EasyFi Network Interim Compensation Plan
In the wake of recent security issues and the network’s strides towards resolving the incident, EasyFi is out with a juicy new package to compensate users while conducting the necessary investigation on the matter and also putting together a reinstatement plan of the EasyFi protocol. Other developments that have recently taken place ahead of these plans are on distribution and token hardfork of the EasyFi network.
To compensate users, thorough analysis of the situation has been conducted to determine how users have been affected by the incident. This includes a compilation and record of all relevant data for the process of troubleshooting the past week’s incident.
In the light of this, EasyFi is set to publicly reveal a list of public balances and addresses, to provide users with maximum transparency on the issue and how it is being managed. EasyFi users with funds deposited in Polygon protocol contracts will be getting a whopping 100% in compensation. These user funds include liquidity providers/lenders. To be taken into consideration are also net balances of each address.
In addition, lenders and depositors who have assets in all markets receive 100% compensation that will be set against their net deposit and split into two parts in which 25% of the overall amount put in by users will be remitted in stable coins immediately while the remaining 75% of the overall amount will be paid in EZ(IOUs).
In this compensation plan, EZ IOUs will carry a neat 25% in discount on the price of EZ in external markets during distribution. These EZ IOUs will be easy to recover in the ration of 1:1 against EASY V2 token EZ. And all of this is facilitated by a dedicated dashboard. These compensation EZ IOUs will then be shared equally immediately to EasyFi users according to the amount of remainder deposits in the entire protocol. The key phrase to note here is that this is recoverable after a six months against EASY V2 tokens EZ.
Being able to identify the security hack on the network has enabled EasyFi to glean some useful lessons from the incident, and also develop a failsafe plan to reinstate from scratch, and therefore enable EasyFi protocol possess double the speed and strength as the last protocol.
Going forward, EasyFi plans to provide full insurance for users’ funds by adding an extra layer of risk dissolution for maximum security, They also plan to also work with protocols which supply insurance cover. Security measures such as audits and others will be implemented through strategic partnerships that would boost security on the network. Our third step here is to launch the central protocol for the public after all the necessary security measures and insurance moves have been out in place.
EasyFi will then put out multiple liquidity sourcing and farming programs for protocol users and EZ token holders on all networks. The final step to seal the deal is launching advanced collateral options such as tokenized stocks and staked derivatives.
