EasyFi’s Yield Farming Program Restarts on Polygon
$1.5 Million USD Worth of EASY Tokens outlay for distribution in 3 Stablecoin markets
The farming season is back on EasyFi Network!
We are extremely excited to announce that we will be restarting a Yield Farming Program (YFP) on our Protocol V1 with effect from today 09/March starting from 2000H IST / 1430H UTC.
Salient points of this Program
1. Total farming reward outlay: We have outlined a total of $ 1.5 Million USD worth of EASY Tokens for all 3 Stablecoin Markets viz. USDT, DAI & USDC, on EasyFi Protocol V1.
2. Daily Rewards: A total of 120 $EASY tokens will be distributed per day for 180 days in each of the 3 Stablecoin markets.
3. Total Duration: The YFP will be conducted for a period of 180 days from the date of start i.e. 09/March
Important Information
For those who want to supply tokens from Ethereum to Matic — Please first go through the following article: How to move EASY & other tokens from Ethereum to Polygon Network
Basic outline of the YFP
This program will be conducted on our protocol on the Polygon Network (erstwhile Matic Network)
- Users will have to Supply Stablecoins to the Protocol V1 of the EasyFi Lending Protocol
- Once you supply your stablecoins as collateral for lending, the system is going to reward you with e-Tokens directly to your connected Metamask wallet.
- The user needs to transfer this e-Token and stake them in a designated Liquidity Farming card on EasyFi (please note the new interface) .
- The yield will be rewarded real-time to those who are supplying any or all of the stablecoins listed on the V1 of the protocol viz. USDC, DAI and/or USDT
Step-by-Step Guide to Yield Farming
Go through the following step-by-step guide to ensure you know how to get started on the yield farming.
Please note, the user interface on our app has also changed and you will find some welcome changes on the app; particularly related to farming.
Part 1 — Supplying Liquidity to Stablecoin Lending Markets
1. You will need to visit the EasyFi App on our Lending Module: https://app.easyfi.network/#/lending-v1/dashboard
2. You have to be on the Protocol V1 of our lending module. The UI has been changed and only the V1 will be visible.
3. Ensure you are connected on the Matic Network RPC on your Metamask (browser extension)
4. Let us say you want to supply USDT. Click on the USDT / Tether card on the Supply side of the lending module — as shown.
5. You will be prompted to approve the supply transaction. Click on “Approve”.
6. You will be prompted to confirm the transaction on the Metamask window pop-up as shown here. Click on Confirm. Please note, you will be charged a nominal transaction fee in MATIC tokens for this confirmation.
7. After a few seconds or more, our protocol will prompt the following screen. The system will ask you to lend your USDT at a prevalent APY% rate. Enter the amount that you want to supply as collateral and click on the blue button to start your lending.
8. This transfer and transaction might take a few seconds, but once the transfer is complete, your protocol (connected to your wallet) will show that you have supplied (green card) USDT on the protocol.
9. This will give you two benefits — one — you will get an EASY — USDT e-token (also called an interest bearing token, which will also reflect in your Metamask) that will earn you an interest on the supply you just did; and two — you can also borrow any other stable coin based on the prevalent collateralization ratio.
10. Once your supply begins, an EasyFi USDT e-Token (eUSDT) will be released proportionate to the Stablecoin supplied, and this will reflect in your Metamask address.
Part 2 — Supplying eToken for Liquidity Farming
11. Once the above eToken reflects, the user needs to go to our new Farming Module (previously we only had the Dual Farming Module). This new module will have two farming options — Dual Farming and Liquidity Farming. You will have to select Liquidity Farming.
12. The current yield farming opportunity is available on Polygon, which will reflect on the left hand side as shown. Once you have done that, Click the Deposit button on the eUSDT Card.
13. This will initiate a couple of Approvals and Signature process for the eUSDT in your Metamask wallet. Please approve and sign-in all the transaction prompts to allow the eUSDT to be transferred for liquidity farming.
14. Once the Deposit is complete, you can “Manage” your deposit in real-time through the eUSDT card you have supplied your eToken to.
Important — Once Again
If your stablecoins are stored on the Ethereum Network, you will have to first transfer them from Eth to Polygon.
In order to learn how to supply your USDT or other stablecoins from Ethereum to Polygon network using the new Matic V2 Wallet, please go through the following article first: How to move EASY & other tokens from Ethereum to Polygon Network
We look forward to you having you onboard, EASY Farmers!
To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.
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