Recently, EasyFi announced a partnership with BoringDAO, and the perks from it will be out of this world. The partnership will ensure that non-ERC20 digital asset markets like Litecoin and Bitcoin can function on layer 2 network.
Currently, wrapped BTC- oBTC, as well as wrapped Litecoin-oLTC have been added to the EasyFi network. EasyFi network is the first ever lending project on a Layer 2 network to have Non-ERC20 assets listed as collaterals.
EasyFi is a highly safe, quick and decentralized decentralized finance lending platform that is hosted on Matic network. On the other hand, BoringDAO is the bridge that connects blockchains, while allowing asset transfer between Ethereum and non-ERC20 token chains. While all these are ongoing, security is not ignored.
The partnership was entered into by EasyFi in a bid to drive the massive adoption of cryptocurrency. What better way can this be achieved than by maximizing the utility of digital assets like cryptos.
BoringDAO and EasyFi Partnership: What to expect?
There are different reasons EasyFi and BoringDAO partnered with each other. We will analyze some of the reasons.
For one, BoringDAO is bringing in BoringDAO BTC- oBTC, and the BoringDAO LTC- oLTC, which are two specific leveraged and backed ERC20 tokens. This will allow these tokens to work on a Layer 2 network.
The bridge or gateway that BoringDAO is offering will permit non-ERC20 tokens to gain entrance into the Ethereum realm and enjoy the perks that come with it. These tokens will then be wrapped into an Eth ecosystem, thereby allowing them to enjoy the benefits of the DeFi space.
It is not news that the gas fees on the Ethereum platform are quite expensive and this has brought about complaints from users, especially developers. The gas fees seem to be increasing daily, and it is discouraging users from fully adopting the DeFi realm. EasyFi on Layer 2 changes this, as it is created to leverage these tokens as collaterals, taking care of the expensive gas fees on Ethereum.
EasyFi will bring a fresh breath of air to the DeFi space with the partnership with BoringDAO, as it churns out a brand new perspective with intuitive UI/UX that can work effortlessly on new volatile markets.
EasyFi is encouraging institutions and individual users to get involved in DeFi by offering them brand new methods of leveraging their investments. Users that are seeking for more creative ways to earn returns can do so with EasyFi. Apart from the aforementioned, users can have access to creative ways to use their capital and numerous collateral options.
Why new collateral markets on L2 DeFi is needed?
For a digital asset credit market that is growing, there is the need to seek for brand new types of collateral. This is why EasyFi regularly incorporates brand new collateral markets that are mindblowing.
If new collateral markets are created regularly, it will lead to a better DeFi lending system, which will attract more users.
It will permit investors to easily distribute their risk portfolio. The partnership can not come at a better time.
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