EasyFi Network just announced the collaboration to integrate Chainlink Keepers to its platform. EasyFi, a multi-chain layer two money market, is structured to operate as a lending protocol that accelerates liquidity deployment at remarkably low costs and speedily as well.
This new collaboration will see to it that EasyFi users get access to various automated staking and vesting features powered by the Chainlink Keepers Network.
In a wave of increased popularity in decentralized applications, EasyFi has carved out a name for itself in the sector as one of the most popular DeFi lending protocols, thanks to several partnerships with DeFi’s biggest projects.
Now, the multi-chain compatible lending protocol can add automated smart contracts to its list of achieved milestones.
What is EasyFi?
EasyFi is a universal layer 2 lending protocol designed to bring an unprecedented level of scalability, adoption, and composability to the DeFi ecosystem.
Designed with an inclusive and open financial network, EasyFi is capable of running on multiple public blockchains while facilitating peer-to-peer lending and borrowing of digital assets and other related financial products.
The current DeFi landscape comprises lenders, borrowers, arbitrageurs, traders, and investors who collectively exchange billions of dollars worth in digital assets daily.
While the average DeFi enthusiast has a plethora of choices in terms of decentralized finance products, there is an evident lack of sophistication that is needed to introduce scalable, composable, and adoption-ready platforms.
EasyFi claims to be the decentralized solution set to introduce frictionless borrowing and lending of digital assets on layer two networks, thus tackling challenges in the existing system.
EasyFi’s collaboration with Chainlink Keepers is set to enable sustainable decentralization on EasyFi such that even during periods of high market volatility of the various digital assets, the network will operate deterministically.
Chainlink Keepers is a feature on the industry-standard oracle network (Chainlink) designed to provide its users with a decentralized network of nodes designed to upkeep the data oracles that feed into smart contracts. These suppliers of upkeep or ‘registered job’ activity are called Keepers, and they operate on a non-competitive framework, thereby enabling scalability.
By deploying a network of Keepers, smart contract operators can focus on the nitty-gritty functions of the smart contract without needing to update their smart contract with new oracle data that trigger the smart contract into action.
How EasyFi users stand to benefit
In the case of EasyFi, this collaboration aims at integration of Chainlink Keepers which will begin with the automation of time-linked vested contracts on its platform.
Therefore, EasyFi users will be able to determine their token distribution or claim frequency of their vesting period and leave the contract to automatically execute token distribution and claim frequency without having to make on-chain claims over and over again.
Given that Chainlink Keepers can monitor and trigger smart contract functionality without relying on additional layers of trust or a centralized entity, EasyFi will maintain its ethos of decentralization even as it grows more sophisticated.