The #EasyFi Network recently announced its compensation plan to all lenders who in one way deposited $EZ on its protocol markets on Polygon. Alongside the compensation plan, EasyFi Network is bringing in a step to step guide on how users can easily understand what the EZ IOU to $EZ redemption process is all about.
Firstly, users need to understand what $EZ IOUs entails. $EZ IOUs are #ERC20 tokens that are 100% backed by vested #EZ. It is pegged at 1 EZ (IOU) which is equivalent to 1 EZ( 1 EZ (IOU) = 1 EZ) which can be transferable & tradeable like any other ERC20 token at a 25% discounted price over the prevailing $EZ spot price.
In order to redeem and convert $EZ IOUs to $EZ, the following steps are needed to be followed carefully:
- Connect your wallet to the EasyFi App via this link: https://app.easyfi.network/#/claim-eziou/dashboard/matic
- After visiting, check for unlocked $EZ and then redeem them.
$EZ will unlock per Polygon block. Redeemed EZ IOUs will be burned after the EZ is transferred to the user.
About EasyFi Network
EasyFi is a protocol built with a vision to solve some of the inherent challenges faced by gen 1 defi solutions with respect to the transaction speed and cost which are a bottleneck for defi operations at scale.