In light of the security incident that happened on the 19th of April 2021, EASY has announced that there will be new changes to its decentralized finance lending protocol. One of which is a proposed hard fork.
The Motivation for the Fork
April 19th was not a day to remember for EasyFi. The lending protocol was defrauded of $6 million of user’s deposits after malicious hackers launched an attack. Reports have it that the attack was well planned, and hackers gained access to the founder’s machine so that they were able to attack admin keys. All users’ deposits were drained from several markets, including USDT, USDC, ETH, MATIC, and DAI.
The attackers were not only able to steal users’ deposits, but they also infiltrated EASY token contracts and other official contracts. Approximately 2.98 million EASY were stolen from these contracts; however, they were not sold on significant exchanges except for a few, which were sold on some DEXs. Pool contracts on the Binance Smart Chain (BSC) were unaffected by the incident. Presently, the lending protocol is doing all they can to recover stolen user deposits and have drafted interim compensation plans, subject to discussions with stakeholders and partners.
EasyFi to Launch Hard Fork
In response to the hack, the EasyFi team has decided to create a new token contract — EASY V2. The lending protocol operates on three blockchain networks: Polygon, BSC, and Ethereum. Every address which holds $EASY under these blockchains will be credited with the newly created token, which is titled $EZ.
The EasyFi token will be changed from $EASY to $EZ immediately when the hard fork is completed. This decision was made after meetings with forensic agencies, stakeholders, and partners. Below are the details of the hard fork:
All three chains (Polygon, Ethereum, BSC) will undergo this change.
The total supply will remain intact, pegged at $10 Million $EZ. The distribution ratio as per plan will be 1 $EASY: 1$EZ.
The new addresses of Ethereum and BSC blockchains are given below.
The hard fork will be reflected on all exchanges, both Centralized and Decentralized, as well as aggregators such as CoinGecko and Coin Market Cap and wallets. Therefore the token will be seen as $EZ.
Users should also note that token swaps will be done with the token id $EZ when it begins.
There will also be integrations with partner applications on EasyFi.
Binance Issues Out Directives to Support EasyFi Hard Fork
Binance has announced that it will keep up with $EASY’s hard fork, communicating with the EasyFi team. The timeline below shows the activities that will support the hard fork as obtained from their official website:
At 2021-04-27 00:00 (UTC), Binance Staking will delist $EASY tokens, and users will be refunded their staked $EASY tokens to the spot wallets.
At 2021-04-27 04:00 (UTC), Binance will halt trading for and subsequently delist all EASY trading pairs (EASY/BTC, EASY/ETH), and pending orders will be canceled.
At 2021-04-27 04:10 (UTC), Binance will take a snapshot of user holdings and distribute new $EZ tokens to all eligible $EASY token holders at the ratio of 1 $EASY = 1 $EZ.
According to the EASY team’s announcement, Binance will only credit tokens deposited before Ethereum block height 12,276,665 (2021-04-20 11:09:55 (UTC)) and BSC block height 6,729,137 (2021-04-20 11:09:59 UTC) until the token swap has been completed. The deposited EASY tokens will be swapped for the new EZ tokens at a ratio of 1 EASY = 1 EZ.
At 2021-04-30 06:00 (UTC), Binance will open trading for EZ/BTC and EZ/ETH trading pairs
EasyFi is a Layer 2 DeFi Lending Protocol for Digital Assets, focused on plugging various gaps in DeFi adoption, powered by the efficient Layer 2 Blockchains — Ethereum, BSC, and Polygon. Their objective is to provide a quick, low-cost protocol for lenders across the Layer 2 networks.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.