. The YFP will continue for 180 days from the start date on the 9th March.
How does it work?
The YFP is taking place on the Polygon Network (formerly Matic). Those wishing to farm have to supply stable coins to the V1 EasyFi lending protocol. Once the collateral has been provided, users will receive e-tokens (an interest-bearing token) to their connected Metamask wallets.
The user then needs to stake their e-token on the EasyFi liquidity farming card. Yield is then rewarded to those who are providing any of the designated stable coins (USDT, USDC and DAI).
It’s important to note that if user stable coins are stored on the Ethereum network then they will have to be transferred to the Polygon network in order to be used in the farming program. EasyFi have provided a step-by-step guide on their blog
A recent integration with the Binance Smart Chain has seen EasyFi continue its expansion after Ethereum and Polygon integrations. This opens up new opportunities for EasyFi to enable it to bring new lending products and services to the DeFi space.
The advantages of the integration with Binance Smart Chain are Smart contract compatibility with the EVM, interoperability and flexibility of cross-chain asset transfers, high speed and low-cost transactions, as well as all the benefits that the Binance brand and its community bring.
Another partnership still relatively fresh was that of EasyFi/Playcent. This allows EasyFi to become a payment option on the layer 2 gaming ecosystem and NFT platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.