EasyFi, the multi-chain layer-2 money market protocol has introduced BLEND, a set of advanced and configurable smart contracts for DeFi 2.0 applications. Created keeping the community’s requirements in mind, these smart contracts simplify the creation of yield generating products like permissionless fixed return staking programs and more.
Introduction of these permissionless advanced smart contracts is a result of EasyFi’s effort to plug a long-existing gap between the user requirement and the availability of yield generating products in the DeFi market. With EasyFi’s advanced smart contracts, anyone can launch their own staking programs that offer fixed yields to its participants over a certain duration.
The Fixed Interest Staking feature is quite opposite to EasyFi’s another recently launched product – Flexi-Interest Program where the interest yield varies with change in the target pool of tokens. Instead, the returns in fixed interest staking are directly proportional to their share of deposits in the specific target pool. It is a welcome addition to those who prefer stability over flexibility, as they can expect to receive a committed yield for a pre-specified duration without relying on the token pool status at any instant.
The Fixed Returns Staking is the first of many advanced configurable smart contracts that are set to be introduced by EasyFi. The configuration parameters in the case of fixed returns staking contracts include:
Duration of the program
Interest rate of the program
Release date or period of the locked tokens
Target pool size for the program
Explaining the driving force behind the creation of customizable fixed yield smart contracts, the EasyFi team said,
“In our quest to build products that provide a wholesome experience to a DeFi user, we came across a specific issue. We found that none of the available DeFi opportunities provide a fixed yield to the user for their deposits. EasyFi took cognisance of this problem and started working on developing a series of permissionless advanced smart contracts that will enable the creation of programs that offer new possibilities including fixed interest to the users against their deposits. The first step in this direction is the launch of Fixed Interest Staking Programs.”
EasyFi’s Permissionless Staking Contracts are made available under the Blend banner, which has been under development since Q4 2021. Any DeFi project can utilize EasyFi’s open-source, configurable advanced smart contracts to launch their own fixed-interest products. By offering easy, open access to innovative products, EasyFi believes that it will be able to provide more incentivization opportunities for many DeFi projects while increasing the rate of adoption of such projects, in turn, the entire DeFi ecosystem.
All EasyFi contracts are designed keeping the security, speed, and functionalities of all supported ecosystems in mind which enables the projects integrating these smart contracts to enjoy various capabilities like smart asset routing, faster and seamless reconciliation and robust governance offered by the protocol.
EasyFi has already started offering Fixed Staking products under Blend, with a 90-day program offering 32% FIXED APR, which is now fully subscribed, and a 60-day program offering 24% FIXED APR. These programs are being offered on the EasyFi App on Polygon Network.