EasyFi CEO on Current Lending and Borrowing Issues and Comments on DeFi

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Crowdfund Insider | Omar Faridi | Jul 6, 2021

EasyFi is a universal layer-2 lending platform focused on improving the landscape of lending and borrowing digital assets. It is an open network infrastructure that facilitates peer-to-peer and cross-chain asset settlements. In a first-of-its-kind in the DeFi space, users’ creditworthiness is being appraised by EasyFi using a protocol called TrustScore.

Crowdfund Insider reached out to Ankitt Gaur, the founder and CEO of EasyFi, and discussed the current issues and bottlenecks in the lending and borrowing space. Gaur also shed light on the concerns of dApps built on Ethereum and how the future looks for layer-2 based alternatives. Furthermore, he detailed how he views the DeFi space to evolve in the next 5 years and how EasyFi is working towards embracing the changes.

Crowdfund Insider: Decentralized lending protocols have become widely-adopted with the introduction of highly popular flash loans and other widely-used DeFi products. What future potential do you see for the DeFi space in the next five years?

Ankitt Gaur: In the DeFi space, five years is a very long time. So, even if DeFi turns mainstream and replaces traditional systems, it won’t be a surprise for me given its tremendous potential. Also, if the past 6 months are anything to go by, DeFi is looking at astronomical growth. And this growth is not only about the mass adoption, but also about the huge influx of DeFi applications and solutions.

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To date, the majority of crypto users are interested in speculating, rather than underlying technology. The latter is what defines the true value of a project. So, in the coming years, I foresee huge investments made for user education. By this, users shall understand better the tech behind a DeFi solution and its use cases. So, I believe project fundamentals will drive the value of the currencies and not the trends.

Five years from now, I’d love to see DeFi solutions being the first option in certain financial verticals. Also, my best guess is that the major banks and financial institutions would have embraced DeFi solutions and make use of yields & liquidity generated by DeFi. The coexistence of traditional methods and DeFi sounds exciting to me. And this creates a window for regulations to come into action. Nothing groundbreaking, but I see it as bringing more security and credibility to space which is beneficial.

Crowdfund Insider: Ethereum based platforms are currently dominating the DeFi industry. Which protocols and platforms are the ones to watch closely at this time and why?

Ankitt Gaur: Despite Ethereum’s growing transaction fees and time, I believe Eth-based DeFi solutions shall continue to thrive in the near future. The proposed Eth 2.0 and its complete implementation is at least a couple of years away. Rightfully so, users and devs alike are looking out for alternatives to Ethereum.

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This is exactly where ventures like Polkadot, Optimistic Rollups, ZK Rollups, Arbitrum and Polygon (previously MATIC) are gaining traction. Being layer 2 blockchain networks, they provide a more user-friendly experience with regard to speed and transaction costs. The reason I am keen on scaling solutions that are not trying to replace Ethereum but to augment it. And I see this as a win-win situation for all.

The versatility and robustness of Ethereum, coupled with the low latency of these platforms is truly how the DeFi industry can evolve and grow. Currently, blockchain networks are working on interoperability which shall open the door for a plethora of DeFi solutions to complement one another. Moreover, this will improve the accessibility of financial products in the future. And we all know that ease of access is an important factor behind the adoption of DeFi solutions.

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