EasyFi

Halal Rating :
Uncomfortable
Last Price $0.0089 Last updated:
Rank 2773
1D Change 1.89 %
Market Cap $56897.31
Circulating supply 6,373,615
Maximum supply 10,000,000
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • DeFi
  • DAO
  • Ethereum Ecosystem
  • Yield Farming
  • Lending & Borrowing
  • Polygon Ecosystem
  • Injective Ecosystem
  • BNB Chain Ecosystem

Overview

EasyFi is a protocol built on multiple blockchains (Polygon, Binance Smart Chain, and Ethereum) that aims to provide decentralized lending and borrowing services. The EZ token is used for governance and as collateral within the protocol.

Purpose and Utility

The primary purpose of EasyFi is to facilitate lending and borrowing of digital assets through smart contracts. The protocol allows users to earn yields by providing liquidity and enables others to borrow against their crypto collateral.

Business Model

The core business model revolves around lending and borrowing services, where lenders earn interest on their deposits and borrowers pay interest on their loans. This model fundamentally involves riba (interest), which is prohibited in Islamic finance.

Platform Development and Adoption

While EasyFi has experienced development activity across multiple chains, its primary function remains focused on interest-bearing lending and borrowing services. The protocol has faced challenges, including a significant hack in April 2021 that resulted in the loss of user funds.

Token Distribution and Governance

The EZ token serves as the governance token for the protocol, allowing holders to participate in decision-making regarding protocol parameters and updates. However, the primary utility of the token is tied to a lending system that operates on interest-based principles.

Crypto Impact

To assign a comfort level investing in EasyFi from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to EasyFi.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

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