DeFi protocol EasyFi is looking to bounce back in a major way. After a challenging start to the year, the EasyFi team has completed a hard fork and released a detailed interim compensation plan and reinstatement plan. Built on the backbone of permission-less networks and automated smart contracts, the latest news for EasyFi bodes well for future growth.
The protocol is taking the next steps to see success, implementing two new major partners – Halborn for auditing and security, and Tidal Finance for insurance. The layer 2 lending protocol is honed in scalability, composability, and adoption – and is now adding the protection and security necessary to make it happen.
EasyFi x Halborn: Cybersecurity At The Forefront
EasyFi is partnering with cybersecurity firm Halborn for full-scale smart contract security audits and comprehensive security advisor for the EasyFi infrastructure across Polygon, Ethereum and Binance Smart Chain.
The Layer 2 DeFi firm emphasized a full audit of security practices in the aforementioned reinstatement plan and has brought in Halborn to bring that to life. The partnership will be ongoing and sustained to ensure that there is a process-driven security strategy, as well as auditing, advising, and tech validation around security from the Halborn team.
Additionally, Halborn will conduct penetration testing to identify potential vulnerabilities within the protocol before they can be exploited. From best practices and smart contract audits to protocol testing and risk assessments, EasyFi will be looking to have a holistic security approach from Halborn.
EasyFi x Tidal Finance: Insurance For The EasyFi Lending Protocol
The EasyFi Network is also pairing up with the first-ever cross-chain DeFi insurance platform, Tidal Finance. Tidal provides services that allow users to create their own custom insurance pools for a variety of assets while allowing liquidity providers an opportunity to invest in pools that are ideal for their risk/reward ratio.
Through the Tidal partnership, EasyFi looks to offer multiple-level insurance coverage to all users and projects, in an effort to highlight the risk-mitigation capabilities that the chain can offer its consumers.
Tidal will provide an insurance cover to the EasyFi multi-chain protocol, engage with safer credit delegation and micro-lending services, allow users to select risk pools at their discretion, and allow users the opportunity to filter through a combination of assets and coverage terms, allowing for a customized insurance package.
The partnership will enable EasyFi to insure its now audited smart contracts from failure or unanticipated future vulnerability. It will also allow the platform to secure all digital asset offerings from user deposits for lending. It also shows the potential for EasyFi to flex its muscle in liquidity pools by looking at different metrics to evaluate risk and return.