By Shelly Melancon (Switzerland)
Easyfi, a decentralised finance protocol partners with firms in insurance and cybersecurity sectors indicating its resolve to offer lasting solutions to its users after a rough start at the beginning of the year. The team behind the platform have released a hard fork alongside a thorough plan to compensate and reinstate its users. This development seems to be a silver lining in the cloud for the platform established against the backdrop of trustless networks and automated market makers.
Easyfi has partnered with two principal firms that will be relevant to its success- Tidal Finance– which will be responsible for insurance and Halborn, a cybersecurity giant that will be responsible for security and audits. The role of Halborn is quite important as it would ensure that smart contracts on the protocol are devoid of bugs and loopholes. The cybersecurity firm would also help tackle the issue of flash loan attacks which have been a recurring event on smart contracts such as PancakeBunny.
Easyfi: Implications of the Partnerships
The partnership with Halborn promises to be one that will yield results as they would be handling the thorough audit to ascertain the security of smart contracts. They will also play the role of a qualified security advisor to the protocol across all blockchains such as Ethereum, Polygon (MATIC) and Binance Smart Chain.
In its plan to compensate and reinstate users, the company will be deploying full-scale security measures. Hence, the reason for its partnership with Halborn. The newly established collaboration between both firms would ensure that all security checks are observed, including audits, advice and approval of technologies bordering on security by the cybersecurity giant. In addition, experimentations would be conducted by the security team to ascertain if the protocol is fool-proof against potential attacks. Thus, the security checks will be full-scale covering aspects like auditing of smart contracts, protocol experimentation and risks of vulnerability. Halborn has previously collaborated on cybersecurity basis with crypto-based firms and DEXs like Coinbase, Bancor, Stellar.
Also read:The partnership with Tidal Finance, the foremost multi-chain Decentralised Finance Insurance platform is timely. Tidal Finance offers to its users services that enables them to personally set up custom-made insurance pools for different assets while also providing LPs with the benefit of providing liquidity on pools that align with their risk and reward appetite.
Easyfi is looking to offer to its users and investors multi-level insurance protection following its bid to show the low-risk benefits it is willing to provide to its users. It hopes to achieve the following through its partnership with Tidal Finance. The insurance firm will also extend its insurance coverage to the DeFi platform, partner with secure credit platform and micro loan services, give users the freedom to identify the pools they are willing to invest in and also afford them the benefit of opting suitable insurance covers from a range of options.
EasyFi’s official business relationship with Tidal Finance will also help them provide insurance to already screened AMMs against breakdown or unforeseen attacks in years to come. It will also allow the platform to protect all crypto offerings from user deposits for lending. It also shows the possibility for EasyFi to show its strength in mining pools by looking at different metrics to evaluate risk and return.
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